Many toll collection systems have already been developed with RFID technology, which is used to verify the identity of vehicles. RFID technology can provide new capabilities as well as an efficient method to manage, analyze, and collect information of vehicles at toll plazas. RFID electronic toll collection lanes reduce the traffic at toll booths. Increasing number of RFID lane systems, resulting in increased demand for integration, support services, and maintenance, is anticipated to fuel the growth of the RFID electronic toll collection system market during the forecast period.
As per the report, the global RFID electronic toll collection system market generated a revenue of nearly US$ 5 Bn in 2019.
Key Takeaways of RFID Electronic Toll Collection System Market Study
- The urban segment is expected to gain significant share, owing to the high number of vehicles in smart cities.
- RFID electronic toll collection systems are ecofriendly and also result in increased toll lane capacity, which drives market growth.
- The point charge segment by toll charge is expected to hold a prominent share in the RFID electronic toll collection system market, owing to the reduction of time required to create a custom quote.
- Rapid adoption of effective transportation systems is anticipated to result in significant dominance of North America in the global RFID electronic toll collection system market.?
“Intelligent transport systems (ITS) are meant to increase efficiency and safety by integrating various subsystems, including GPS-based toll collection systems, traffic control systems, and vehicle detection systems. This factor is expected to increase the adoption of RFID electronic toll collection systems during the forecast period,” says a PMR analyst.
Impact of COVID-19 on RFID Electronic Toll Collection System Market
Transportation is the backbone of any. As of now, due to the COVID-19 outbreak, the high number of people staying indoors has resulted in a decrease in the use of vehicles. In 2019, total value of the RFID electronic toll collection system market was nearly US$ 5 billion. With the COVID-19 outbreak, decreased manufacturing of different hardware such as RFID tags, RFID readers, and RFID antennas will reduce market growth by 2-3% this year. China and South Korea are the biggest markets for refurbished IT and electronic products. The COVID-19 outbreak in China has seen production come to a standstill, which will negatively impact market growth. All public transportation and highways are shut due to lockdowns in many countries, a major factor that will adversely impact market growth in the short term.
Technology Advancements in Electronic Toll Collection Systems to Boost Market Growth
A toll collection system is an element of information and communication technology that allows for nonstop toll collection. The revolutionary recreational vehicles (RV) tolling pass is tailored completely to the requirements of RV identity, and features a single billing account and single transponder account that can be utilized across many electronic toll collection plazas.
- For instance, in June 2018, TransCore announced a new product that provides RVers to travel across the country, utilizing only one transponder to pay toll electrically without stopping at a toll plaza. This technology will change the way RVers use toll roads.
More Valuable Insights on RFID Electronic Toll Collection System Market
A new market research report published by Persistence Market Research (PMR) on the global RFID electronic toll collection system market includes global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides valuable insights on the basis of component (hardware (RFID UHF antennas, toll RFID readers/scanners, RFID vehicle tags, and barcode labels), toll collection & management software, and services (integration & installation, and support & maintenance)), toll charge (perimeter-based charges, time-based charges, point-based charges, and distance-based charges), and application (urban areas and roadways, and highways), across six major regions.
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Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.