U.S. Electronic Toll Collection Market is forecast to grow at 9.9% with factor such as increasing number of government initiatives to prevent traffic congestion. Increasing growth in digitalization and use of cashless payments has boosted the market. Electronic tags that incorporate RFID technology are being used widely as these tags deducts the amount from the account linked.
Electronic Toll Collection Market Scenario
According to Data Bridge Market Research, the market leader is Raytheon Company (a subsidiary of Raytheon Technologies Corporation) which accounts an estimated market share of approximately 13% to 19% in the U.S. The company has gained outstanding sales through their Electronic Toll Collection products which include Open Road All Electronic Toll Systems, High Occupancy Toll Lanes, Advanced Technologies and Urban Congestion Zones. For instance,
- In August 2014, Raytheon Company (a subsidiary of Raytheon Technologies Corporation) was awarded with a contract of USD 130.00 million by Massachusetts Department of Transportation for providing All Electronic Tolling System (AETS). Raytheon Company replaced all manual cash and electronic toll collection systems with an advanced system that helped in automatic tolling of vehicles. The vehicles equipped with E-ZPass transponders worked on the new AETS. The new contract helped the company to increase sales of the company.
Trends Impacting the Market
The electronic toll collection market is becoming more competitive every year with companies such Raytheon Company (a subsidiary of Raytheon Technologies Corporation), Cubic Corporation and Siemens as they are the market leaders for electronic toll collection market. Data Bridge Market Research new reports highlight the major growth factors and opportunities in the electronic toll collection market.
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Electronic Toll Collection Market Development
- In January 2020, II-VI Incorporated announced the launch of its high-speed vertical cavity surface-emitting lasers (VCSELs). The new product is based on the company’s vertically integrated 150 mm gallium arsenide (GaAs) technology platform and the new product offered high suitability for the use in optical high-definition multimedia interface (optical HDMI) cables to be used in consumer electronics. The new product increased the product portfolio of the company.
Scope of the Electronic Toll Collection Market
All country based analysis market is analysed based on further segmentation. On the basis of offering, the U.S. electronic toll collection market has been segmented into hardware. On the basis of solution, the U.S. electronic toll collection market has been segmented into automated vehicle identification (AVI), automated vehicle classification (AVC), transaction management, violation enforcement system and others. On the basis of technology, the U.S. electronic toll collection market has been segmented into dedicated short range communication (DSRC), GNSS/GPS, infrared, radio-frequency identification (RFID) and video analytics. On the basis of toll type, the U.S. electronic toll collection market has been segmented into distance-based, point-based, time-based and perimeter-based. On the basis of end use, U.S. electronic toll collection market has been segmented into highway and urban mobility & transportation
Key Pointers Covered in Electronic Toll Collection Market Industry Trends and Forecast to 2028
- Market Size
- Market Standards and Changes
- Market Trials in Different Regions
- Market Requirements in Different Regions
- Market Shares in Different Regions
- Recent Developments for Market Competitors
- Recent Market Value for Different regions
- Sales Data for Market Competitors
- Market Key Vendors and Disruptors Study
Key Market Competitors Covered in the Report
- Cubic Corporation
- The Revenue Markets Inc.
- GeoToll
- Raytheon Company (a subsidiary of Raytheon Technologies Corporation)
- Thales Group, Siemens
- MITSUBISHI HEAVY INDUSTRIES MACHINERY SYSTEMS, LTD. (a subsidiary of MITSUBISHI HEAVY INDUSTRIES, LTD.)
- Toshiba Infrastructure Systems & Solutions Corporation
- International Road Dynamics Inc. (a subsidiary of Quarterhill Inc.)
- Perceptics, LLC
Above are the key players covered in the report, to know about more and exhaustive list of electronic toll collection companies’, contact us PR I_U.S. Electronic Toll Collection Market_F.docx
Research Methodology: U.S. Electronic Toll Collection Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Primary Respondents
- Demand Side: Product Managers, Financial Institutions, Electronic Toll Collection Consultants
- Supply Side: Service Providers, Product Managers, Product Designer, Marketing Managers, C-Level Executives, Market Intelligence, and Regulatory Affairs Managers among others.
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