PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527927
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527927
An intelligent transportation system (ITS) aims to achieve traffic efficiency and safety by mitigating traffic problems. ITS utilizes geographical information systems (GIS) and GPS to record vehicle information. Both GIS and GPS are instrumental in managing toll plazas. The adoption of IoT solutions for transportation offers accurate data and real-time visibility, enhancing system productivity. This convenience is expected to drive the growth of the global RFID electronic toll collection system market.
Modernizing Urban Highway Infrastructure
The role of transportation in urban areas has become increasingly vital to city life. RFID electronic toll collection systems have been developed to eliminate delays on toll roads by collecting tolls electronically. Urban highway development is also often associated with reduced use of motorized transport and shorter travel distances. Modernizing urbanization involves a range of sophisticated technologies that offer numerous benefits.
Increasing Demand for RFID-based Asset Tracking Systems to Propel Market Growth
Asset tracking combines barcode scanners, desktop software, mobile devices, and barcode labels to streamline asset tracking processes. RFID, which combines sensors and communication technologies, helps companies track their assets and manage product shipments. RFID-based asset tracking systems are particularly useful for operations with small but expensive movable items. These systems utilize RFID electromagnetic readers, RFID tags, and RFID antennas. They are gaining popularity in the toll and manufacturing industries, reducing logistics costs and increasing sustainability in freight flow.
Technology Development in Toll Plazas
In the era of technological development, many traditional systems are being automated. Technologies such as Zigbee and RFID are used for advanced electronic toll collection systems. At toll plazas, instead of paying cash, drivers show an RFID card, which is read by an RFID reader or scanner. For example, FEIG Electronic's RFID reader is part of NHAI's FASTag program, the latest open road tolling system that uses ISO standard RFID technology, allowing vehicles to pass through toll plazas without stopping to pay.
APEJ Remains a Leading Market Despite COVID-19 Challenges
The South Asia Pacific region is expected to experience notable growth in the global RFID electronic toll collection system market. The increasing adoption of Fastag in electronic toll collection systems, particularly in India, operated by the National Highway Authority of India (NHAI), is likely to bolster the market in the country. This growth will positively impact the market prospects in the Asia-Pacific region. However, investors in Asia's infrastructural developments face significant losses due to the COVID-19 pandemic. Social distancing, lockdowns, and stay-at-home orders have adversely affected the toll collection sector, impacting the adoption of RFID-based electronic toll collection systems. Many toll centers in the region are privately owned by foreign investors who will continue to face challenges due to the suspension of toll collection.
RFID Electronic Toll Collection System Market - Competitive Analysis
Introducing new products and forming collaborations and partnerships are key strategies followed by top players in the RFID electronic toll collection system market to increase their business revenue. Manufacturers and service providers are focusing on product and service innovation to improve their market positions. Leading players in the market include Kapsch Trafficcom AG, TransCore, Siemens, Vaaaninfra, Neology, Inc., Honeywell, ID Tech Solutions Private Limited, and TagMaster.
Analysts' Viewpoint
In this market study, the global RFID electronic toll collection system market is tracked in terms of market value and adjusted to obtain revenue estimates for the forecast period. Technological developments are expected to be the main driving force behind market growth.
Competitive Analysis
RFID Electronic Toll Collection System Market: Segmentation
The market segmentation of the global RFID electronic toll collection system includes component, toll charge, application, and region. Each segment is analyzed in detail to provide insights into market growth.
Component
Toll Charge
Application
Region