NEW YORK, April 20, 2017 /PRNewswire/ -- According to the new market research report, the electronic toll collection market is expected to grow from USD 6.00 billion in 2016 to USD 10.57 billion by 2022, at a CAGR of 9.16% between 2017 and 2022. Read the full report: http://www.reportlinker.com/p04837049/Electronic-Toll-Collection-Market-by-Type-ETC-and-AET-Product-AVI-and-AVC-Technology-RFID-DRSC-Video-Analytics-and-GPS-GNSS-Application-Highway-and-Urban-and-Region-Global-Forecast-to.htmlElectronic toll collection helps in efficiently managing the traffic at highly congested areas and also facilitates the tolling collection process by using the latest technological solutions, such as RFID, GPS/GNSS, DSRC, and video analytics. The government plays an important role in the growth of this market. Governments of different countries have a keen interest in formulating the standards and regulations for the electronic toll collection market. "Automatic number plate recognition (ANPR) type expected to dominate the electronic toll collection market between 2017 and 2022" The use of ANPR decreases scams and frauds related to nonpayment, makes toll charging effective, and reduces the amount of manpower required for collecting tolls at tollbooths. This is expected to contribute to the largest share of ANPR type in the electronic toll collection market during the forecast period. Generally, ANPR is used in combination with the transponder system. "Electronic toll collection market in APAC expected to grow at the highest CAGR during the forecast period" This report covers regions such as North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest rate between 2017 and 2022. This growth is attributed to the government initiatives and the growing population in this region, which aise the need for efficient transportation systems.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/electronic-toll-collection-market-by-type-etc-and-aet-product-avi-and-avc-technology-rfid-drsc-video-analytics-and-gpsgnss-application-highway-and-urban-and-region---global-forecast-to-2022-300443001.html
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