India Electronic Toll Collection Market: Growth Forecast and Opportunities Analysis
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TechSci Research’s report on the India Electronic Toll Collection Market projects robust growth for the sector in the coming years. Key drivers include the imperative to save time, alleviate traffic congestion, and meet the demand for hassle-free toll transactions, fostering a surge in market expansion. The ongoing focus on enhancing infrastructure safety and efficiency is expected to sustain this upward trajectory, with electronic toll collection (ETC) systems offering fast, efficient, and cost-effective solutions, featuring user-friendly interfaces.
By streamlining toll collection processes and reducing the need for multiple toll plazas, ETC systems not only benefit road operators but also contribute to environmental conservation by minimizing vehicle emissions at manual toll booths.
The outbreak of COVID-19 had a significant impact on the electronic toll collection market in India, disrupting supply chains, limiting transportation, and reducing demand due to restricted travel activities. Manufacturing units faced challenges due to halted supplies of crucial components, exacerbating the market’s downturn. Moreover, lockdown measures and concerns over rising COVID-19 cases prompted individuals to stay home, further dampening market growth.
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The report segments the India electronic toll collection market based on type, technology, end-user, and region. Automatic vehicle identification systems have emerged as the dominant segment, driven by the popularity of FASTag at toll collection stations. The highways segment is poised for substantial growth, supported by infrastructure expansions aimed at efficient toll collection and traffic management.
Radiofrequency identification (RFID) leads the technology segment, buoyed by increasing awareness of its benefits in toll collection. The market is further propelled by automation trends, the proliferation of smart tags on vehicles, and advancements in IT-related technologies.
Key players in the India electronic toll collection market include:
- Arya Omnital
- KENT Intelligent Transportation Systems (India) Pvt. Ltd.
- TollPlus
- Tollman International Pvt Ltd
- Thales India
- Mitsubishi Heavy Industries
- Siemens India
- Transcore Holdings Inc.
- Cubic Transportation System India Private Limited
- Neology Inc.
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Mr. Karan Chechi, Research Director at TechSci Research, highlights the role of automation, smart tags, and government investments in transportation infrastructure as key growth drivers for the market. The report aims to provide comprehensive market insights to aid decision-making, offering analysis of emerging trends, drivers, constraints, and opportunities in the India electronic toll collection market. Its objective is to furnish stakeholders with current market knowledge to facilitate informed investment decisions and strategic planning.
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