Seattle, WA -- (SBWIRE) -- 06/29/2017 -- According to the new market research report "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 2022", the electronic toll collection market is estimated to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022.

This is primarily due to the increasing demand for effective solutions for traffic congestion and increasing allocation of funds by various governments on intelligent transportation system.

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The growth of the electronic toll collection market is attributed to the increasing demand for electronic toll collection systems, driven by the need for providing efficient traffic management and improving toll collection accountability. The various types of electronic toll collection systems based on RFID, DSRC, and GPS technologies are being increasingly adopted on highways and in urban areas.

Of all the major products, the back office and integration, and VES is expected to dominate the electronic toll collection market during the forecast period. The market for AVI product is expected to witness the highest growth from 2017 to 2022.

Among all the applications, highway held the largest share of the electronic toll collection market in 2016. The level of traffic congestion is more on highways, owing to which the adoption rate of electronic toll collection systems would be high. Moreover, the presence of a large number of highways with high traffic raises the need for better traffic management solutions.

The electronic toll collection market based on type comprises ETC and AET. The market for AET is expected to witness the highest growth between 2017 and 2022. This growth is attributed to the advantages offered by AET, such as congestion relief, operational savings, and improved environmental factors.

Of all the regions, North America held the largest share of the electronic toll collection market. However, the market in APAC is expected to grow at the highest CAGR between 2017 and 2022.

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The major players in the electronic toll collection market are 3M (US), Xerox Corporation (US), EFKON AG (Austria), Kapsch TrafficCom (Austria), Q-Free (Norway), and Cubic Transportation Systems, Inc. (US), among others. These players have adopted various strategies such as contracts, agreements, partnerships, new product launches, and business expansions to cater to the demand for electronic toll collection systems.

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