Electronic Toll Collection Market Trends And Growth Factors Analysis
The ETC
market makes use of a
technology that makes it possible to pay tolls electronically. In order to
conduct a financial transaction between a vehicle travelling through a toll
plaza and the toll collection agency, the electronic toll collection system
uses vehicle-to-toll plaza communication technologies.
The automated toll collection system makes it easy to collect
tolls and monitor traffic.
An RFID reader is used in India's electronic toll collecting
system, which is run by the National Highway Authority of India (NHAI) in
coordination with various banks. It enables toll fees to be paid directly from
linked prepaid or savings accounts and allows vehicles to pass through
checkpoints without pausing to conduct transactions.
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Based on technology, type, application, and geography, the
market is divided into segments. Due to their low cost and simplicity of use,
RFID-based ETC systems are predicted to outpace other technologies in the
market. The market is divided into standalone systems and integrated systems
based on type. Due to the rising demand for sophisticated toll collection
systems that can be connected with other smart city infrastructure, the
integrated systems market is anticipated to expand at a faster rate.
The growing demand for effective and convenient toll payment
solutions is projected to propel the ETC market's growth in the next years. For
industry participants, the integration of ETC systems with smart city
infrastructure is anticipated to present sizable growth prospects. As ETC
demand increases
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