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The Asia-Pacific (APAC) - Tolling and City Congestion Market size is estimated to grow at a CAGR of 15.87% between 2022 and 2027. The market size is forecast to increase by USD 3,042.78 million. The growth of the market depends on several factors, such as the convenience of electronic tolling for users and operators, the increase in the number of vehicles, and the rise in demand for efficient traffic management solutions. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by product (UTM, electronic tolling, and ATMs) and application (highways and urban areas). It also includes an in-depth analysis of drivers, trends, and challenges.
APAC Tolling and City Congestion Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Electronic tolling makes toll and parking payments convenient and swift for drivers. Automated collection of payments with minimal physical interactions could also be made possible by operators, thereby improving operational efficiency. In APAC, the adoption of RFID-based electronic tolling is rapidly growing, owing to the low cost of RFID technology.
Moreover, electronic tolling is also used for vehicle identification, eliminating the inconvenience of carrying physical copies of vehicle papers. Electronic tolling systems for new vehicles in these countries will also be needed, with the aim of improving road infrastructure. Therefore, the rising convenience of electronic tolling for users and operators will drive the growth of the APAC - Tolling and City Congestion Market during the forecast period.
Initiatives to make cities more efficient, sustainable, and livable frequently involve the use of advanced technology. A major component of smart city initiatives is the use of intelligent traffic management technologies that monitor, control, and manage traffic flow, alleviate congestion, and improve safety. A variety of urban challenges, including traffic congestion, air pollution, and energy efficiency, are being addressed by governments in numerous nations through the implementation of smart city initiatives.
Moreover, the increasing government investment in smart city initiatives is hastening the adoption of intelligent traffic management technologies in cities all over the world. This contributes to improving traffic flow, reducing congestion, and increasing security in cities. Therefore, the Asia Pacific - Tolling and City Congestion Market is anticipated to be positively impacted by governments' increasing investments in smart cities during the forecasted period.
A lack of adequate transportation infrastructure will negatively impact intelligent traffic management. If a transport system does not have sufficient roads, bridges, tunnels, and other vital elements, it will be very difficult to guarantee an efficient flow of traffic. It will be difficult to control traffic signals, lane usage, and other aspects of traffic management without a sufficient transportation infrastructure.
Additionally, it will be more difficult to maintain clear roads and minimal congestion if transportation infrastructure is lacking. Consequently, productivity will be severely affected and emergency services may require more time to reach the scene. Along with lowering emissions and enhancing safety, these investments will contribute to a smoother traffic flow, which could be a potential challenge for the Asia-Pacific (APAC) - Tolling and City Congestion Market during the forecast period.
The UTM segment will account for a major share of the market's growth during the forecast period. UTM systems are designed in a way that allows different applications used within modern traffic management systems to share and communicate information with each other. The major objective of UTM systems is to increase road network potential to create a more vigorous and smart system that may be used in order to meet the management's specific needs going forward.
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The UTM segment was valued at USD 870.82 million in 2017 and continued to grow until 2021. Several traffic management systems have been developed for urban traffic control. Some of the more common methods are shown in the display box below. Among them, computerized traffic signal control, also known as Urban Traffic Control (UTC), has become the norm for large towns and cities. The advantages of using a computer for the coordination of traffic controls to balance needs and flow are clear in dense urban networks.
Highways play a critical part in making our lives simpler. They are necessary for traveling from one point to another swiftly and effectively. However, high-speed traffic poses certain difficulties. Safety is critical on highways designed for high-speed traffic. The more information drivers have on current traffic conditions, the safer they will be driving during this period of time. On roads, vehicles travel at fast speeds; electronic toll-collecting systems enable vehicle owners to conduct a quick digital transaction without stopping at toll booths. By facilitating the collection of tolls more quickly and effectively, this method has ushered in a new era. The highways segment holds the largest market share of the APAC - Tolling and City Congestion Market in 2022 and is expected to dominate the market during the forecast period, owing to an increase in infrastructural development and improvement in traffic management policies at toll booths on highways.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Conduent Inc.- The company offers tolling and city congestion solutions such as SureView detection system and automated license plate recognition.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Cubic Corp., EFKON GmbH, General Electric Co., Kapsch TrafficCom AG, Mitsubishi Heavy Industries Ltd., Raytheon Technologies Corp., Siemens AG, Singapore Technologies Engineering Ltd., Thales Group, Toshiba Corp., and Transurban Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The APAC Tolling and City Congestion Market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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APAC Tolling and City Congestion Market Scope |
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Report Coverage |
Details |
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Page number |
143 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.87% |
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Market growth 2023-2027 |
USD 3,042.78 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023(%) |
15.55 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Conduent Inc., Cubic Corp., EFKON GmbH, General Electric Co., Kapsch TrafficCom AG, Mitsubishi Heavy Industries Ltd., Raytheon Technologies Corp., Siemens AG, Singapore Technologies Engineering Ltd., Thales Group, Toshiba Corp., and Transurban Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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