According to a recent report published by Allied Market Research, titled,the Thailand and Philippines tolling & city congestion market was valued at $381.1 million in 2017, and is projected to reach $1,474.7 million by 2025, registering a CAGR of 18.6% from 2018 to 2025.
Factors such as rise in demand for efficient traffic management solutions, increase in the number of vehicles, and reduction in environmental pollution are the major factors driving the adoption of tolling & city congestion systems.
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However, high capital investment for transportation & tolling system, large database requirement for road & tolling network, and low acceptance ratio are the major restraining factors for this market. Furthermore, investments in the idea of smart cities and innovation of smart signal have created lucrative opportunities for Thailand and Philippines tolling & city congestion market.
According to Pranav Padalkar & Akshay Jadhav, Lead Analysts, Automotive and Transportation, at Allied Market Research, In 2017, based on product type, the UTM segment dominated the Thailand and Philippines tolling & city congestion market in terms of revenue. However, the ATMS segment is expected to grow at the highest CAGR during the forecast period (20182025). The Thailand and Philippines tolling & city congestion market portrays a promising future for the technological industry. The current business scenario witnessed an increase in adoption of this technology, particularly in the developing regions. Therefore, key players have been adopting new techniques to provide advanced and innovative product offerings to their customers.
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KEY FINDINGS OF THE STUDY
- Based on product type, the UTM segment dominated the Thailand and Philippines tolling & city congestion market in 2017.
- Philippines is anticipated to exhibit the highest CAGR during the forecast period.
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The key players operating in the Thailand and Philippines tolling & city congestion market are Efkon GmbH, Toshiba Corporation, Raytheon, Thales Group, Siemens AG, Kapsch, Conduent (Xerox Corporation), Cubic Transportation, Alstom, GE transportation.
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