According to the latest figure from the Ministry of Transport of the People's Republic of China, 64.09% of the vehicles passed through the tolling points via ETC lanes, with ETC utilization rate increased by 21.89% over that of the same period last year. Figure also shows that traffic congestion is significantly eased, as the congestion sections over 1,000 meters decreased by 11.3% compared with that of the same period last year.
ETC Penetration Rate Continues to Grow Due to ETC Pre-market Installation Policy and Truck ETC Promotion
On February 11, 2020, Ministry of Industry and Information Technology Equipment Industry Development Center issued and made adjustments on the Review Requirements of the Access Administration of Road Motor Vehicle Manufacturers and Products. In the requirement, it states explicitly that from July 1, 2020, to apply for access, the new vehicle model must have ETC on-board unit added as optional configuration, which makes ETC pre-market installation a huge incremental market.
In order to improve the efficiency of logistics industry, transportation departments in different provinces have been guiding and encouraging local freight transportation enterprises and individuals to install ETC devices. For example, Jiangsu Province recently has nearly 40,000 trucks equipped with ETC devices in July, with total number reaching 151,200.
Solid Foundations on ETC Technology Enable Genvict to Expand ETC Application Boundaries
Genvict, as the pioneer in ETC industry, attended the drafting of China's ETC standard. In the course of more than ten years of development, Genvict's ETC products and solutions have been successfully applied in 30 provinces nationwide, supporting by continuous innovation, mass production and solid R&D capabilities.
Currently in China, there are more than 200 million ETC users, which lays solid foundation for the ETC application extending from highway tolling to other scenarios. Genvict has been working and making huge investment on the development of ETC+, V2X and other new business lines. We are the first in the industry to propose "from ETC to V2X" development path, making ETC as a digital transportation infrastructure to connect with the future V2X new era. In Genvict's new strategic plan, it is clarified that Genvict will continue to focus on ITS and IoT industry and to deepen and strengthen ETC+ (application extension, such as ETC refueling) and ETC-X (technical fusion to create smart car and smart road) development lines.
The ETC market in China now foresees unprecedented incremental space. And with further development of networked ETC system, ETC applications will penetrate from highway tolling to more vehicle-engaged scenarios, making mobility smarter and life simpler!