Electronic Toll Collection market size is projected to reach USD 6254.6 Million by 2028 at a CAGR of 3.7% during 2022-2028 | Valuates Reports
BANGALORE, India , May 2, 2022 /PRNewswire/ -- The Global Electronic Toll Collection market is segmented by Type (Rfid-Based ETC Systems, Dsrc-Based ETC Systems, Video Analytic-Based ETC Systems, Gnss/Gps-Based ETC Systems) and by Application (Highway Tolling, Urban Tolling): Global Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Computers & Electronics Category.
The global Electronic Toll Collection market size is estimated to be worth USD 5033.8 Million in 2022 and is forecast to be a readjusted size of USD 6254.6 Million by 2028 with a CAGR of 3.7%.
Major factors driving the growth of the Electronic Toll Collection Market :
Factors expected to propel the global electronic toll collection market include government initiatives for cashless transactions and increased government funds for road safety and control in various countries.
Since it reduces transaction costs for government agencies and brings transparency, electronic toll collection is a cost-effective alternative to a staffed booth. This factor is expected to boost the electronic toll collection market.
Furthermore, benefits such as reduced wait times increased safety, and improved traffic is expected to boost the adoption of Electronic Toll Collection booths, propelling the Electronic Toll Collection Market forward
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TRENDS INFLUENCING THE GROWTH OF ELECTRONIC TOLL COLLECTION MARKET
The future of tolling is cashless tolling, which has already been implemented on a number of toll roads and bridges. The public can benefit from the system in a variety of ways. Cashless tolling, in particular, allows for faster and more seamless travel because drivers do not have to slow down or stop to pay their toll at a physical booth. Reduced engine idling, less wasted fuel, and fewer toll plaza accidents are all advantages. The electronic toll collection market is expected to grow as a result of these factors.
The ETC is being implemented by governments in various regions as part of their road safety and control plans. During the forecast period, this factor is expected to drive the growth of the Electronic Toll Collection Market. The surge in demand for effective traffic management at toll collection centers is attributed to the increasing adoption by governments across regions. Traffic management that is both efficient and effective ensures a smooth flow of traffic and saves time at the toll booth. Congestion at toll plazas is exacerbated by rising traffic on national highways, resulting in lost time and fuel. This system allows for seamless passage through toll booths for payment, reducing traffic congestion.
ETC is cost-effective because it allows for ticket elimination and reduced manpower costs, as well as savings from reduced fuel consumption and reduced travel time. Furthermore, ETC systems provide indirect benefits such as reduced air pollution and environmental effects, which result in a healthier environment and lower hygienic costs. These factors are expected to bolster the electronic toll collection market's growth.
ETC systems are difficult to implement by a single stakeholder; they necessitate the cooperation of a number of parties, including telecom operators, infrastructure providers, manufacturers, service providers, government agencies, and user groups. As a result, the public-private partnership (PPP) model may be critical to the integrated ETC system's success.
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Electronic Toll Collection Market SHARE ANALYSIS:
Based on type, RFID-Based ETC Systems is the largest segment. This is because RFID technology has a broader range of applications, is easier to integrate, and has lower capital and operational costs.
Based on application, the highways segment is expected to be the most lucrative segment. The adoption of electronic toll collection for highways is driving the market, especially in developing countries. Strong government initiatives are expected to add electronic toll collection options to existing toll plazas on highways, resulting in massive growth opportunities for the ETC market for highway applications.
Based on region, North America is expected to be the most lucrative region. The United States and Canada are the key North American countries with the most vehicles per person, which is one of the most important factors driving the electronic toll collection market forward. Furthermore, both countries have the world's largest networks of interstate and state highways, with advanced toll collection systems installed in numerous locations and several toll installation projects underway for high-traffic lanes.
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- Toshiba
- Mitsubishi
- MIFARE
- Shutoko
- Xerox
- Kapsch Trafficom AG
- Q-Free
- Hitachi
- Illinois Tollway
- Metro Infrasys
- Conduent Transportation
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