Electronic Toll Collection System Market Worth 10.6 Billion by 2028 - Exclusive Research by The Insight Partners

NEW YORK, Oct. 28, 2021 /PRNewswire/ --According to The Insight Partners study on "Electronic Toll Collection System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, technology, and Application," the market was valued at US$ 5,266.5 million in 2021 and is projected to reach US$ 10.6 Billion by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.

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The toll collection centers are strategically placed toll plazas or collection units that are levied to fulfill tax collection, congestion management, or maintenance fees for public infrastructure, among other revenue collection techniques. As a result, the volume of traffic flow plays a crucial role in determining the location of toll plazas and requires a robust and effective toll collection solution which will rise the adoption for the same. The effective deployment of ETC systems has versatile benefits such as reduction in congestion and vehicular pollution, seamless transit transactions, and intelligent transportation services at expressways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems across various emerging economies and provide profitable business opportunities for the market players during the forecast period.

Moreover, through collaborative efforts among different state bodies to participate in joint toll collection systems that are accepted by larger government agencies and offering simplified toll collection for different users will rise the market growth of global electronic toll collection market. This electronic toll collection system operates on a pre-paid account-based system that various state agencies adopt for a seamless array of fright fees, tolls, and fines across the globe. For instance, North America-based E-ZPass is an interagency group-based electronic toll collection system that is interoperable across 17 different states in the US. Moreover, the company boasts of being the largest successful interoperable toll collection system in the world, with more than 20 million active accounts that utilize 34 million toll-based tags that amount to US$ 9 billion in revenue generation for partnered state agencies.   

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Moreover, the data generated via electronic toll collection transponders and radio frequency-based identification (RFID) tags could also provide meaningful insights into the traffic patterns and congestions at various expressways and highways. Those insights can be used for improving congestion, traffic management, and other intelligent transportation services. Also, the adoption of complete interoperable toll collection systems could have application across parking fees payment at airports, malls, bus stations, and intelligent transportation services, among other innovative services. Thus, there is an increase in demand for interoperable and robust electronic toll collection by the government and state agencies, which is projected to fuel the need for electronic toll collection systems.

North America dominates the electronic toll collection system market due to the rising number of government initiatives to achieve congestion-free transportation, rapidly increasing vehicle demand and production in the region, and surging adoption of the latest technological solutions such as GPS and GNSS toll collection and tracking solutions. Effective trade through North America Free Trade Agreement (NAFTA) has ensured transportation and free trade within the US, Canada, and Mexico. Further, the consistent maintenance and connectivity through roads have raised the demand for robust toll collection across Mexico and Canada. Also, the trend of shifting from barrier-based ETC to open road tolling (ORT) or free flow tolling has been gradually growing in the road tolling industry, especially in North America as they are facing high traffic congestion at toll roads.

Electronic Toll Collection System market: Technology Overview

Based on technology, the electronic toll collection system market is segmented into hardware equipment and services. These unique signals are received at roadside infrastructure and used to identify the vehicle for toll collection purposes. The RFID-based systems are highly adopted at various toll collection centers globally, owing to their early introduction and easy maintenance.

Electronic Toll Collection System Market: Competitive Landscape and Key Developments

Continuum Electroproducts LLP; Conduent, Inc.; Efkon GmbH; Kapsch Trafficcom AG; Mitsubishi Heavy Industries Machinery Systems, LTD.; Neology; Qualix Information System; Skytoll; Siemens AG; and Thales Group are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global electronic toll collection system market and its ecosystem.

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In July 2021, Neology, Inc. announced an expanded, multi-year agreement with the Norwegian Public Roads Administration (NPRA) for its traffic enforcement solutions driven by the latest in mobile ANPR camera and artificial intelligence (AI) technology to support real-time analytics and decision making. Neology's ANPR safer community solutions provide enhanced performance, creating immediate impact where other solutions fail. The dual-camera system, coupled with advanced AI-powered vehicle recognition technology, enables officers to detect and focus on non-compliant vehicles with enhanced vision system capabilities.

In May 2021, Slovenian Motorway Company DARS and SkyToll signed a contract to develop and operate an electronic vignette system. SkyToll won the tender with a bid of EUR 15.7 million to develop a system for the payment of electronic vignettes and provide five-year technological support to the system.

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