According to Precision Business Insights (PBI) latest report the global Electronic Toll Collection Market is expected to be worth USD 5,420.4 million in 2022, growing at a 8.4% CAGR from 2022 to 2029.
According to Precision Business Insights (PBI) latest report the global Electronic Toll Collection Market is expected to be worth USD 5,420.4 million in 2022, growing at a 8.4% CAGR from 2022 to 2029. The shifting from a manual toll collection system to ETC is a growing trend in many countries of the world. Governments across the world are taking initiatives to build congestion-free and speedy transportation systems on highways and urban areas. Moreover, to encourage the use of ETC over traditional toll facilities, governments are offering various concessional schemes for drivers. These initiatives are taking more pace in developing economies to enable smooth flow of vehicles and avoid the creation of queues at toll plazas.
Transponder-/Tag-based Tolling Systems (IAP) Segment are Dominate the Electronic Toll Collection Market :
The transponder-/tag-based tolling systems segment is expected to account for a larger revenue share in the global electronic toll collection market and projected to grow at significant CAGR over 2022 and 2028. The transponder-/tag-based tolling systems used widely for vehicle identification and it collects tolls charged to cars on toll highways, HOV lanes, toll bridges, and toll tunnels automatically. It is a more efficient alternative to toll booths, where motorists must stop and pay the toll manually using cash or a card. Throughout the projection period, government attempts to boost digitization and increased highway expansion have contributed to the implementation of the electronic toll collection market over the forecasting period. Basic information on transponders includes the identification number, toll facility, and vehicle type.
North America Leads Electronic Toll Collection Market:
North America is expected to hold the largest market share in the global electronic toll collection market over the forecast period. Rapid growth in population adopting the personal vehicles, development of state and national highways, rise in government expenditure for improving the road connectivity, and technological advancements in ETC are anticipated to propel the growth of market over the forecast years. In addition, Asia Pacific market is expected to grow significantly over the forecast years owing to rise in transportation sector, government focus to develop the highways in India, China, and Japan, and rapid growth in automotive sales are anticipated to boost the market growth over the forecast timeframe.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Electronic Toll Collection market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
In November 2018, Conduent signed a contract with the Los Angeles County Metropolitan Transportation Authority (Metro) to deploy a new tolling platform, which enabled Metro to use enhanced analytics capabilities on ExpressLanes to cut congestion.
The Electronic Toll Collection market detailed segmentation: Based on the system type,
Based on the technology,
Based on the payment method,
Based on the application,
Based on the geography, the market is segmented into the following:
Key player's profiles in the electronic toll collection market report are Kapsch TrafficCom (Austria), Conduent Business Services, LLC (US), EFKON GmbH (Austria), TransCore (US), Thales Group (France), Raytheon Technologies Corporation (US), Cubic Corporation (US), Siemens (Germany), Neology, Inc. (US), VINCI (France), Feig Electronic GmbH (Germany).
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