The latest report by IMARC Group, titled, “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Electronic Toll Collection Market Growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global electronic toll collection market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028. Electronic toll collection (ETC) refers to an automatic mechanism that uses sophisticated cameras and sensors to perform several functions at a toll booth. This system utilizes various solutions, including Global Positioning System (GPS), Dedicated Short-Range Communications (DSRC), Global Navigation Satellite System (GNSS), video analytics, etc., for vehicle tracking and toll collection. In addition, the ETC system can capture images of the registration plate of vehicles and scan the transponders attached to them to collect the correct toll automatically. This saves the travel time of people, offers a cashless facility, minimizes congestion at the toll booths, and quickens transactions. As a result, ETC systems find extensive utilization in highways and urban areas.
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Market Growth:
The escalating requirement for smart transportation systems and the development of effective traffic management solutions are among the primary factors driving the electronic toll collection market. Besides this, owing to the rising number of on-road vehicles, these systems find widespread applications across developing nations to manage the congestion at toll plazas on roads and highways, which is further augmenting the market growth. Moreover, ETC systems also assist in tracking stolen automobiles and managing over-speeding vehicles, which is also catalyzing the global market. Apart from this, the launch of favorable policies by the government bodies to improve transportation infrastructure and the increasing research and development (R&D) activities in the automotive sector are acting as significant growth-inducing factors. Furthermore, the growing popularity of radio-frequency identification (RFID) sensors for monitoring vehicles is expected to bolster the electronic toll collection market in the coming years.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players being:
- 3M
- Conduent Business Services LLC
- Cubic Transportation Systems Inc
- Efkon AG
- Kapsch Trafficcom AG
- Q-Free
- Raytheon Company
- Schneider Electric
- Siemens AG
- Thales Group
- Trans Core
- Transurban Limited
Key Market Segmentation:
Breakup by Technology:
- RFID
- DSRC
- Others
Breakup by System:
- Transponder – or Tag-Based Toll Collection Systems
- Other Toll Collection Systems
Breakup by Subsystem:
- Automated Vehicle Identification
- Automated Vehicle Classification
- Violation Enforcement System
- Transaction Processing
Breakup by Offering:
- Hardware
- Back Office and Other Services
Breakup by Toll Charging:
- Distance Based
- Point Based
- Time Based
- Perimeter Based
Breakup by Application:
- Highways
- Urban Areas
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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