Business

Electronic Toll Collection Market Overview, Demand, Forecast 2023-2028

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 demand. 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

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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