The global electronic toll collection market size is expected to reach USD 14.01 billion by 2030 according to a new study by Polaris Market Research. The report “Electronic Toll Collection Market Share, Size, Trends, Industry Analysis Report, By Type (Transponder-/Tag-based Tolling Systems, Other Tolling Systems); By Technology (RFID, DSRC, Others); By Offering; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising adoption of electronic toll collection systems over manual toll collection methods on roadways and highways is expected to fuel the growth of the industry over the forecast period. It is a system that is used to collect toll payments electronically and allows monetary transactions between vehicles and toll systems.
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The demand for ETC is being driven by the increase in government initiatives to encourage congestion-free transportation. The ability of commuters to anticipate travel time can be impacted by traffic congestion, which can also increase fuel consumption and air pollution. To facilitate a smooth flow of vehicles, governments in several nations are urging the adoption of the industry.
The introduction of Radio-frequency Identification (RFID) sensors and the use of real-time tracking and monitoring systems for automobiles are two further technological developments that are promoting the development of the industry. Additionally, the IoT architecture’s integration with rapidly improving data transmission, mobility, cloud, and sensor technologies is predicted to accelerate the growth of the industry for this technology.
Major participants such as Siemens, Cubic Corporation, Mitsubishi Heavy Industries, Ltd., FEIG, Jenoptik AG, Kapsch Trafficcom AG, Conduent, Inc., Neology, Inc., Q-Free, Raytheon Technologies Corporation, Efkon GmbH, Star Systems International Ltd., Thales, Toshiba Corporation, and Transcore are some of the key players operating in the global market.
Electronic Toll Collection Market Report Highlights
- In type segment, transponder-/tag-based tolling system to account higher growth rate during forecast period due to its effectiveness than toll booths
- In application segment, highways segment is expected to account for higher growth rate during forecast period owing to the rising infrastructural development across the globe
- North America accounted for the largest revenue share in the global market in 2021 due to the growing technological advancements in the region
- The global market is highly competitive owing to the existence of large industry players with global presence Siemens, Cubic Corporation, Mitsubishi Heavy Industries, Ltd., FEIG, Jenoptik AG, Kapsch Trafficcom AG.
Polaris market research has segmented the electronic toll collection market report on the basis of type, offering, technology, application, and region:
Electronic Toll Collection, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Transponder-/Tag-based Tolling Systems
- Other Tolling Systems
Electronic Toll Collection, Offering Outlook (Revenue – USD Billion, 2018 – 2030)
- Back-office and Other Services
Electronic Toll Collection, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
Electronic Toll Collection, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Urban Areas
Electronic Toll Collection, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa