High-end technology called electronic toll collection (ETC) allows tolls to be collected automatically without the car having to stop. In order to effectively control traffic in extremely congested locations and facilitate toll collection, it makes use of the most recent technical solutions, including video analytics, GPS & GNSS toll collecting and tracking solutions, and DSRC.
According to SPER market research, ‘Electronic Toll Collection Market Size– By Type, By Technology, By Offering, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Electronic Toll Collection Market is predicted to reach USD 25.08 billion by 2033 with a CAGR of 10.78%.
The demand for seamless and effective toll collecting systems has led to a significant increase in the electronic toll collection (ETC) market in recent years. There are a number of noteworthy trends in the ETC market. Cashless tolling systems are becoming more and more popular since they are convenient, lessen traffic, and improve road safety in general. Users can now access real-time traffic information and optimised routes because to the growing popularity of integrating ETC systems with vehicle telematics and navigation systems. The need for ETC solutions is further fuelled by the fact that governments and transportation authorities throughout the world are realising the advantages of ETC systems, which highlights the need to update the toll infrastructure currently in place and boost operational effectiveness.
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However, it is projected that the implementation of stringent rules in certain domains will hinder the growth of the electronic toll collection industry. The industry that deals with electronic toll collection will probably face difficulties because there are more and more issues pertaining to interoperability, common standards, and toll system selection. The deployment of the electronic toll collection system faces difficulties with standards. Different electronic system manufacturers utilise distinct standards, which might lead to compatibility issues. The fact that different manufacturers produce distinct standard equipment complicates matters for commuters. The market for electronic toll systems is not growing because to manufacturer incompatibilities with other technologies, despite the industry’s exponential growth.
Impact of COVID-19 on Global Electronic Toll Collection Market
Furthermore, the COVID-19 pandemic caused a catastrophic slowdown in the world economy, which had a substantial effect on the transportation and logistics industry. Government-imposed lockdowns across the globe caused disruptions to human and vehicular traffic, posing operational hurdles to logistics and transportation companies. Government development projects, such as bridges and roads, were put on hold, which decreased the use of automated technologies and hindered market expansion. Negative consequences were seen in toll collecting in Europe, the United States, Canada, and India. The demand for Electronic Toll Collection (ETC) increased marginally because of its contactless payment function, which helps prevent COVID-19, even if lockdowns decreased in Q2 2020 and established a new normal. The necessity for automated toll-collection systems increased when highway and bridge construction resumed in spite of the pandemic.
Electronic Toll Collection Market Key Players:
Geographically, North America is anticipated to hold the bulk of the market share for electronic toll collection due to the deployment of advanced technology-based electronic toll collection (ETC) and rising investments in new roadways. Because autonomous tooling devices are being used more often on highways and in cities, Asia Pacific is expected to expand at the fastest rate of compound annual growth. Because to the construction of massive roads and highway infrastructure projects, China is the dominant nation in the region. Germany is expected to be the top country in Europe in terms of Electronic Toll Collection (ETC) equipment manufacture, which is driving the use of automated toll collection systems. Additionally, some of the market key players are American Traffic Solutions, Kapsch TrafficCom AG, MITSUBISHI HEAVY INDUSTRIES LTD, Toll Collect GmbH, TOSHIBA CORPORATION, Others.
Global Electronic Toll Collection Market Segmentation:
By Type: Based on the Type, Global Electronic Toll Collection Market is segmented as; Automated Vehicle Classification, Automated Vehicle Identification, Transaction Processing, Violation Enforcement System.
By Technology: Based on the Technology, Global Electronic Toll Collection Market is segmented as; Dedicated Short-range Communication (DSRC), GNSS & GPS, Infrared, Radio-frequency Identification (RFID), Video Analytics.
By Offering: Based on the Offering, Global Electronic Toll Collection Market is segmented as; Hardware, Back Office, Other Services.
By Application: Based on the Application, Global Electronic Toll Collection Market is segmented as; Highways, Urban.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Electronic Toll Collection Market Share
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