The electronic toll collection market size is anticipated to grow from USD 8.42 Billion in 2022 to USD 19.76 Billion in 10 years. The market should witness a moderate growth rate owing to the increasing demand for electronic toll collection in urban cities and highways. These technologies help with road safety and transportation network optimization in addition to managing traffic flow and reducing congestion.
Newark, June 10, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the electronic toll collection market will grow from USD 8.42 Billion in 2022 to USD 19.76 Billion by 2032. The electronic toll collection market is expanding due to the growing traffic in urban cities and highways. Toll management systems will become more crucial as transportation infrastructure develops to maintain roadways’ efficiency and safety.
Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/12729
Key Insight of the Electronic Toll Collection Market
North America region to account for the largest market size during the forecast period.
North America region will hold a significant market share due to the increasing traffic volume in urban cities. The rapid implementation of advanced technology promotes the growth of electronic toll collection. Also, the U.S. invests heavily in highway networks to increase connectivity between urban areas. Many states have installed electronic toll collection for decongestion of highway networks.
The automatic vehicle classification system segment is expected to augment the market during the forecast period.
The type segment is divided into automatic vehicle identification system, automatic vehicle classification system, violation enforcement system and others. The automatic vehicle classification system segment is expected to augment the market during the forecast period. A unique approach to traffic management, toll supervision, and automatic vehicle classification systems results from ongoing efforts to develop technologically driven structures that improve over time.
The DSRC segment is expected to augment the market during the forecast period.
The technology segment is divided into DSRC, RFID, GPS, GNSS and others. The DSRC segment is expected to augment the market during the forecast period. A wireless communication technique called dedicated short-range communication was created to enable vehicle communication inside an intelligent transportation system with other vehicles or infrastructure devices. DSRC technology works across short to medium ranges and is based on the 5.9 GHz band of the radio frequency spectrum.
The highway segment is expected to augment the market during the forecast period.
The end-users segment is divided into highway and urban areas. The highway segment is expected to augment the market during the forecast period. Significant government initiatives can benefit from ETC potential at toll plazas and on highways, which is expected to create enormous development opportunities for the electronic toll collection market’s use of roadways.
The back office segment is expected to augment the market during the forecast period.
The offering segment is divided into hardware, back office and other services. The back office segment is expected to augment the market during the forecast period. A smooth, unified tolling process is created through a single back office system. To guarantee dependability, the operational component connects the back office and the roadside.
Report Scope and Segmentation –
|
Report Coverage |
Details |
|
Forecast Period |
2023-2032 |
|
Forecast CAGR |
8.91% |
|
2032 Value Projection |
USD 19.76 Billion |
|
Market Size in 2022 |
USD 8.42 Billion |
|
Historical Data |
2019-2021 |
|
No. of Pages |
238 |
|
Report Coverage |
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
|
Segments Covered |
by Type, Technology, End-users |
|
Regions Covered |
The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
|
Electronic Toll Collection Market Growth Drivers |
Increasing use of electronic toll collection on highways and roads |
Market Dynamics
Driver: Rising establishment of toll management systems
The transportation system has to be faster and more efficient due to the growing population, urbanization, industrialization, and pace of life. The development of toll roads has grown in step with the growth of networks for road transport. Toll plazas are essential to preserving the efficiency and speed of road transportation. The need for increased vehicle throughput and speedier toll collection has led to new ideas where all-electronic, continuous, open-road tolling is replacing manual toll booths. By electronically collecting tolls, toll collection technology has been created to eliminate delays on toll roads. This solution supports the contemporary digital technologies that protect toll revenues. In metropolitan settings, where transportation congestion is a major problem, toll management systems are necessary. Toll management systems decrease automobile traffic by collecting tolls, which also improves air quality and lessens traffic congestion.
Restraint: Implementation cost
The cost of constructing an ETC system depends greatly on the project’s scale. The system size, gantry type, shoulder coverage, and technology influence the project cost. In an AET or ORT setting, the cost of the lane equipment and installation, assuming the project reuses the existing gantry, back office software, and right of way, ranges from $100,000 to $200,000 per ETC lane.
Opportunity: Advancement in the development of technology
In the previous ten to fifteen years, tolling-related technologies have advanced quickly. There are fewer technical hazards now when establishing and implementing a national solution. In 1986, electronic toll collection technology was initially implemented in Bergen, Norway, in conjunction with conventional toll booths. Modern toll-related technologies can use mobile telecommunication networks, greatly simplifying operational procedures like online account registration and top-ups. Tolls are now automatically collected by toll management systems through various technological means. Utilizing linked automobiles is one of the biggest advancements in toll management systems. Using connected cars and toll management systems, tolls can be automatically collected without transponders or cameras.
Challenges: Lack of interoperability
These days, choosing the right technology and ensuring compatibility are the main challenges in electronic toll collection system implementation. Interoperability between toll facilities at border crossings and other states needs to be improved. As more toll roads are constructed close to the border, the requirement for interoperability between border checkpoints and toll highways will only grow. Thus, the interoperability-related complications will affect the electronic toll collection market.
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/electronic-toll-collection-market-12729
Some of the major players operating in the electronic toll-collection market are:
• TransCore
• Kapsch TrafficCom AG
• Conduent Inc.
• Raytheon Company
• Thales Group
• Cubic Corporation
• Siemens AG
• Vinci SA
• EFKON
• TOSHIBA CORPORATION
• Neology Inc.
• MITSUBISHI HEAVY INDUSTRIES LTD
• Quarterhill Inc.
• Abertis
• Perceptics LLC
• Electronic Transaction Consultants Corporation
• Star Systems International
• ARH Inc.
• Autostrade per l’Italia
• SICE
• JENOPTIK AG
• Toll Collect GmbH
• Far Eastern Electronic Toll Collection Co Ltd.
• Kistler Group
• American Traffic Solutions
Key Segments Cover in the Market:
By Type:
• Automatic Vehicle Identification System
• Automatic Vehicle Classification System
• Violation Enforcement System
• Others
By Technology:
• DSRC
• RFID
• GPS
• GNSS
• Others
By End-users:
• Highway
• Urban Areas
By Offering:
• Hardware
• Back Office
• Other Services
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/12729
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
