According to the latest report by IMARC Group, titled "United States Electronic Toll Collection Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the United States electronic toll collection market is expected to grow at a CAGR of 9.4% during 2023-2028. An electronic toll collection (ETC) system is considered to be a complex and the latest method for toll collection. It enables vehicles to pass through a toll facility without halting the driver. It aids in smooth traffic flow, thereby contributing to efficient traffic management. It offers various benefits, such as increased time efficiency, identification of vehicles, and technological advancements. The ETC market players in the United States provide a wide range of solutions, such as software services, system integration, and toll system operations, including maintenance, payment handling and revenue assurance.
United States Electronic Toll Collection Market Trends:
The market in the United States is primarily driven by significant growth in the electronics and IT industry. In line with this, stringent government regulations regarding carbon emissions and the increasing government expenditure on infrastructural development are significantly contributing to the demand for these systems. Furthermore, the emerging trend toward all-electronic tolling systems is offering lucrative growth opportunities to the market players across the region. Apart from this, the rising usage of sophisticated technology in transportation systems and the growing number of policy measures to expedite automatic toll collection, reduce congestion, collisions, and environmental damage, along with the convenience of cashless transactions, are acting as other growth-inducing factors. Moreover, the ability of ETC lanes to improve traffic flow speed and performance while saving time and digitally charging a toll to an existing customer account is strengthening the market expansion. Additionally, rapid technological advancements, such as the integration with GNSS and GPS technology and the widespread utilization of blockchain technology in toll collection systems, are also providing a boost to market growth.
- On the basis of the technology, the market has been segmented into RFID, DSRC, and others.
- Based on the system, the market has been categorized into transponder - or tag-based and other toll collection systems.
- On the basis of the subsystems, the market has been classified into automated vehicle identification, automated vehicle classification, violation enforcement system, and transaction processing.
- On the basis of offering, the market has been bifurcated into hardware and back office and other services.
- On the basis of toll charging, the market has been segmented into distance-based, point-based, time-based, and perimeter-based.
- On the basis of the application, the market has been classified into highways and urban areas.
- On the basis of the region, the market has been divided into Northeast, Midwest, South, and West.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Technology, System, Subsystem, Offering, Toll Charging, Application, Region
||Northeast, Midwest, South, West
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