According to the latest report by IMARC Group, titled “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global electronic toll collection market size reached US$ 9.34 Billion in 2021. An electronic toll collection (ETC) system is an automated machine that collects usage fees from vehicles at toll plazas. This system involves high-quality sensors and cameras that determine if the passing vehicle is registered. ETC efficiently collects the required data by scanning automated radio transponders installed in registered vehicles. This system allows the owner to pass through the toll booths without stopping the vehicle, thereby reducing traffic congestions caused by manual operations. ETC systems offer efficient vehicle tracking, enhanced cash handling, fuel efficiency and payment flexibility.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electronic Toll Collection Market Trends:
The global ETC market is being driven by the rising need for efficient traffic management systems. Besides this, growing consumer spending capacities have led to an increase in vehicle sales, which has resulted in the demand for an improved road transportation network. Moreover, the widespread convergence of advanced technology with ETC systems is driving the market toward growth. For instance, the integration of radio frequency identification (RFID) and global positioning system (GPS) technologies in ETC systems enables the fast identification of registered vehicles and real-time monitoring. Furthermore, governments of various nations, especially that of the developing countries, are mandating ETC systems to manage speeding vehicles, regulate traffic jams and increase transparency in the toll collection process. This, in turn, is creating a positive outlook for the market. Looking forward, the market is expected to reach US$ 16.6 Billion by 2027, expanding at a CAGR of 10.51% during 2022-2027.
- On the basis of the technology, the market has been divided into RFID, dedicated short-range communications (DSRC) and others.
- Based on the system, the market has been bifurcated into transponder- or tag-based and other toll collection systems.
- Based on the subsystem, the market has been classified into automated vehicle identification, automated vehicle classification, violation enforcement system and transaction processing.
- On the basis of the offering, the market has been categorized into hardware, and back office and other services.
- Based on the toll charging, the market has been segmented into distance-, point-, time-, and perimeter-based toll charging.
- On the basis of the application, the market has been bifurcated into highways and urban areas.
- On a regional basis, the market has been spread across North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 3M Company, Conduent Incorporated, Cubic Corporation, EFKON GmbH, Kapsch TrafficCom AG, Q-Free ASA, Raytheon Technologies Corporation, Schneider Electric, Siemens AG, Thales SA, TC IP, Ltd. (TransCore), and Transurban Limited.
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