According to the latest report by IMARC Group, titled "Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global electronic toll collection market is currently witnessing strong growth. An electronic toll collection (ETC) system is an automated machine that collects the usage fee from vehicles at toll plazas. This system involves the use of high-quality sensors and cameras that aid in determining if the passing vehicle is registered. ETC efficiently collects the required data by scanning the automated radio transponders equipped with the registered vehicles. These vehicles are not required to stop at the toll booth since the payment is automatically deducted from their linked customer account. These machines are consequently gaining widespread preference as they facilitate efficient vehicle tracking, enhanced cash handling, fuel-efficiency and payment flexibility while minimizing traffic congestion and eliminating the need for manual intervention.
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 growing requirement for efficient traffic management solutions, primarily catalyzed by expanding vehicle fleet, represents one of the key factors driving the market growth. The rising consumer expenditure capacities and population explosion have resulted in increasing uptake of automobiles, which, in turn, has created an imminent need for the expansion of road transportation network. This has further facilitated the increasing installations of smart tolling booths to manage the growing on-road traffic. Consequently, ETC systems are being increasingly installed to enable fast and efficient toll collection while enhancing the overall customer experience. The market is further driven by the growing integration of advanced technologies with ETC systems. For instance, ETC systems are being equipped with Radio Frequency Identification (RFID) and Global Positioning System (GPS) technologies to facilitate swift identification of registered vehicles and real-time monitoring. Furthermore, governments of various nations, especially in developing countries, are mandating the installation of ETC systems in an effort to manage over-speeding vehicles, regulate traffic jams and increase transparency in the toll collection process. This, along with the emerging trend of smart transportation systems, increasing automation across the automotive sector and enhanced research and development (R&D), is projected to further create a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 16.7 Billion by 2025, registering a CAGR of around 10% during 2020-2025.
Market Summary:
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