The latest report published by IMARC Group, titled “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on electronic toll collection market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global electronic toll collection market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
What is Electronic Toll Collection?
Electronic Toll Collection (ETC) represents a technology system that facilitates the automatic collection of toll charges from vehicles without requiring them to stop or slow down. This system is marked by efficiency, accuracy, and convenience, playing a critical role in modern transportation. It primarily consists of three main components: a vehicle identification mechanism (usually a transponder or tag), toll booth equipment for signal detection, and a centralized system that calculates the toll and processes the payment. ETC utilizes a combination of radio-frequency identification (RFID) technology, cameras, and laser sensors to identify vehicles, capture their license plate information, and subsequently charge the appropriate toll fees.
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What are the growth prospects and trends in the electronic toll collection industry?
The global market is primarily driven by the growing need for efficient traffic management that necessitates seamless and automated toll collection systems. In line with this, increasing investments in road infrastructure and transportation development are also providing an impetus to the market. Moreover, the emphasis on reducing air pollution and fuel consumption, which electronic toll collection systems can achieve through smooth traffic flow, is acting as a significant growth-inducing factor for the market. Also, continual technological advancements and innovations in RFID and related technologies are impacting the market positively. Apart from this, the focus on enhancing security measures in toll collection and growing interest in reducing human errors are propelling the market. Some of the other factors contributing to the market include the promotion of non-cash transactions by governments and financial institutions, public-private partnerships (PPPs) in infrastructure development, and the global shift towards digitalization.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Conduent Business Services LLC
- Cubic Transportation Systems Inc.
- Efkon AG
- Kapsch Trafficcom AG
- Raytheon Company
- Schneider Electric
- Siemens AG
- Thales Group
- Trans Core
- Transurban Limited
Electronic Toll Collection Market Segmentation:
Our report has categorized the market based on region, technology, system, subsystem, offering, toll charging and application.
- Transponder – or Tag-Based Toll Collection Systems
- Other Toll Collection Systems
- Automated Vehicle Identification
- Automated Vehicle Classification
- Violation Enforcement System
- Transaction Processing
- Back Office and Other Services
Toll Charging Insights:
- Distance Based
- Point Based
- Time Based
- Perimeter Based
- Urban Areas
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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