Electronic Toll Collection Market Set to Soar Past USD 14.29 Billion by 2030
The global Electronic Toll Collection market size is expected to reach USD 14.29 billion by 2030 and exhibit a CAGR of 6.6% in the forecast period (2023−2030), according to Skyquest’s latest research report. Urbanization, traffic congestion, government initiatives, efficient toll collection, reduced traffic bottlenecks, enhanced road safety, reduced carbon emissions, improved travel time, electronic payment convenience, digital infrastructure development, contactless transactions, increased vehicle ownership, regulatory compliance, revenue optimization, toll evasion prevention, are fueling the market’s growth.
Westford, USA, Jan. 29, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Electronic Toll Collection market, mobile app integration, all-in-one tolling solutions, usage of RFID technology, autonomous and connected vehicles, dynamic pricing strategies, biometric authentication, digital license plates, satellite-based tolling, green and sustainable tolling, blockchain for secure transactions, tolling data analytics, artificial intelligence for traffic management, contactless and NFC payments, multi-modal transportation integration, are the trends that aid in the market’s growth.
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Browse in-depth TOC on the “Electronic Toll Collection Market”
- Pages – 157
- Tables – 92
- Figures – 74
Electronic toll collection (ETC) is a system that allows drivers to pay tolls electronically without having to stop their vehicles. ETC systems typically use radio-frequency identification (RFID) technology to identify vehicles and collect payments.
Prominent Players in the Electronic Toll Collection Market
- Kapsch TrafficCom AG
- Conduent Incorporated
- Thales Group
- Siemens Mobility GmbH
- Cubic Transportation Systems Inc.
- Q-Free ASA
- TransCore Holdings Inc.
- Efkon AG
- Raytheon Technologies Corporation
- FERROVIAL S.A.
- Xerox Corporation
- Atlantia S.p.A.
- Toshiba Corporation
- Mitsubishi Heavy Industries, Ltd.
- The Character Group
- 3M
- Schneider Electric
- Transurban Limited
- ETC Company Limited
- Beijing Expressway Transportation Technology Co., Ltd.
- Guangdong Smart Card Company
- Shenzhen Expressway Group Co., Ltd.
- Zhongshan Intelligent Transportation Systems Co., Ltd.
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RFID (Radio-Frequency Identification) Demand to Grow Substantially in the Forecast Period
Packaged foods dominate the global online market due to their reliability and accuracy in toll collection. It offers fast and contactless transactions, reducing traffic congestion at toll booths. RFID tags are widely used in transponders, making them a preferred choice for many toll-collection systems.
Highways is the Leading Application Segment
In terms of application, the highways are the leading segment due to the high traffic volume and the need for efficient toll collection. Fast and seamless transactions on highways reduce congestion and improve the overall travel experience. Governments and transportation authorities typically prioritize toll collection systems on highways to fund infrastructure projects.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a well-established highway systems, the adoption of electronic tolling solutions, and the ongoing investment in infrastructure projects. The region’s focus on reducing traffic congestion and improving transportation efficiency has driven the demand for toll-collection systems.
A recent report thoroughly analyzes the major players operating within the Electronic Toll Collection market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Electronic Toll Collection.
Key Developments in the Electronic Toll Collection Market
- In September 2023, NPCI announced its partnership with IMHCL. The collaboration is done to enable users to access EV charging facilities along the lines of how they make contractless toll payments on the highways.
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Key Questions Answered in Electronic Toll Collection Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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