Electronic Toll Collection Market Size Expected to Reach USD 16.65 Billion, With 10.4% CAGR by 2029
According to Fortune Business Insights, the global Electronic Toll Collection Market size is projected to reach USD 16.65 Billion by 2029, at a CAGR of 10.4% during the forecast period, 2022-2029
Pune,India, March 07, 2023 (GLOBE NEWSWIRE) — The global Electronic Toll Collection Market Size was valued at USD 7.89 Billion in 2021 and USD 8.33 Billion in 2022 and is expected to reach USD 16.65 Billion by 2029 with a CAGR of 10.4% during the forecast period. Increasing traffic congestion and poor conditions of the road have attracted the demand for automatic toll collection, which is expected to propel market growth.
Fortune Business Insights™ shares this information in its report titled “Electronic Toll Collection Market Forecast, 2023-2029.”
Key Industry Development
June 2022: Transcore Systems extended its five-year partnership with Ohio Turnpike and Infrastructure Commission (OTIC). With this partnership, Transcore Systems received a statewide toll collection, maintenance, and service contract for the next five years.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.4% |
| 2029 Value Projection | USD 16.65 Billion |
| Base Year | 2021 |
| Electronic Toll Collection Market Size in 2021 | USD 7.89 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type, Technology, End-user and Geography |
| Electronic Toll Collection Market Growth Drivers | Demand for Effective Traffic Management to Propel Market Progress |
Key Takeaways
- The increasing adoption of digital toll payments and the surge in highway construction around the globe to drive the market trend.
- The rising demand for efficient traffic management solutions in toll collection centers is driving market growth.
- North America is expected to dominate the market owing to early adoption of the advanced technology-based ETC and increasing investment toward modern roadways.
- Technology Analysis: Rising Adoption of FASTag Drives the RFID Segment
- Electronic Toll Collection Market Size in North America was USD 2.68 Billion in 2022
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Drivers and Restraints
- Demand for Effective Traffic Management to Propel Market Progress
- Rising demand for effective traffic management across toll collection centers is projected to drive the electronic toll collection market growth.
- Well-managed traffic in urban areas is very important and this has given rise to the development of automatic toll collection systems.
- These systems help to manage the traffic flow & save time at the toll plaza. Increased traffic on the highways causes additional congestion at the toll plazas, which leads to loss in time and fuel.
- On the contrary, lack of unification in implementation leads to standardization issues, which hampers the market growth.
Segments
AVIS to Govern the Segment Due to Increasing Popularity of FASTag
Based on type, the market is divided into Violation Enforcement System (VES), Automatic Vehicle Classification (AVC), Automatic Vehicle Identification System (AVIS), and others (transaction processing/back office). Automatic Vehicle Identification System (AVIS) segment holds the largest share due to popularity of FASTag at the toll collection plaza. Government authorities of emerging countries are taking initiatives for the implementation of an automatic vehicle identification system.
RFID to be the Prime Segment as it is Highly Used Across the World
According to technology, the market is divided into Radio Frequency Identification (RFID), Dedicated Short-Range Communication (DSRC), Global Navigation Satellite System (GNSS)/GPS, video analytics, cell phone tolling, and others (barcode-based ETC). RFID segment is expected to hold the largest part as it is the most used ETC technology.
Highways to Lead the Segment Due to Rising Investments in Construction Projects
According to end-user, the market is divided into urban area and highway. The highway segment is set to have a majority part due to rising investment in road and highway construction projects. Increasing number of smart city investments in urban areas will drive the urban area segmental growth.
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Regional Insights
North America to Dictate Market Share Due to Adoption of Advanced Technology
North America is expected to hold majority part in the electronic toll collection market share owing to adoption of advanced technology-based ETC and increasing number of investments toward modern roadways. In the region, the U.S. has been flourishing due to the implementation of innovative technology-based ETC and increasing investment toward modern roadways.
Asia Pacific is projected to grow at a highest CAGR due to increasing usage of automatic tooling devices on the highway and in urban areas. China is the dominating country in the region owing to development of huge roads and highway infrastructure projects.
In Europe, Germany is set to dominate the region as it is leading in Electronic Toll Collection (ETC) equipment manufacturing, propelling the utilization of automated toll collection systems.
Competitive Landscape
Development of New Projects by Key Market Players to Drive Market Development
Kapsch TrafficCom AG leads the global market as the company is the premium manufacturer of electronic toll collection solutions such as toll lane controllers and touch screen toll control units. Thales Group, EFKON, Transcore, Honeywell International, Inc., Kapsch TrafficCom AG, Feig electronic, Mitsubishi Heavy Industries, Ltd., Perceptics, Q-Free, IRD, Transcore Holdings, Inc., and others have also expanded their global presence. In June 2022, Transcore received a contract from Thousand Islands Bridge Authority for the development, design, and maintenance of next-generation toll collection systems. The international bridge connected Wellesley Island and Hill Island, New York. Transcore replaced the TIBA’s traditional system.
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List of Key Players Profiled in the Report
- Thales Group (U.S.)
- TRMI Systems Integration (Japan)
- EFKON (Austria)
- Honeywell International, Inc. (U.S.)
- Kapsch TrafficCom AG (Austria)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Perceptics (U.S.)
- Q-Free (Norway)
- IRD (Canada)
- Transcore Holdings, Inc. (U.S.)
Major Table of Contents:
- Global Electronic Toll Collection Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD Bn)
- By Technology (USD Bn)
- RFID
- Dedicated Short Range Communication (DSRC)
- Global Navigation Satellite System (GNSS)/GPS
- Video Analytics
- Cell Phone Tolling
- Others (Barcode-based ETC)
- By End-User (USD Bn)
- High-way
- Urban Area
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Electronic Toll Collection Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD Bn)
- By Technology (USD Bn)
- RFID
- Dedicated Short Range Communication (DSRC)
- Global Navigation Satellite System (GNSS)/GPS
- Video Analytics
- Cell Phone Tolling
- Others
- By End-User (USD Bn)
- High-way
- Urban Area
- By Country (USD Bn)
- U.S.
- Canada
- Mexico
- Europe Electronic Toll Collection Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- U.K.
- Germany
TOC Continued….
FAQ’s
What is the size of the global electronic toll collection market?
The Electronic Toll Collection Market size was valued at USD 7.89 billion in 2021 and is projected to grow from USD 8.33 billion in 2022 to USD 16.65 billion by 2029
What was the growth rate of the global electronic toll collection market?
The global electronic toll collection market is expected to expanding at a CAGR of 10.4% over forecast period 2022 to 2029.
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