Electronic Toll Collection Market Growth, Share, Rising Revenue, Upcoming Trends, Scope, CAGR Status, Challenges, Opportunities and Future Outlook till 2033: SPER Market Research
An extensive study of the global electronic toll collection market, including its size and trends, applications, product mix, and supplier analysis, is provided in this report. The phrase “Electronic toll collection” describes technology that eliminates the need for cash collection at toll booths, hence reducing traffic congestion brought on by the time-consuming process of collecting cash or credit cards. To pay these tolls, cars are not obliged to pull over at toll booths. These devices scan the vehicle to begin collecting when it stops at a toll booth. They take cash for tolls so that cars can pass the booth without transponders. A toll road is any private or public road that charges a fee to use it.
According to SPER market research, ‘Electronic Toll Collection Market Size– By Technology, By Type, By Offering, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Electronic Toll Collection Market is predicted to reach USD 25.08 billion by 2033 with a CAGR of 10.78%.
The emergence of tolling systems in developing countries presents lucrative prospects for market players to expand their enterprises. The primary drivers of this market expansion include decreased traffic, pollution, and accident rates; increased government backing for the rollout of electronic toll collecting systems; the ease of cashless payment methods; and technological developments in transportation infrastructure. It is anticipated that the increasing adoption of electronic toll collection systems in developing countries and the implementation of stringent regulations by the government regarding the installation of these systems will offer profitable prospects for market growth.
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It is projected that the implementation of stringent rules in certain domains will hinder the growth of the electronic toll collection industry. Due to the growing number of problems with interoperability, common standards, and toll system selection, the electronic toll collection business is likely to encounter challenges. Furthermore, industry expansion is hindered by high running and maintenance expenses together with substantial upfront costs connected to installation. Moreover, a significant obstacle to the market’s growth is the lack of standardization in toll collection systems and the significant dependence of electronic toll collection on government approvals.
Impact of COVID-19 on Global Electronic Toll Collection Market
The global economy saw a severe downturn as a result of the COVID-19 pandemic, which had a significant impact on the logistics and transportation sector. Government-imposed lockdowns made it difficult for people and cars to move around the world, which made it tough for logistics and transportation firms to operate. The suspension of government infrastructure projects, such bridges and highways, which reduced the usage of automated technologies, hampered the market’s expansion. In India, the United States, Canada, and Europe, toll collecting suffered as a result. The demand for Electronic Toll Collection (ETC) increased slightly because to its contactless payment capabilities, which helps minimize COVID-19, even if lockdowns became less frequent in Q2 2020, establishing a new normal.
Electronic Toll Collection Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; MITSUBISHI HEAVY INDUSTRIES LTD, Perceptics LLC, Raytheon Company, Siemens AG, Star Systems International, Thales Group, Toll Collect GmbH, American Traffic Solutions, Conduent Inc., Cubic Corporation, Electronic Transaction Consultants Corporation, Far Eastern Electronic Toll Collection Co Ltd., Kapsch TrafficCom AG, TOSHIBA CORPORATION, Others.
Global Electronic Toll Collection Market Segmentation:
By Type: Based on the Type, Global Electronic Toll Collection Market is segmented as; Automated Vehicle Classification, Automated Vehicle Identification, Transaction Processing, Violation Enforcement System.
By Technology: Based on the Technology, Global Electronic Toll Collection Market is segmented as; Dedicated Short-range Communication (DSRC), GNSS & GPS, Infrared, Radio-frequency Identification (RFID), Video Analytics.
By Offering: Based on the Offering, Global Electronic Toll Collection Market is segmented as; Hardware, Back Office, Other Services.
By Application: Based on the Application, Global Electronic Toll Collection Market is segmented as; Highways, Urban.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Electronic Toll Collection Market Opportunities
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