Electronic Toll Collection Market Set to Grow $14.01 Billion by 2030
The electronic toll collection is a system that automatically collects the toll without requiring vehicles to stop. Electronic Toll Collection (ETC) is an alternative to toll booths, which require vehicles to stop and pay the toll with cash or a card. The ETC system is designed to avoid traffic congestion at the toll gate. This also helps to reduce air pollution and noise around the toll gates. In addition, these systems also increase convenience and safety, reduce fuel use, lessen emissions, and reduce transaction costs for toll attendants.
The ETC system requires users to sign up for the application and add money to their accounts. Each time they pass a toll booth, money gets debited automatically. ETC systems involve a transponder that can be mounted on a front window or rear view mirror of a vehicle. The increasing adoption of electronic toll collection technology over the manual toll collection system is the prominent factor driving the growth of the electronic toll collection market.
According to the research report published by Polaris Market Research, the global electronic toll collection market was valued at USD 8.04 billion in 2021 and is expected to reach USD 14.01 billion by 2030, to grow at a CAGR of6.6% during the forecast period.
Get an exclusive sample PDF report of Electronic Toll Collection Market @ https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market/request-for-sample
Electronic Toll Collection Market: Growth Drivers
The electronic toll collection market is primarily driven by increased demand for safety and efficiency of transportation infrastructure. Benefits of ETC, such as increased time efficiency, identification of vehicles, and technological advancements, are expected to accelerate the growth of the electronic toll collection market. Also, strong government policies across developing countries are fueling the demand for the Electronic Toll collection market. The rising adoption of technologies such as GNSS and GPS in Japan for their electronic toll collection systems is another factor augmenting the growth of the electronic toll collection market.
The increasing traveling habit of individuals coupled with rising leisure activities is further expected to promote the market’s growth over the foreseen period. Increasing traffic congestion on toll plazas is expected to boost demand for the systems, which in turn is likely to propel the growth of the electronic toll collection market during the forecast period.
Electronic Toll Collection Market: Report Segmentation
Insight by Type
Based on type, transponder-/tag-based tolling system is expected to dominate the market over the forecast period. Transponder-/tag-based tolling systems automatically collect tolls on HOV lanes, toll bridges, toll tunnels, and toll motorways. These are used to identify vehicles and are a more effective alternative to toll booths.
Insight by Technology
Based on technology, the RFID segment is anticipated to account for a significant share over the forecast period. The growing use of RFID technologies across the world is anticipated to fuel the growth of the segment. RFID tags are scanned by an RFID placed on an electronic toll collection system to automatically deduct toll amounts.
For In-depth Information Enquire Before Purchasing This Report @ https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market/inquire-before-buying
Geographic Overview: Electronic Toll Collection Market
Based on geography, North America held the largest revenue share in the global electronic toll collection market in 2021. The increasing digital transformation in North America is expected to positively influence the market growth in the region. In addition, an increase in car ownership is further creating opportunities for the expansion of the electronic toll collection market.
Furthermore, Asia Pacific is expected to record a significant CAGR over the forecast period owing to the growing demand and production in developing and developed countries coupled with rising consumer shifts towards smart vehicles.
Competitive Insight
Some of the major players operating in the global market include Conduent, Inc., Cubic Corporation, Efkon GmbH, Feig Electronic, Jenoptik AG, Kapsch Trafficcom AG, Mitsubishi Heavy Industries, Ltd., Neology, Inc., Q-Free, Raytheon Technologies Corporation, Siemens, Star Systems International Ltd., Thales, Toshiba Corporation, and Transcore.
Recent Developments
In November 2021, SiVA, a Grupo Marhnos company, announced a partnership with Thales in order to revolutionize toll collection in Guatemala. Thales is implementing its well-known PITZ® (Peage Intelligent Transport Zero) electronic toll collection system along with the country’s vital Palin-Escuintla toll road corridor.
Browse detailed reports with in-depth TOC @ https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market
Electronic Toll Collection Market: By Type Outlook
- Transponder-/Tag-based Tolling Systems
- Other Tolling Systems
Electronic Toll Collection Market: By Offering Outlook
- Hardware
- Back-office and Other Services
Electronic Toll Collection Market: By Technology Outlook
- RFID
- DSRC
- Others
Electronic Toll Collection Market: By Application Outlook
- Highways
- Urban Areas
Electronic Toll Collection Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Singapore, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
About Us:
Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures, present globally.
Contact Us:
Polaris Market Research
Email: sales@polarismarketresearch.com
Ph: +1-929 297-9727