Electronic Toll Collection Market 2022-2027: Size, Share, Driving Factors, Trends, and Report
According to the latest report by IMARC Group, titled “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global electronic toll collection market reached a value of US$ 9.34 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.6 Billion by 2027, exhibiting at a CAGR of 10.51% during 2022-2027. Electronic toll collection (ETC) is an automatic mechanism that uses sophisticated cameras and sensors to perform several functions at a toll booth. This system utilizes various solutions, including Global Positioning System (GPS), Dedicated Short-Range Communications (DSRC), Global Navigation Satellite System (GNSS), video analytics, etc., for vehicle tracking and toll collection. The ETC system can capture images of the registration plate of vehicles and scan the transponders attached to them to collect the correct toll automatically. This saves the travel time of people, offers a cashless facility, minimizes congestion at the toll booths, and quickens transactions. As a result, ETC systems find extensive utilization in highways and urban areas across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Electronic Toll Collection Market Trends:
The escalating requirement for smart transportation systems and the development of effective traffic management solutions are primarily driving the electronic toll collection market. Besides this, owing to the rising number of on-road vehicles, these systems find widespread applications across developing countries to manage the congestion at toll plazas on roads and highways, which is further augmenting the market growth. Apart from this, ETC systems assist in tracking stolen automobiles and managing over-speeding vehicles, which is also catalyzing the global market. Moreover, the launch of favorable policies by the government bodies to improve transportation infrastructures and the increasing research and development (R&D) activities in the automotive sector are acting as significant growth-inducing factors. Furthermore, the growing popularity of radio-frequency identification (RFID) sensors for monitoring vehicles is expected to bolster the electronic toll collection market in the coming years.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
3M Conduent Business Services LLC Cubic Transportation Systems Inc. Efkon AG Kapsch Trafficcom AG Q-Free Raytheon Company Schneider Electric Siemens AG Thales Group Trans Core Transurban Limited Ltd.
Breakup by Technology:
RFID DSRC Others
Breakup by System:
Transponder – or Tag-Based Toll Collection Systems Other Toll Collection Systems
Breakup by Subsystem:
Automated Vehicle Identification Automated Vehicle Classification Violation Enforcement System Transaction Processing
Breakup by Offering:
Hardware Back Office and Other Services
Breakup by Toll Charging:
Distance Based Point Based Time Based Perimeter Based
Breakup by Application:
Highways Urban Areas
Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Europe (Germany, France, United Kingdom, Italy, Spain, 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 (2016-2021) Market Outlook (2022-2027) COVID-19 Impact on the Market Porter’s Five Forces Analysis Historical, Current and Future Market Trends Market Drivers and Success Factors SWOT Analysis Structure of the Market Value Chain Analysis Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
Preface Scope and Methodology Executive Summary Introduction Global Market SWOT Analysis Value Chain Analysis Price Analysis Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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