Toll collection has significantly shifted towards electronic means primarily because of the ease of use and increased time efficiency. The global electronic toll collection market is set to achieve revenues worth USD 13,819 million while growing at a CAGR of 11.2% in the forecast period from 2017 to 2023. The electronic toll collection systems have shown advances right from the automation in work processes to identification of vehicles owing to infrastructural advancements as well as technological advancements in the transportation industry.
Increasing use of vehicles for day to day commuting has led to the need for solutions to optimize traffic congestion at toll stations. The rising demand for lessening traffic congestion and fuel consumption is one of the main factors driving market demand. The electronic toll collection system significantly increases the traffic flow by reducing the transaction time as well as the wait time on toll booths which have positively increased their adoption rates. Rapid advances in technology such as the Internet of Things (IoT) and the impact of digital transformation that can be seen across major industry verticals are immensely boosting the overall Electronic Toll Collection Market growth. This has prompted an increased level of government initiative towards road safety and infrastructure, which is another factor expected to reinforce market growth in the forecast period.
Thales SA, Conduent Inc., Xerox Corporation, Kapsch TrafficCom AG, Q-Free ASA, Cubic Corporation, Siemens AG, The Revenue Markets Inc., Grenobloise dElectronique ET dAutomatismes (GEA) SA, Quarterhill Inc., and Raytheon Co are some noteworthy contenders in the electronic toll collection market global market.
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The electronic toll collection market is segmented on the basis of type, product, technology, means of collection, application and region. On the basis of type, the market is segmented into electronic toll collection (ETC), all electronic tolling (AET), automatic number plate recognition (ANPR) and others. The electronic toll collection (ETC) segment is leading the market in this segment and will increase its value from USD 2,731.2 million in 2017 to USD 5,652.8 million by the end of 2023 while growing with a CAGR of 13.2%. The product-based segmentation of the market comprises of automatic vehicle identification (AVI) and automated vehicle classification (AVC). The automatic vehicle identification segment is leading the market and is projected to earn revenues worth USD 8,582.8 million by the end of 2023. On the basis of technology, the market is segmented into dedicated short-range communications (DSRC), radio frequency identification (RFID), global positioning system (GPS) and others. The dedicated short-range communication is expected to lead the segment and will be valued at USD 4,390.6 million by the end of 2023 with a CAGR of 12.3%. The segmentation on the basis of means of collection comprises of postpaid and prepaid. The prepaid segment is expected to lead with a CAGR of 12.2% in the forecast period. On the basis of application, the market is segmented into urban, highways and others. The segment of highways is expected to grow with a CAGR of 12% in the forecast period. The regions included in the market are the Middle East, Africa, North America, Asia Pacific, and Europe
Detailed Regional Analysis
The Middle East, Africa, Asia Pacific, North America, and Europe are major regions where ongoing trends and growth prospects of the electronic toll collection market are studied. The rise in the need for digital payments at toll facilities can underline the expansion of the market in North America across the study period in the years to come. The increase in digital transfer practise can boost the expansion of the electronic toll collection market in Asia Pacific and Europe. Developments in communications standards and increase in the tangibility of mega smart city can bolster the expansion of the electronic toll collection market in India and other regions of APAC across the study period. The rise of the electronic toll collection market in APAC can also be attribute to the increase in the demand of consumers demand for extraordinary improvements in the compactness of computer hardware. The presence of modern technologies, such as high-performance identification tags and wireless networks can boost the expansion of the regional market in the assessment period.
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- Market Trends and Competitive Landscapes
- Segmentation of Electronic Toll Collection market by Type
- Segmentation of Electronic Toll Collection market by End-Users
- Electronic Toll Collection Analysis by Major Regions
- Product Commodity of Electronic Toll Collection market in Major Countries
- North America Electronic Toll Collection Landscapes Analysis
- Europe Electronic Toll Collection Landscapes Analysis
- Asia Pacific Electronic Toll Collection Landscapes Analysis
- Latin America, Middle East Africa Electronic Toll Collection Landscapes Analysis
- Major Players Profile
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