Electronic Toll Collection Market Insights
The global electronic toll collection market is likely to witness steady revenue growth. The rising need to reduce traffic congestion and fuel consumption at toll stations would drive the market growth. Market Research Future (MRFR) confirms that the global electronic toll collection market is poised to escalate from USD 9.7 BN in 2022 to USD 16.8 BN by 2030, growing at a 7.1% CAGR during the review period (2022- 2030).
The continually rising demand for highly reliable electronic toll collection (ETC) solutions to improve tolling service ecology and smart travel business is a key driving force. Besides, improvements in the global economic scenario and technological advances increase the electronic toll collection market share. Rising trades and rapid industrialization in various economies substantiate the market growth.
As various smart city projects shape up and 5G continues to develop and garner further prominence across the globe, the deployments of electronic toll collection systems will quadruple further. Moreover, increasing government initiatives to improve road safety infrastructure and bring more transparency in revenue performance boost the electronic toll collection market size.
Industry players strategically focus on broadening their product offerings and expanding their footprints in various countries/regions. Emerging nations, such as China, India, South Africa, Brazil, and Argentina, fuel the market growth, encouraging industry leaders to expand their footprints in these untapped geographies. As a result, the electronic toll collection market will witness rapid traction worldwide.
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Leading ETC market players are
- Cubic Corporation,
- Q-Free ASA,
- Xerox Corporation,
- Kapsch TrafficCom AG,
- Thales SA,
- Conduent Inc.,
- Quarterhill Inc.,
- Siemens AG,
- The Revenue Markets Inc.,
- Raytheon Co., and
- Grenobloise dElectronique et dAutomatismes (GEA) SA., among others.
Electronic Toll Collection Market - Segmentation
The ETC market forecast is segmented into types, products, technologies, means of collection, applications, and regions. The type segment is sub-segmented into electronic toll collection (ETC), all-electronic tolling (AET), automatic number plate recognition (ANPR), and others. The product segment is sub-segmented into automatic vehicle identification (AVI) and automated vehicle classification (AVC).
The technology segment is sub-segmented into radio frequency identification (RFID), dedicated short-range communications (DSRC), global positioning systems (GPS), and others. The means of collection segment is sub-segmented into prepaid and postpaid. The application segment is sub-segmented into highways, roads, bridges, tunnels, and ferries. By region, the ETC market is segmented into the Americas, APAC, MEA, Europe, and the rest of the world.
Global Electronic Toll Collection Market - Regional Analysis
North America is assessed to retain its dominance over the global electronic toll collection market. Factors such as the wide uptake and implementation of meticulous transportation systems drive the regional market. Besides, the strong presence of major industry players and rapid advancement in infrastructures with 5G network services boost the ETC market revenues. The US and Canada dominate the region's electronic toll collection market share, whereas Mexico is stable.
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Global ETC Market - Competitive Analysis
The electronic toll collection market witnesses several strategic partnerships alongside other strategic approaches such as expansion, collaboration, mergers acquisitions, and service technology launches. Leading industry players make vast investments in research and development activities and foster their expansion plans.
Industry/ Innovation/Related News:
July 20, 2023 – Avanci, a pioneer in toll collection technologies, announced that Axxès, a leading electronic toll services provider, has joined its Aftermarket program, licensing essential patented technologies for its products. Avanci Aftermarket, with more than 40 patent owners, offers licenses for connected products installed in vehicles.
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