Electronic Toll Collection Market Projected to Hit USD 16.54 Billion at a 10.3% CAGR by 2030 - Report by Market Research Future (MRFR)
Electronic Toll Collection Market Growth Boost by Preference for Electronic Toll Collection over Staffed Booths
New York, US, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electronic Toll Collection Market research report, by type, product, application, technology, by means of toll collection - Forecast till 2030”, will touch USD 16.54 Billion at a 10.3% CAGR by 2030.
*Electronic Toll Collection Market Drivers *
*Preference for Electronic Toll Collection over Staffed Booth to Boost Market Growth *
The preference for electronic toll collection over staffed booth will boost market growth over the forecast period. Electronic toll collection is a more cost-effective alternative to manned booths because it reduces the transaction costs for the government agencies & increases transparency.
*Electronic Toll Collection Market **Key Players *
Eminent industry players profiled in the global ETC market report include,
· Q-Free ASA
· Kapsch TrafficCom AG
· Cubic Corporation
· Grenobloise dElectronique et dAutomatismes (GEA) SA.
· Thales SA
· Conduent Inc.
· Siemens AG
· Quarterhill Inc.
· The Revenue Markets Inc.
· Xerox Corporation
· Raytheon Co.
· And Others.
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*Opportunities *
*Rising Need for Efficient Traffic Management in Toll Collection Centers to offer Robust Opportunities *
The rising need for efficient traffic management in toll collection centers will offer robust opportunities for the market over the forecast period. A well-managed traffic flow ensures a smooth flow of traffic and saves time in the toll booth. Increased traffic on national highways causes additional congestion in toll plazas, resulting in lost time and fuel. To make direct toll payments from the linked postpaid or prepaid account, the emerging electronic toll collection system employs technologies such as RFID with an on-board unit called a tag. Furthermore, this system allows for seamless passage through toll booths for payment, decreasing traffic congestion. As a result, all such factors work together to propel market growth.
*Restraints *
*High Installation Costs to act as Market Restraints *
The high dependency on government and high installation costs may act as market restraints over the forecast period.
*Challenges *
*Lack of Standardization to act as Market Challenge *
The lack of standardization in the toll collection system and interoperability & choice of toll technology may act as market challenges in the assessment period.
*Report Scope:*
*Report Metrics* *Details* Market Size by 2030 USD 62.2 Billion CAGR during 2022-2030 12.50%Key Market Opportunities Rapid advances in technology such as the Internet of Things (IoT) and the impact of digital transformation.
Heavy investment in ETC systems. Key Market Drivers The rising demand for lessening traffic congestion and fuel consumption.
Increased level of government initiative towards road safety and infrastructure.
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*Electronic Toll Collection Market Segmentation *
The electronic toll collection market is bifurcated based on toll collection, technology, application, product, and type.
By type, ETC will lead the market over the forecast period.
By product, AVI will dominate the market over the forecast period.
By application, highways will spearhead the market over the forecast period.
By technology, DSRC will have the lions share in the market over the forecast period.
By toll collection, prepaid will have the largest share in the market over the forecast period.
*COVID-19 Analysis of Electronic Toll Collection Market*
Several manufacturing verticals & production units have seen their growth stifled as a result of the pandemic. The pandemic possessed a particularly negative impact on the automotive, construction, transportation, and semiconductor industries. Because the manufacturing units had been shut down, the supply and chain disruption was exacerbated throughout the pandemic. These elements have had a significant impact on the overall development of the ETC industry. Furthermore, raw materials for electronic equipment like RFID chips, processors, controllers, cameras, & transponders had been shipped from countries such as China and the United States to manufacturing units around the world. Because of significant restrictions on global movement and logistics at international borders, raw materials were stopped from being transported to manufacturing companies, affecting manufacturing processes as well. As a result, the widespread COVID 19 has had a significant impact on the value of the ETC Industry.
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*Electronic Toll Collection Market Regional Analysis *
*North America to Lead ETC Market *
Because of the growing need for digital payment in toll facilities, North America is expected to see healthy growth in the Electronic Toll Collection market. The region's trend toward digital transactions is expected to fuel the overall development of the ETC market. Furthermore, the region has more personal vehicles than the rest of the world, creating a profitable opportunity for the market growth. Because of the replacement of legacy payment systems with digital tags, the region is predicted to continue to head the market by capturing the maximum share in the assessment period.
Minimization of component size & the arrival of new technologies like RFID may boost demand in the region. The growing number of favorable government initiatives aimed at achieving congestion-free transportation, quickly increasing vehicle demand & production within North America, & adoption of cutting-edge technological solutions, such as GPS & GNSS toll collection and tracking solutions, is propelling the regional electronic toll collection market forward. North America is predicted to be a highly profitable region. The United States and Canada have the most vehicles per person in North America, which is a vital factor driving the ETC market forward. Furthermore, both countries have the world's largest interstate and state highway networks, with latest toll collection solutions installed in a variety of locations and several toll installations projects for high-traffic lanes underway.
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*APAC to Have Significant Growth in ETC Market *
Due to an increase in the adoption rate of ETC systems especially in developing regions and the enactment of government regulations requiring the installation of electronic toll collection systems, Asia Pacific is a leading region in the global electronic toll collection market. The Asia Pacific electronic toll collection market is rapidly expanding as a result of technological advancements like real-time vehicle tracking and monitoring via GPS/GNSS and the adoption of RFID sensors in several countries in the region, including Japan, China, and India. In 2020, the Asia Pacific ETC market will account for approximately 20% of global revenue. Rapid urbanization, a thriving economy, and increasing disposable income all contribute to regional market demand.
Several countries in this region are adopting cutting-edge technologies. In Singapore, for example, the Land Transport Authority (LTA) has collaborated with ITSS to facilitate the 'Smart Mobility 2030' strategic plan. Such smart mobility initiatives will promote the development and implementation of ETC solutions for making road traffic safer & more efficient.
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