The Electronic Toll Collection Market is estimated to be valued at USD 4,831.9 million in 2021 and is poised to grow at a significant CAGR of 8.4% over 2022-2028. The electronic toll collection (ETC) system is a high-tech device that collects tolls automatically without the vehicle having to stop. It uses new technical solutions like DSRC, GPS, and GNSS to collect toll and tracking technologies, and video analytics to effectively control traffic in congested locations, hence simplifying toll collection. The transponder/tag-based tolling systems segment is expected to account for substantial growth of the electronic toll collecting market during the forecast period. In many nations, transponder-/tag-based tolling systems have been frequently employed for vehicle identification. Vehicles are equipped with a transponder/tag that allows them to connect with roadside equipment and conduct toll payment transactions without having to stop the car due to these convenient facilities of transponder-/tag-based tolling systems. Furthermore, Players are focused on expanding their services in the market. in June 2019, Kapsch TrafficCom signed a contract with the Canadian IBI Group to expand its toll management footprint in Europe by equipping the Olympia Odos Greek motorway with 30 free-flow rebate stations. Increase in demand for the improved traffic management at toll collecting centers, increased cashless travel amenities, expensive initial installation, and operational costs of ETC, and increased acceptance of ETC.
Recent Market Developments:
In November 2020, Kapsch completed the development of a brand-new electronic tolling (AET) system for the New York State Thruway Authority (NYSTA), which is now fully operational and collecting money.