According to Precision Business Insights (PBI) latest report the global Electronic Toll Collection Market is expected to be worth USD 5,420.4 million in 2022, growing at a 8.4% CAGR from 2022 to 2028. Global Electronic Toll Collection Market segmented into following types: by System Type (Transponder-/Tag-based, Tolling Systems, Other Tolling Systems), By Technology (Radio-frequency Identification (RFID), Dedicated Short-range Communication (DSRC), GNSS & GPS, Others), By Payment Method (Prepaid, Postpaid), By Application (Highways, Urban Areas) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) Forecast to 2028. Key player’s profiles in the Electronic Toll Collection market report are Kapsch TrafficCom (Austria), Conduent Business Services, LLC (US), EFKON GmbH (Austria), TransCore (US), Thales Group (France), Raytheon Technologies Corporation (US), Cubic Corporation (US), Siemens (Germany), Neology, Inc. (US), VINCI (France), Feig Electronic GmbH (Germany). The shifting from a manual toll collection system to ETC is a growing trend in many countries of the world. Governments across the world are taking initiatives to build congestion-free and speedy transportation systems on highways and urban areas. Moreover, to encourage the use of ETC over traditional toll facilities, governments are offering various concessional schemes for drivers. These initiatives are taking more pace in developing economies to enable smooth flow of vehicles and avoid the creation of queues at toll plazas.
Transponder-/Tag-based Tolling Systems (IAP) Segment are Dominate the Electronic Toll Collection Market
The transponder-/tag-based tolling systems segment is expected to account for a larger revenue share in the global electronic toll collection market and projected to grow at significant CAGR over 2022 and 2028. The transponder-/tag-based tolling systems used widely for vehicle identification and it collects tolls charged to cars on toll highways, HOV lanes, toll bridges, and toll tunnels automatically. It is a more efficient alternative to toll booths, where motorists must stop and pay the toll manually using cash or a card. Throughout the projection period, government attempts to boost digitization and increased highway expansion have contributed to the implementation of the electronic toll collection market over the forecasting period. Basic information on transponders includes the identification number, toll facility, and vehicle type.
North America Leads Electronic Toll Collection Market:
North America is expected to hold the largest market share in the global electronic toll collection market over the forecast period. Rapid growth in population adopting the personal vehicles, development of state and national highways, rise in government expenditure for improving the road connectivity, and technological advancements in ETC are anticipated to propel the growth of market over the forecast years. In addition, Asia Pacific market is expected to grow significantly over the forecast years owing to rise in transportation sector, government focus to develop the highways in India, China, and Japan, and rapid growth in automotive sales are anticipated to boost the market growth over the forecast timeframe.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=48870
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Electronic Toll Collection market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
- In November 2018, Conduent signed a contract with the Los Angeles County Metropolitan Transportation Authority (Metro) to deploy a new tolling platform, which enabled Metro to use enhanced analytics capabilities on ExpressLanes to cut congestion.
The Electronic Toll Collection market detailed segmentation:
Based on the system type,
- Transponder-/Tag-based Tolling Systems
- Other Tolling Systems
Based on the technology,
- Radio-frequency Identification (RFID)
- Dedicated Short-range Communication (DSRC)
- GNSS & GPS
Based on the payment method,
Based on the application,
- Urban Areas
Based on the geography, the market is segmented into the following:
- North America
- Asia Pacific
- Latin America
About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.
Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Kemp House, 152 – 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747