Electronic Toll Collection Market Highlights
Electronic Toll Collection Market Size was valued at USD 9.1 billion in 2021. The Electronic Toll Collection market industry is projected to grow from USD 9.7 billion in 2022 to USD 16.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.1% during the forecast period (2022 - 2030).
Market Research Future (MRFR), along with its latest report on the electronic Toll collection market 2020, releases the impact of COVID 19 pandemic on the market. Other causes that are observed to cast powerful impact on the market is expected to promote the expansion of the electronic Toll collection market in the years to come. As per MRFR analysis, the expansion of the electronic Toll collection market can be attributed to rise in the need for electronic solutions with increased time efficiency. The use of automation facilities in identification of vehicles and technological advancements across transportation industry can cause the expansion of the market.
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Electronic Toll Collection Market Segmental Analysis
The segment study of the electronic Toll collection market is done by type, means of collection, product, technology, and application.
The type based segments of the electronic toll collection market are all automatic number plate recognition (ANPR), electronic tolling (AET), and electronic toll collection (ETC) among others. The electronic toll collection (ETC) segment can rise at 13.2% CAGR across the review period. From 2017 to 2023, the electronic toll collection market value can rise from USD 2,731.2 million to USD 5,652.8 million.
The product based segments of the electronic toll collection market are automated vehicle classification (AVC) and automatic vehicle identification (AVI). The automatic vehicle identification segment can generate revenue worth USD 8,582.8 million on the conclusion of the study period.
The technology based segments of the electronic toll collection market are radio frequency identification (RFID), dedicated short-range communications (DSRC), and global positioning system (GPS) among others. The dedicated short-range communication segment can bring turnover of about USD 4,390.6 million by 2023. The dedicated short-range communication segment can thrive at 12.3% CAGR in the years to come.
The means of collection based segment of the electronic toll collection market are post-paid and prepaid. The prepaid segment can rise at 12.2% CAGR in the evaluation period.
The application-based segments of the electronic toll collection market are urban, and highways among others. The highways segment can thrive at 12% CAGR across the assessment period.
Electronic Toll Collection Market Competitive Analysis
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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Electronic Toll Collection Market 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.
