Electronic Toll Collection System Market Projected to Expand at a CAGR of 6.7%, Elevating to a Valuation of USD 33.9 billion by 2034: Transparency Market Research, Inc.
An automatic radio transponder device is installed in automobiles in the majority of systems. A radio signal from the roadside toll reader device triggers the transponder, which then broadcasts back an identification number when the car passes it.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Aug. 08, 2024 (GLOBE NEWSWIRE) — The electronic toll collection system market (سوق نظام تحصيل الرسوم الإلكتروني) was projected to attain US$ 16.2 billion in 2023. It is likely to garner a 6.7% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 33.9 billion.
Without forcing cars to stop or slow down at toll booths, electronic toll collection, ETC, is an automated system that collects tolls on major highways, bridges, tunnels, and other routes. By facilitating easy navigation of toll points without forcing drivers to carry currency or wait in line at toll booths, these systems provide convenience to drivers.
Automated vehicle classification (AVC), violation enforcement system (VES), automated vehicle identification system (AVIS), and other systems are some of the main types of electronic toll collection.
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AVC stands for automatic vehicle classification. It is a technology-based method used for toll collecting and traffic management that uses a vehicle’s size, weight, and axle count to identify and classify it.
Key Findings of the Market Report
- Through the use of electronic toll collecting (ETC), vehicles may pass through tolling locations more smoothly by avoiding the need to stop or slow down at toll booths. Due to its efficiency, commuter travel times are shortened and highway transit capacity is increased, allowing for increased traffic volume growth without experiencing appreciable delays.
- In addition to increasing the chance of crashes and accidents, traffic congestion also emits harmful vehicular emissions such greenhouse gases (GHGs) and carbon monoxide (CO).
- ETC systems aid in the reduction of traffic congestion by streamlining toll collecting processes. Manual toll collecting techniques typically require drivers to stop or slow down, increasing the risk of accidents such as rear-end collisions and other catastrophes, especially on high-speed routes.
Market Trends for Electronic Toll Collection System
- Governments and other major players globally are concentrating on creating innovative methods to reduce the rise in traffic congestion in order to enhance the effectiveness of electronic toll collecting systems.
- For instance, the National Highways Authority of India (NHAI) launched the “One Vehicle, One FASTag” initiative in January 2024 with the goal of discouraging user behavior that links multiple FASTags to a single vehicle or uses a single FASTag for multiple vehicles. This initiative aims to improve the effectiveness of the electronic toll collection system by facilitating seamless movement at toll plazas.
- Additionally, FASTag customers are being urged by NHAI to finish the “Know Your Customer” (KYC) procedure on their most recent FASTag by upgrading their KYC in accordance with RBI rules. It is believed that this specific endeavor by the Indian government would improve toll operations and offer seamless and comfortable travel for users of national highways.
Global Market for Electronic Toll Collection System: Regional Outlook
- North America held the highest proportion in 2023, according to the most recent industry survey of electronic toll collecting systems.
- A rise in government support is driving the region’s electronic toll collection system market dynamics. Other factors include initiatives focused on improving transportation infrastructure, an increase in traffic on North American highways, especially in urban areas and major transportation corridors, a focus on improving mobility as well as the overall commuter experience, and ongoing technological advancements like the development of GNSS (Global Navigation Satellite System) and RFID (Radio Frequency Identification) technologies.
- President Biden unveiled a $2 trillion plan to modernize and revamp the country’s infrastructure in 2021, describing it as a revolutionary endeavor that may result in the development of the “most resilient, innovative economy in the world.”
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Electronic Toll Collection System Market (Mercato dei sistemi di riscossione elettronica dei pedaggi): Competitive Landscape
In order to reduce highway traffic and traffic accidents, major players in the electronic toll collecting system market are offering a variety of highway tolling automation technologies, such as real-time toll collection systems as well as seamless electronic tolling solutions.
The following companies are well-known participants in the electronic toll-collection system market:
- DENSO Inc.
- EFKON Inc.
- Honeywell International, Inc.
- Kapsch TrafficCom AG
- KENT Intelligent Transportation Systems (India) Pvt. Ltd
- Mitsubishi Heavy Industries, Ltd.
- Neology, Inc.
- PARKnSECURE
- Perceptics Inc.
- Q-Free Inc.
- Sensor Dynamics
- Techsture Technologies India Pvt. Ltd
- Toll Collect GmbH
- Transcore Holdings, Inc.
- TRMI Systems Integration
Key Developments
- TransCore was chosen by The Thousand Islands Bridge Authority (TIBA) in 2023 to create, implement, and manage a cutting-edge toll-collecting system for its renowned international bridge, which links Hill Island, Ontario, with Wellesley Island, New York.
- In 2021, the Palin-Escuintla toll road corridor in Guatemala was crucial, therefore SiVA, a Grupo Marhnos subsidiary, chose Thales to transform toll collection, thereby introducing Thales’s renowned PITZ® (Peage Intelligent Transport Zero) electronic toll collection system.
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Global Electronic Toll Collection System Market Segmentation
Offering
- Hardware
- Antenna
- Transceiver
- RFID Reader
- Power Supply Unit (PSU)
- Communication System
- Camera
- Others
- Software
- Service
Technology
- Global Navigation Satellite System (GNSS)
- Global Positioning System (GPS)
- Radio Frequency Identification (RFID)
- Dedicated Short-range Communication (DSRC)
- Automatic Number Plate Recognition (ANPR)
Payment Method
- Cash
- Cashless
Application
- Highways
- Urban Areas
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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