Global Electronic Toll Collection Market Size To Worth USD 20.56 Billion by 2033 | CAGR Of 7.71%

Global Electronic Toll Collection Market Size To Worth USD 20.56 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Electronic Toll Collection Market Size to grow from USD 9.78 Billion in 2023 to USD 20.56 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.71% during the forecast period.

Browse key industry insights spread across 200 pages with 115 Market data tables and figures & & charts from the report on the "Global Electronic Toll Collection Market Size, Share, and COVID-19 Impact Analysis, By Type (Transponders/Tag-Based Tolling Systems, Others), By Technology (RFID, DSRC, GPS/GNSS, Video Analytics), By Toll Charging (Distance Based, Point Based, Time Based, Perimeter Based), By Application (Highways, Urban Areas), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."   Get Detailed Report Description Here:  https://www.sphericalinsights.com/reports/electronic-toll-collection-market

Automobile drivers are not required to stop or take any action to allow electronic toll collection (ETC) users to be charged. The system recognizes the license plate for future billing or debits registered car owners' accounts without requiring them to stop. ETC lanes improve traffic flow efficiency and speed while saving driver's time. In addition, when automobiles fitted with ETC systems can pass through toll gates at highway speeds without the need for manual intervention, road safety improves and the risk of an accident falls. According to a World Health Organization (WHO) report published in December 2023, traffic accidents result in the deaths of about 1.2 million people each year and cost countries 3% of their GDP. This forces governments everywhere to modernize their transportation networks, incorporating electronic traffic control (ETC) systems to improve traffic safety. However, several electronic tolling technologies make use of different systems and equipment. Customers may be linked to different computer systems, but equipment made by one manufacturer may not be able to read RFID tags made by another. Conflict issues may occur if two tags are fastened to the same vehicle. This obstacle prevents the market for electronic toll collection from expanding.

The transponders/tag-based tolling systems segment dominates the market with the largest revenue share over the estimation timeframe.

Based on the type, the global electronic toll collection market is segmented into transponders/tag-based tolling systems, and others. Among these, the transponders/tag-based tolling systems segment is dominating the market with the largest revenue share over the estimation timeframe. Drivers benefit from hands-free transactions, which reduce traffic and improve overall road network efficiency. Transponder-based systems have become widely used because they are the preferred option for both toll operators and drivers due to their ease of use, accuracy, and speedy toll processing.

The RFID segment is witnessing significant CAGR growth over the estimation timeframe.

On the basis the technology, the global electronic toll collection market is segmented into RFID, DSRC, GPS/GNSS, and video analytics. Among these, the RFID segment is witnessing significant growth over the estimation timeframe. Since authorities and toll government officials within the world have focused on improving highways and promoting electronic payments, RFID is the preferred option because of its adaptability and dependability.

The distance based dominate the market with the largest revenue share over the estimation timeframe.

Based on the toll charging, the global electronic toll collection market is segmented into distance based, point based, time based, and perimeter based. Among these, the distance-based segment is dominating the market with the largest revenue share over the estimation timeframe. Distance-based tolling is gaining demand within transportation authority's due to its effectiveness in reflecting the impact on infrastructure and encouraging environmentally friendly travel habits. It provides a transparent and equitable tolling model that is well-liked by both toll operators and drivers, significantly growing the market share overall.

The urban areas segment is expected to hold the largest share of the global electronic toll collection market during the estimation timeframe.

Based on the application, the global electronic toll collection market is classified into highways, and urban areas. Among these, the urban areas segment is expected to hold the largest share of the electronic toll collection market during the estimation timeframe. Expanding traffic volumes can be managed by ETC's scalable and adaptable solution, which eliminates the need for additional physical infrastructure. It also facilitates commuting, which raises urban areas' standards of living.

North America dominates the market with the largest market share over the anticipation timeframe.

North America is dominating the market with the largest market share over the anticipation timeframe. The ETC is built on state-of-the-art technology and increasing funding for modern roads. The rapid adoption of modern technologies is driving significant expansion in the road and transportation industry in North America during the forecast period. For example, the Digital Marchamo project, launched by the Costa Rican government in May 2023, aims to replace traditional road tax stickers with an RFID tag for cars. In addition to offering contactless toll and parking payment capabilities, this RFID tag will function as evidence of paid annual road tax, making it a more effective and practical solution for both drivers and authorities.

Asia Pacific is expected to grow the fastest during the anticipation timeframe. Increased urbanization leading to better road networks and infrastructure, government initiatives to introduce and promote the use of electronic toll collection systems, and the high adoption rate of these systems in developing countries like South Korea, Australia, Malaysia, and India are some of the factors driving growth opportunities for the electronic toll collection market in this region. The National Highways Authority of India (NHAI) introduced FASTag, an electronic toll collection system based on RFID technology, in response to the country's growing traffic congestion.

Major market key players in the electronic toll collection market are Abertis, Sanef, Q-Free ASA, Raytheon Company, Siemens AG, Neology Inc., Perceptics LLC, Thales Group, Transcore, Atlantia S.p.A, Conduent Inc., GeoToll, International Road Dynamics Inc., Cubic Corporation, Denso Corporation, EFKON GMBH, Kapsch TrafficCom AG, and Others.

Key Market Developments

• On January 2024, The Humber Bridge Board (HBB) (UK), the organization in charge of overseeing and maintaining the bridge, and Neology have an agreement in place. The contract states that Neoloy will give the HBB roadside systems, back-office systems, website, and mobile app solutions, as well as end-to-end tolling capabilities.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Electronic Toll Collection Market based on the below-mentioned segments:

Electronic Toll Collection Market, Type Analysis

• Transponders/Tag-Based Tolling Systems
• Others

Electronic Toll Collection Market, Technology Analysis

• RFID
• DSRC
• GPS/GNSS
• Video analytics

Electronic Toll Collection Market, Toll Charging Analysis

• Distance Based
• Point Based
• Time Based
• Perimeter Based

Electronic Toll Collection Market, Application Analysis

• Highways
• Urban Areas

Electronic Toll Collection Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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