Global Electronic Toll Collection Market Size, Share, Trends, Demand, Growth and Competitive Analysis 2030

The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.

In-Depth Market Overview of Global Electronic Toll Collection Market (2024-2030):

According to the latest report, the Global Electronic Toll Collection Market size is estimated to be USD 10.08 billion in 2024 & is expected to grow at a CAGR of around 8.9% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Global Electronic Toll Collection Market.

Key Takeaways: Beneficial for Stakeholders and Clients

·        Historic Period: 2019-2022

·        Base year: 2023

·        Forecast Years: 2024-2030

·        CAGR (2024-30): 8.9%

·        Market Value (2023): USD 10.08 Billion

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What are the major Driver the Global Electronic Toll Collection Market?

Surge in the Requirement of Mitigating Traffic Congestion & Reducing Road Accidents – The implementation of Electronic Toll Collection (ETC) systems has a pivotal role in alleviating traffic congestion and enhancing road safety. There are many causes that contribute to traffic jams on highways, among which are increased emissions and accident risks (which result from it) when cars have to stop at toll booths. However, the introduction of ETC systems has made toll collection a more seamless process, enabling vehicles to pass through toll points without delays. With no need for manual intervention during toll collection, ETC systems ensure the free flow of traffic, which would otherwise be held up due to the stops made at traditional toll plazas. The countries lose a huge part of their GDP because road crashes claim about 1.2 million lives annually, according to the 2023 WHO Report. This forces governments all over the world to modernize transportation infrastructure, where the adoption of ETC is seen as an important measure to ensure road safety and optimize traffic flow.

The adoption of ETC systems on a large scale stands as a pivotal market driving force, revolutionizing traditional toll plazas. ETC systems significantly boost toll transaction rates by enabling seamless vehicle passage, curbing traffic congestion, and reducing air pollutant emissions. With ETC lanes offering a flow rate four times faster than manual toll collection, tollbooths equipped with ETC systems efficiently manage escalating traffic volumes without requiring additional lanes. Moreover, ETC technology empowers transportation authorities to leverage transaction data and traffic sensors, pinpoint congestion hotspots, and implement proactive traffic management strategies. As countries increasingly embrace Intelligent Transportation Systems (ITS), the demand for ETC systems intensifies, driven by their convenience, enabling drivers to pay toll fees using cards and eliminating the hassle of carrying cash.

Global Electronic Toll Collection Market Segmentation

The Global Electronic Toll Collection Market analysis of MarkNtel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

• By Type
• Transponders/Tag-based Tolling Systems- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)
• By Payment Mode
• Prepaid Pay Tolls- Market Size & Forecast 2019-2030, (USD Million)
• Post-Paid Pay Tolls- Market Size & Forecast 2019-2030, (USD Million)
• By Technology
• Radio-Frequency Identification (RFID)- Market Size & Forecast 2019-2030, (USD Million)
• Dedicated Short-Range Communication (DSRC)- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)
• By Offering
• Hardware- Market Size & Forecast 2019-2030, (USD Million)
• Back Office- Market Size & Forecast 2019-2030, (USD Million)
• Other Services- Market Size & Forecast 2019-2030, (USD Million)
• By Application- Market Size & Forecast 2019-2030, (USD Million)
• Highways- Market Size & Forecast 2019-2030, (USD Million)
• Urban Areas- Market Size & Forecast 2019-2030, (USD Million)
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

As per the regional aspect, the Global Electronic Toll Collection Market is expected to be dominated by the North America by capturing the potential market share. 

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 Top Companies in the Global Electronic Toll Collection Market

Kapsch TrafficCom AG, Neology, Conduent, Inc., Efkon Gmbh, TransCore, Thales, Cubic Corporation, Siemens, Infineon Technologies Ag, Feig Electronic, Toshiba Corporation, Mitsubishi Heavy Industries, Ltd., Quarterhill Inc., Perceptics, Llc, Star Systems International Ltd., Others

Global Electronic Toll Collection Industry Recent Development

• January 2024: Neology engages in a contract with the Humber Bridge Board (HBB) in the UK, tasked with overseeing the management and upkeep of the Humber Bridge. Neology is in charge of providing the HBB with a complete electronic toll-collecting system that includes backend operations, roadside infrastructure, and website and mobile application solutions.

• November 2023: Kapsch TrafficCom AG collaborated with Exeger Operations AB (Sweden) to pioneer a ground-breaking solar cell innovation named Powerfoyle, specifically tailored for self-charging, eco-conscious communication solutions in electronic toll collection.

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