NEWARK, Del, Nov. 24, 2023 (GLOBE NEWSWIRE) -- By the end of the year 2022, the total revenue generated by the electronic toll collection market was figured out to be around US$ 11.43 billion. Over the forecasted period from 2023 to 2033, the worldwide demand for electronic toll collection systems is expected to register a CAGR of 10.6%. The global electronic toll collection market size is expected to increase from US$ 12.46 billion in 2023 to US$ 34.26 billion by 2033.
The demand for effective and smooth toll-collecting systems has significantly increased in recent years, propelling the expansion of the ETC systems industry. ETC systems use cutting-edge technology like dedicated short-range communication and RFID-based toll systems to enable autonomous toll collecting without the need for manual transactions.
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The overall market's expansion is hampered by the high initial set-up expenses as well as the large running and maintenance expenditures. The expansion is also limited by the absence of standardization in toll-collecting technologies and the government's stringent regulations for approval of electronic tolling technology.
Key Takeaways from the Electronic Toll Collection Market Analysis:
- Between 2023 and 2033, the United States electronic toll collection market is forecasted to grow at an 11% annual growth rate.
- Germany is the leading country in Europe for the production of electronic toll collection devices, and the regional market could witness an 8% CAGR through 2033.
- The demand for electronic technology in the United Kingdom is growing at 7.5% CAGR, and it might continue till 2033 end.
- China's electronic toll collection system market dominates Asia and is estimated to progress at a lucrative 9.5% CAGR from 2023 to 2033.
- India is a remarkably growing market for automated tolling collection systems and is expected to exhibit a robust 12.2% CAGR through 2033.
- Based on technology type, the electronic toll collection systems with RFID are expected to garner 28.7% of the global revenue share in 2023.
“To meet the changing expectations of consumers, market players concentrate on creating ETC solutions that are compatible and simple to use. The automated toll collection system offers significant prospects for development and innovation, boosting the public commuting experience,” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Attributes | Details |
| Forecast period | 2023 to 2033 |
| Historical data available for | 2018 to 2022 |
| Market Analysis | US$ million or billion for Value |
| By Product |
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| By Technology |
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| By Application |
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| By Region |
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| Key Players |
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| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Electronic Toll Collection Market Competitive Landscape:
The overall market is fairly consolidated, as a few market layers hold a sizable portion of the global market. Numerous important developments are taking place in the ETC industry as cashless tolling systems have become more popular since the pandemic. Contactless payment for tolls is convenient, lessens traffic, improves overall road safety, and is anticipated to provide government support for the establishment of new players.
Recent Developments by the Market Players:
- The Thousand Islands Bridge Authority chose TransCore in June 2022 to create, implement, and operate its newly installed next-generation toll-collecting systems. The conventional system at this international bridge connecting New York with Wellesley was replaced with TransCore advanced toll collection devices and systems.
- At the Intelligent Transport System World Congress in October 2021, innovative electronic tolling automation was jointly introduced by AEye Incorporate and Intetra. By enhancing AEye's 4Sight M LiDAR features, the firms made high-resolution detection possible in toll booths. The high-performance LiDAR solution provided by AEye recognizes different kinds of vehicles, their speeds, traffic, and environmental factors.
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Electronic Toll Collection Market Segmentation:
By Product Type:
- Transponders
- Antennae
- Communication systems
- Treadles
- Inductive loops
- Scanning devices
- Weigh-in-motion devices
- Cameras and film storage devices
By Technology Type:
- Radio-Frequency Identification (RFID)
- Dedicated Short-Range Communications (DSRC)
- Video Analytics
- Global Navigation Satellite System (GNSS)
- Global Positioning System (GPS)
By Application Type:
- Highway
- Urban
- Bridges
By Region:
- North America Market
- Latin America Market
- Asia Pacific Market
- Japan Market
- Western Europe Market
- Eastern Europe Market
- Middle East & Africa (MEA) Market
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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