Newark, May 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global electronic toll collection market is expected to grow from USD 7.53 billion in 2021 to USD 14.56 billion by 2030, at a CAGR of 7.60% during the forecast period 2022-2030.
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The evolution of smart transport systems and the rising need for effective traffic management solutions are critical elements propelling the market's growth. Similarly, due to the fast-rising global population and growing on-road vehicles, electronic toll collection systems have been adopted across developing countries to handle the other traffic at toll plazas on roads and highways. Further, different technical improvements, including real-time tracking and monitoring instruments on vehicles and the adoption of radio-frequency identification detectors, favour demand for the market. These techniques also help track stolen vehicles and manage over-speeding automobiles, apart from toll collection. Other elements, including strong government guidelines to enhance transport infrastructure, extensive research and development (R&D) activities, and the rising industrialization across the automotive sector, are anticipated to propel the market.
Competitive Strategy
To enhance their market position in the global electronic toll collection market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Atlantis Windshield transponder is considered the market’s foremost high-safety windshield transponder. The transponder is licensed for its interoperability in the tolling systems and optimal execution, particularly on automobiles with a windshield. Atlantis is made for increased safety and data security usages, like laboratories, government buildings, and military bases.
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Market Growth & Trends
Toll collection is also typically called Automatic toll collection, which is anticipated to grow due to improved time efficiency, identification of automobiles, and technical improvements. Due to strong governmental aid, the electronic toll collection market demand grows immensely in growing nations. The governmental institutions in the developed countries are collecting tolls on the tunnels, bridges, and highways, which tend to improve traffic congestion leading to fatal accidents. They install the ETC Systems aside from the conventional toll collection systems to ensure unrestricted traffic flow to lessen such incidences. The transponders are highly used by automobiles which is the instrument that connects with the roadside device. This device is typically mounted on the car's front side to carry out the transaction. The device consists of the automobile's basic information such as toll facility, identification numeral, and the sort of the automobile. The vehicle identification numeral is linked with the customer's bank account from which the toll amount is detected with the customer's consent. The toll bill is then mailed to the e-mail linked with the bank account.
Key Findings
• In 2021, the highways segment dominated the market with the largest market share of 57% and market revenue of 4.2 billion.
The application segment is divided into urban areas, & highways. In 2021, the highways segment dominated the market with the largest market share of 57% and market revenue of 4.2 billion due to the technical advancements in the ETC system. Furthermore, electronic toll collection systems offer an efficient method to overcome the problems concerning toll collection on highways.
• In 2021, the Radio-Frequency Identification (RFID) segment dominated the market with the largest market share of 40.2% and market revenue of 3.02 billion.
The technology segment is divided into dedicated short-range communication (DSRC), radio-frequency identification (RFID) & others. In 2021, the Radio-Frequency Identification (RFID) segment dominated the market with the largest market share of 40.2% and market revenue of 3.02 billion. The technology helps in saving money and time with automation process are pushing the market growth.
• In 2021, the Transponder- or Tag-Based Toll Collection segment dominated the market with the largest market share of 60.1% and market revenue of 4.52 billion.
The type segment is divided into transponder- or tag-based toll collection systems & other toll collection systems. In 2021, the transponder- or tag-based toll collection segment dominated the market with the largest market share of 60.1% and market revenue of 4.52 billion.
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Regional Segment Analysis of the Electronic Toll Collection Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global electronic toll collection market, with a market share of around 33.6% and 2.53 billion of the market revenue in 2021. North America is expected to have a substantial market share and grow, especially during the predicted period. Nations like India are also anticipated to expand at a more increased rate due to technology penetration, quick digitization, and increasing adoption of the toll management system.
Key players operating in the global electronic toll collection market are:
• Conduent Business Services, LLC
• Cubic Corporation
• EFKON GmbH
• Feig Electronic GmbH
• Kapsch TrafficCom
• Neology, Inc.
• Raytheon Technologies Corporation
• Siemens
• Thales Group
• TransCore
• VINCI
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global electronic toll collection market based on the below-mentioned segments:
Global Electronic Toll Collection Market by Application:
• Urban Areas
• Highways
Global Electronic Toll Collection Market by Technology:
• Dedicated Short-Range Communication (DSRC)
• Radio-Frequency Identification (RFID)
• Others
Global Electronic Toll Collection Market by Method Type:
• Transponder- Or Tag-Based Toll Collection Systems
• Other Toll Collection Systems
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About the report:
The global electronic toll collection market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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