Spherical Insights & Consulting estimates the Global Electronic Toll Collection Market Size will reach USD 9.78 billion by 2023 and should reach USD 20.56 billion by 2033, covering companies like Abertis Sanef Q-Free ASA Raytheon Company Siemens AG Neology Inc Perceptics LLC Thales Group Transcore Atlantia Sp A Conduent Inc GeoToll International Road Dynamics Cubic Corporation Denso Corporation EFKON GMBH Kapsch TrafficCom AG among others.
New York, United States of America – March 22nd 2024 (GLOBE NEWSWIRE)…The Global Electronic Toll Collection Market will grow from USD 9,78 Billion in 2020 to USD 20,56 Billion by 2030 with an anticipated compound annual compound annual growth rate of 7.711% during its forecast period.
Electronic toll collection systems (ETC), which charges users electronically and debits car owners’ registered accounts without them having to stop, have increased traffic efficiency while saving drivers time. ETC lanes increase efficiency while speeding up travel time for motorists. By passing ETC systems through tollgates at highway speeds without needing manual intervention, road safety improves significantly while the risk of incidents decreases significantly.
According to a World Health Organization report published in December 2023, traffic accidents cause approximately one million annual fatalities and cost countries around three percent of GDP annually. Governments must upgrade their transportation systems and implement electronic traffic control (ETC), while various tolling technologies use specific equipment and systems in order to increase traffic safety.
Customers of electronic toll collection companies may have their computers linked with different computer systems by manufacturers; however, equipment from different suppliers might be incompatible in reading RFID tags manufactured by another. When two tags from different makers are attached to one vehicle there can be conflict between them that impedes market expansion for electronic toll collection systems.
Explore key industry insights spanning 200 pages with 115 Market data tables and figures/charts in this report, covering “Global Electronic Toll Collection Market Size, Share and COVID-19 Impact Analysis: By Type (Transponders/Tag-Based Tolling Systems and Others), By Technology (RFID, DSRC, GPS/GNSS Video Analytics), By Toll Charging Type (Distance Based, Point Based Time Based Perimeter Based Charging Scheme), Application Area (Highways Urban Areas), Region (North America Europe Asia Pacific Latin America Middle East Africa 2033-2033), Analysis and Forecast 2023-2033.” ”
Transponders/tag-based tolling systems hold the largest revenue share across this estimated timeframe.
On the basis of product type, the global electronic toll collection market can be broken down into transponder/tag-based tolling systems and others. Of these types, transponders/tag-based tolling systems hold the largest revenue share over an estimate timeframe; their hands-free transactions reduce traffic congestion while increasing road network efficiency. Transponder-based toll systems have gained in popularity as their ease of use makes them preferred choice among both drivers and toll operators for fast toll collection processing and payment processing.
RFID market growth is projected at an extraordinary compound annual compounding rate for an extended time frame.
The global electronic toll market can be divided by technology into RFID, DSRC GPS/GNSS and video analytics. RFID has experienced impressive growth over recent years and become the choice of authorities and toll officials around the globe who aim to enhance highway infrastructure while increasing electronic payment – due to its adaptability and dependability.
Distance-based estimation has gained market dominance due to a high revenue share.
Electronic toll collection on an international scale can be broken down by toll charging type: distance-based tolling is by far the dominant model with regard to revenue share during estimation periods; transportation authorities favor its ability to reflect infrastructure impacts while encouraging eco-friendly behaviors while being fair and transparent, enjoyed both by drivers as well as toll operators alike – having an enormous effect on market shares overall.
As anticipated, urban area segments are expected to hold the greatest market share for electronic toll collections worldwide in terms of timeframe.
The global electronic toll market can be divided into two segments, highways and urban areas. Urban areas will likely account for most of its revenue share within ETC’s estimated timeframe due to ETC’s adaptable and scalable solution being capable of managing increasing traffic volumes without needing physical infrastructure upgrades; furthermore it makes commuting easier, improving living standards within cities.
North America holds the lion’s share of market over this anticipated timeframe, accounting for roughly 47%.
North America held the highest market share during the anticipation period and relied on modern technology and increased funding for roads. Road and transportation sector is projected to see significant growth during forecast due to rapid adoption of new technologies; for instance Costa Rica launched their Digital Marchamo Project which uses RFID tags as proof of annual road tax payments as well as contactless payment solutions such as parking and tolling fees.
Asia-Pacific will experience the fastest anticipated market expansion. This trend can be linked to increasing urbanization that has resulted in improved road networks and infrastructure; government initiatives promoting electronic toll systems as well as their widespread implementation by developing nations like South Korea, Australia and Malaysia are contributing factors. As India struggles with an increase in traffic congestion issues, National Highways Authority of India introduced FASTag, an RFID-based electronic toll collection technology.
There’s been much talk in recent months of whether it would ever pay to use an alternative healthcare service provider; one possible candidate might be Medicare Part D providers like Amgen Inc or Medigap Inc, both which would provide much needed financial relief and can save people thousands in healthcare expenses each year. But are any such alternatives really the way forward for all? Competitive Analysis
This report offers an in-depth examination of key organizations/companies operating within the global market along with comparative evaluation based on product offerings, business overviews, geographic presence, enterprise strategies, segment market shares and SWOT evaluation.
The report offers a thorough assessment of current news and events in the market, such as product development, innovation, joint ventures/partnerships/mergers & acquisitions/strategic relationships etc. to give insight into competitive dynamics.
This allows an in-depth evaluation of competition within this space. Abertis, Sanef, Q-Free ASA, Raytheon Company, Siemens AG, Neology Inc. and Perceptics LLC from Neology are major market players for electronic toll collection systems in North America and include Abertis, Sanef, Q-Free ASA Raytheon Company Siemens AG Neology Inc Perceptics LLC Thales Group Transcore Atlantia SpA Conduent Inc GeoToll International Road Dynamics Cubic Corporation Denso Corporation Efkon GmBH Kapsch TrafficCom AG among many others.
Recent Market Trends
The Humber Bridge Board, an institution responsible for overseeing its maintenance in England and Scotland, and Neology signed an agreement that will become active on January 20, 2024. Under this deal, Neoloy will supply HBB with roadside systems, back-office solutions as well as mobile apps, websites and website solutions from their site.
Market Segment
This report forecasts revenue on a global, regional, and country basis between 2020-2030 for Electronic Toll Collection Market Segments as described by Spherical Insights:
Electronic Toll Collection and Market Type Analysis.
Transponders/Tag-Based Tolling Systems
Electronic Toll Collection Market Analysis.
Following are examples of RFID tags:
GPS/GNSS Video Analytics For Electronic Toll Collection Market Analysis.
Distance Based and Point Based Market Analyses are performed for electronic toll collection market analyses.
Highways, Urban Areas and The Electronic Toll Collection Market.
North America (US, Canada and Mexico), Europe, North Asia Pacific (China Japan India South Korea Australia New Zealand USA and rest of South America, Middle East & Africa (UAE Saudi Arabia Qatar South Africa and rest of South America & Oceania (Panama/Timor Leste etc), Australia Pacific ( China Japan India South Korea Australia New Zealand etc) South America: Brazil Argentina Rest of South America Middle East & Africa: UAE Saudi Arabia Qatar South Africa.
Rest of Middle East and Africa
Search Related Reports : Global Go Kart Market Trends by Propulsion Type (Electric or Gasoline), Seating Capacity, Application Region & Country: Analysis for 2023-2033.
Global Electric Scooter Market Share and COVID-19 Analysis by Product Type (2-Wheeled or 3-Wheeled), Battery Type (Sealed Lead Acid (SLA), Lithium Ion or Other) Voltage Ranges (Less Than 25V, 25-50V or More Than 50V), End User Application Types (Personal or Rental), Analysis and Forecast for 2023-2033 is given here.
Germany Automotive Industry Market Size Share and COVID-19 Impact Analysis by Propulsion Type (Electric Vehicle Engines, Internal Combustion Engine Vehicles) as well as Vehicle Type (Commercial and Passenger), along with Germany Automotive Market Analysis 2023-2033 are presented below.
Germany Automotive 3PL Market Size Share and COVID-19 Impact Analysis by service type (Dedicated Contract Carriage), end user industry type (Manufacturing/Retail/Healthcare/Automotive, Others), analysis and forecast 2023-2033 are being presented here.
Spherical Insights and Consultancy Services of Pennsylvania Inc
Spherical insights and Consulting is a market research firm which offers quantitative forecasting, trend analysis and actionable market research services tailored towards decision makers. Their forward-thinking insights offer forward looking guidance that allows them to make sound business decisions.
This company caters to various industries including finance, industrial and government organizations as well as universities, non profit organisations, corporations and other institutions. Their primary mission is helping businesses meet their business goals while improving strategically.