Electronic Toll Collection Market Size, Share & Trends 2030

Electronic Toll Collection Market

With an estimated compound annual growth rate (CAGR) of around 6.14% between 2023 and 2030, the size of the global electronic toll collection market is expected to increase from its estimated value of USD 8.25 billion in 2022 to USD 13.30 billion by 2030.

Since it can identify whether a passing vehicle is registered in the ETC system or not, an electronic toll collection (ETC) system is a toll collection device that levies a toll to an existing customer account. In the event that the car is unregistered, it additionally sends an alert to the neighborhood highway patrol. This method lessens traffic congestion caused by human operations by enabling the owner to pass through toll booths without stopping the car in the middle of the road. Therefore, the ETC system is a workable technique to lessen pollution and a substitute for keeping the highway lanes open during rush hour or for any other continuous maintenance tasks.

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Global Electronic Toll Collection Market: Growth Factors

The global market for electronic toll collection is primarily driven by the need for solutions to traffic congestion, cashless transactions, shorter wait times, increased government funding for metropolitan areas, and pollution management. The market expansion has also been fueled by a decrease in labor costs as a result of the systems' improved features. The worldwide electronic toll collecting market is, however, being restrained by factors such as expensive operating, maintenance, and installation costs, laws and regulations for approval processes, and standardization of the electronic toll collection systems.

Global Electronic Toll Collection Market: Segmentation

There are several segments in the global electronic toll collection market, including product, type, technology, application, and geography. Based on product, the Automatic Vehicle Identification, Automatic Vehicle Classification, Back Office and Integration, and Violation Enforcement System segments comprise the Global Electronic Toll Collection Market. Of them, the automatic vehicle identification market is anticipated to expand at the fastest rate due to its use of technologies like radio-frequency identification and license plate recognition to assist in identifying the owner. The Global Electronic Toll Collection Market is split into two segments based on type: Electronic Toll Collection and All Electronic Tolling. The Global Electronic Toll Collection Market is divided into four segments based on technology: video analytics, dedicated short-range communication, radio frequency identification, and global positioning systems. Because video analytics helps to capture violations using cameras, it is predicted to grow at the highest compound annual growth rate (CAGR) due to the rise in toll violations. The Highway and Urban segments of the Global Electronic Toll Collection Market are based on application.

Global Electronic Toll Collection Market: Regional Analysis

The regions of Latin America, North America, Europe, the Middle East & Africa, and Asia Pacific make up the global market for electronic toll collecting. Because of its developed road infrastructure and rising traffic, North America is expected to hold the greatest market share among these regions in the years to come. The demand for electronic toll collection systems from emerging economies like India, Malaysia, Singapore, China, South Korea, and the Philippines is expected to fuel the growth of the global electronic toll collection market. As a result, the market is expected to expand at a strong rate in the Asia Pacific region.

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