The latest report by IMARC Group, titled “Electronic Toll Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global electronic toll collection market reached a value of US$ 9.34 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.6 Billion by 2027, exhibiting at a CAGR of 10.51% during 2022-2027.
Electronic Toll Collection Market Overview:
Electronic toll collection (ETC) is an automatic mechanism that uses sophisticated cameras and sensors to perform several functions at a toll booth. This system utilizes various solutions, including Global Positioning System (GPS), Dedicated Short-Range Communications (DSRC), Global Navigation Satellite System (GNSS), video analytics, etc., for vehicle tracking and toll collection. The ETC system can capture images of the registration plate of vehicles and scan the transponders attached to them to collect the correct toll automatically. This saves the travel time of people, offers a cashless facility, minimizes congestion at the toll booths, and quickens transactions. As a result, ETC systems find extensive utilization in highways and urban areas across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Electronic Toll Collection Market Trends:
The escalating requirement for smart transportation systems and the development of effective traffic management solutions are primarily driving the electronic toll collection market. Besides this, owing to the rising number of on-road vehicles, these systems find widespread applications across developing countries to manage the congestion at toll plazas on roads and highways, which is further augmenting the market growth. Apart from this, ETC systems assist in tracking stolen automobiles and managing over-speeding vehicles, which is also catalyzing the global market.
Moreover, the launch of favorable policies by the government bodies to improve transportation infrastructures and the increasing research and development (R&D) activities in the automotive sector are acting as significant growth-inducing factors. Furthermore, the growing popularity of radio-frequency identification (RFID) sensors for monitoring vehicles is expected to bolster the electronic toll collection market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Conduent Business Services LLC
- Cubic Transportation Systems Inc.
- Efkon AG
- Kapsch Trafficcom AG
- Raytheon Company
- Schneider Electric
- Siemens AG
- Thales Group
- Trans Core
- Transurban Limited Ltd.
Key Market Segmentation Breakup by:
- Transponder – or Tag-Based Toll Collection Systems
- Other Toll Collection Systems
- Automated Vehicle Identification
- Automated Vehicle Classification
- Violation Enforcement System
- Transaction Processing
- Back Office and Other Services
- Distance Based
- Point Based
- Time Based
- Perimeter Based
- Urban Areas
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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