Electronic Toll Collection Market worth $10.0 billion by 2025
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Factors such as growing utilization of blockchain technology in toll collection systems, rising number of public-private partnership agreements in the transportation sector, and increasing transition to All Electronic Tolling (AET) systems from manual or coin-based tolling systems are expected to create growth opportunities for the market.
RFID technology segment of the electronic toll collection market projected to grow at the highest CAGR during the forecast period.
RFID technology utilizes its radio-frequency electromagnetic fields for the identification of objects that carry RFID tags. This technology is used in electronic identification, tracking, and storing information contained on the tag. Two-way radio transmitters/receivers called interrogators or readers send a signal to the tag and read its response. RFID readers scan the tag and then send that information to the database for storing. RFID is a prominent technology used in ETC systems owing to its low operational cost.
Among application, the highways segment projected to hold a larger share of the electronic toll collection market during the forecast period.
Technologically advanced ETC systems have provided an efficient way to overcome all the problems related to toll collection on highways. Nowadays, ETC systems based on leading-edge technologies such as RFID, DSRC-, video analytics, and GNSS/GPS are being used. ETC systems have been playing a crucial role in collecting a toll on highways, tunnels, and bridges wherein conventional or manual toll collection has been transitioning to all-electronic tolling (AET) and high-tech transportation systems.
The electronic toll collection market in North America projected to hold the largest share in 2025.
North America is expected to continue to lead the electronic toll collection market by capturing the largest market size throughout the forecast period. The US and Canada are the key countries in North America with most vehicles per person, which is one of the most contributing factors to the growth of the electronic toll collection market. Additionally, both the countries have the largest networks of interstate and state highways wherein advanced toll collection systems are installed at many locations, and several toll installation projects are in progress for lanes with high traffic. Leading companies such as TransCore (US), Raytheon (US), and Conduent (US) in the electronic toll collection market have their base in North America while having operations in countries across the world. They contribute significantly to the growth of the electronic toll collection market in the region.
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Kapsch TrafficCom (Austria), Conduent, Inc. (US), Efkon GmbH (Germany), TransCore (US), Thales Group (France). Raytheon Technology Corporation (US), Cubic Corporation (US), Siemens AG (Germany), Neology Inc. (US), and Feig Electronics (Germany) are a few major players in the electronic toll collection market.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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