Electronic Toll Collection (ETC) Market is expected to witness 10.70% CAGR between 2020-2030 | Global Industry Size, Share, Growth, Key Companies Trends & Forecast

The electronic toll collection (ETC) system is an advanced technology, which is meant for automatic toll collection without requiring the driver to stop. ETC is integrated with advanced technological solutions, such as DSRC, GPS, GNSS toll collection and tracking solutions, and video analytics to efficiently manage traffic in highly congested areas thereby easing the toll collection process.

The electronic Toll Collection (ETC) market is poised to grow at a CAGR of 10.70% during the forecast period of (2020-2030)

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The Global Electronic Toll Collection Market held USD 9331.8 USD million in 2020 and is to grow with a CAGR of 10.7% during the forecast period. as per a new report published by Decision Foresight.

According to the report, the growth of the global electronic toll collection (ETC) systems is driven by the rising demand for effective traffic management at toll collection centers, cashless traveling, and the surge in adoption of ETC systems in the emerging regions. However, the high initial cost of installation and operational systems, lack of standardization in toll collection systems, and high dependency on the government for approvals for electronic toll collection act as significant restraints to the market growth.

The electronic toll collection (ETC) system is the most advanced and at the same time complicated process. Although the ETC system has been in use for the last 20 years, the development in ETC continues to aggravate. The cost of implementing an ETC system varies widely depending upon the scope of the project, thus making it expensive. Moreover, the cost factor is impacted by changes in software required for business rules, back-office operation, and project location. Thus, such fluctuations of cost are expected to limit the growth of the ETC system during the forecast period.

Browse key insights, market data & figures from the report: https://www.decisionforesight.com/reports/electronic-toll-collection-market

In 2019, North America is expected to account for the largest share of the global electronic toll collection (ETC) market. On the other hand, Asia Pacific is expected to grow at the highest growth rate during the forecast period. On the technological front, Japan has the highest installations of ETC devices, globally with around 60 million active units. Moreover, advancements in the automotive industry and government initiatives such as investment in R&D in electronic toll collection are likely to propel the growth of the market. For instance, in October 2017, BMW Japan Corp. began installing DSRC ETC units as a standard on all of its models that were sold in the country, including motorbikes.

In order to leverage growth opportunities in the technologically-driven market, the various players are focusing on expanding inorganically by pursuing acquisitions as a key growth strategy. For instance, In October 2019, Verra Mobility acquired a Spanish electronic tolling company, Panatela. The acquisition of Pagatelia helped the company to expand its services in the growing markets of Spain, Portugal, France, and Italy. Also, in March 2018, Platinum Equity acquired Highway Toll Administration (HTA), a leading player in electronic toll collection and services and technology.

Key Players:
• Thales SA
• Kapsch TrafficCom AG
• Toshiba Corporation
• Conduent LLC
• Raytheon
• Siemens AG
• Cubic Transportation
• TransCore LP
• Perceptics LLC
• EFKON GmbH
• Xerox Corporation

Market Segmentation
This research report segments the global electronic toll collection (ETC) market by subsystem, technology, application, and region

By Subsystem
• Automated vehicle identification
• Automated vehicle classification
• Violation Enforcement systems
• Transaction Processing

By Technology
• Radio-frequency identification (RFID)
• Dedicated short-range communication (DSRC)
• Infrared
• GNSS vs GPS
• Video Analytics

By Application
• Urban
• Highways

By Region
• North America
• Europe
• Asia-Pacific
• LAMEA

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This release was published on openPR.