Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027| Blueweave

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global Electronic Toll Collection market was worth USD 6.23 billion in 2020. According to the study, the market is expected to grow at the CAGR of 11.86% during 2021-2027 (forecast period), earning revenue of around USD 13.65 billion by the end of 2027. The ability of ETC to reduce accidents, traffic congestion, and pollution, as well as strong government policies to expedite electronic toll collection, broader acceptance of cashless payments, and growing usage of innovative mobility technology, are all contributing to the growth of the global Electronic Toll Collection market.

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Strong government support to accelerate electronic toll collection is propelling the market growth

The electronic toll collection market is primarily propelled by the initiatives commenced by diverse governments to accomplish speedy freight or congestion-free transportation on urban areas and highways. To boost the consumption of electronic toll collection services, nations are carrying out concessional systems for drivers. Toll collection systems on highways are being installed by the government in emerging nations such as India and Indonesia, which is driving massive growth in the electronic toll collection market. Through such initiatives, vehicles can freely move up and down roads, and toll charges can be collected electronically to alleviate the queuing problem at toll marketplaces. Considering its advantages, numerous countries have used radio-frequency identification-based mobility management and monitoring systems.
In December 2020, The World Bank and the Government of India declared a USD 500 million project to grow safe and green national highway corridors under the Ministry of Road Transport and Highways (MoRTH). As a result, India plans to build 65,000 kilometers of motorways with a USD 741.5 billion investment by 2022.

Greater convenience and flexibility cashless payments Fueling the Market Growth

Before the Covid-19 pandemic, favorable government policies, superior accessibility, and increasingly savvy consumer behavior promoted the market for cashless payments. The governments of several nations have also launched initiatives to reduce the cost of currency production and combat counterfeit money, thus generating a more favorable environment for digital and cashless payments.

The administration's efforts to improve infrastructure, as well as the growing number of people who end up in long queues, are driving forces behind the adoption of cashless payments in the road transportation system. Additionally, the ongoing pandemic is enabling the electronic toll system to move towards cashless payment.

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Based on Technology, the automatic vehicle identification (AVI) Segment Holds the Largest Share in Global Electronic Toll Collection Market

Based on technology types, the global electronic toll collection market is divided into automatic vehicle classification (AVC), violation enforcement system (VES), automatic vehicle identification (AVI), and transaction processing. The Automatic Vehicle Classification (AVC) segment of the electronic toll collection market holds the largest market share. The segment was valued at USD 1.96 billion in 2020 and is likely to reach USD 4.22 billion by 2027, projecting a CAGR of 11.58%, during the forecast period.

Automatic Vehicle Classification systems use sensors in toll lanes to classify and differentiate cars from other vehicles so that proper tolling may be applied. The most common method for autonomous vehicle categorization is to use overhead equipment (infrared or laser detectors) or smart sensor loops embedded in the roadside, but sensors can also be placed on the pavement. The detectors are capable of classifying and perceiving vehicles in all-electronic tolling environments or open road tolling.

Global Electronic Toll Collection Market: Regional Insights

Based on region, the global Electronic Toll Collection market is segmented into North America, Europe, the Asia-Pacific, Rest of the world. During the forecast period, North America is expected to continue to lead the ETC market by capturing the largest market share. One of the main reasons for ETC's growth is the high number of personal vehicles in the USA and Canada, which are two of the largest nations in North America. Furthermore, both countries have extensive networks of state and interstate highways with electronic toll collection systems at several locations and certain toll installations on roads with high traffic. Also, . Raytheon (US), TransCore (US), and Conduent (US) are major players in this market with bases in this region and operations across the globe. They contribute significantly to the growth of the ETC market in North America.

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Impact of COVID-19 Outbreak on the Global Electronic Toll Collection Market
The pandemic has had a noticeable impact on global economic growth. According to the estimates by the United Nations, the global economy could shrink by almost 0.9-1% this year. Before the outbreak, the World Economic Situation and Prospects 2020 had predicted world output to expand at a modest pace of 2.5% in 2020. Similarly, estimates by the Organization for Economic Cooperation and Development (OECD) project a 0.5-1.5% decrease depending on the contained outbreak and downside scenario, respectively. An electronic tolling system uses several electronic devices and components, including controllers, cameras, transponders, RFID chips, and so on. Among the most severely affected countries due to COVID-19 are China and the United States, which provide major raw materials and components. Thus, the supply chain of electronic components and devices have been directly affected by the closure of borders and the imposition of nationwide lockdowns imposed by the governments of different countries as preventive measures. Moreover, adherence to stringent regulations and guidelines in the transacting countries slowed down the supply of raw materials to manufacturers and delayed delivery of products to integrators, resulting in supply chain disruptions.

Competitive Landscape
The global Electronic Toll Collection market is highly fragmented. It has a wide scope for new entrants as the demand from consumers is endless. Some of the key players in the market are Autostrade Per L’italia SPA, Jenoptik, Q-Free ASA, Cubic Corporation, Xerox Corporation, Thales SA, Kapsch Traffic AG, Conduent Inc, Siemens AG, Quarterhill Inc, Raytheon Co., other prominent players.

Don't miss the business opportunity of the global Electronic Toll Collection market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Electronic Toll Collection market size & forecast. The report promises to provide recent technology trends of the global Electronic Toll Collection market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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