Electronic Toll Collection System Market to Outstrip US$ 10,604.74 Million by 2028 Growing Sturdy at 10.5% CAGR - COVID-19 Impact and Global Analysis by TheInsightPartners.com

According to our latest market study on “Electronic Toll Collection System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings, Technology, and Application,” the market was valued at US$ 5,266.47 million in 2021 and is projected to reach US$ 10,604.74 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.

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Increase in Demand for Interoperable Electronic Tolling Systems

The data generated via electronic toll collection transponders and RFID tags could provide meaningful insights into the traffic patterns and congestions at various expressways and highways. Those insights can be used for improving congestion, traffic management, and other intelligent transportation services. Also, the adoption of complete interoperable toll collection systems could have application across parking fees payment at airports, malls, bus stations, and intelligent transportation services, among other innovative services.

Thus, there is an increase in demand for interoperable and robust electronic toll collection by the government and state agencies, which is subsequently projected to fuel the need for electronic toll collection systems. For instance, North America-based E-ZPass is an interagency group-based electronic toll collection system that is interoperable across 17 different states in the US. Moreover, the company boasts of being the largest successful interoperable toll collection system in the world, with more than 20 million active accounts that utilize 34 million toll-based tags that amount to US$ 9 billion in revenue generation for partnered state agencies.

Electronic Toll Collection System Market Forecast to 2028 - Latest COVID-19 Analysis Sample https://bit.ly/3m6LTKx

The COVID-19 outbreak has negatively affected the overall growth rate of the global electronic toll collection system market in 2020. This can be attributed to the decline in revenue of companies operating in the market, owing to supply and demand disruptions across the value chain. However, in 2021, with the relaxation of lockdown restrictions and the beginning of the vaccination process, the shipment of raw materials has started again.

Many countries and toll collecting companies have adopted digital transformation to effectively run their business in these challenging times. Electronic toll collection system providers are also focusing on bringing new solutions, partnerships, and collaborations to overcome the COVID-19 outbreak. Therefore, this factor is helping in creating a positive scenario in the growth of the global electronic toll collection system market.

Key Findings of Study:

The global electronic toll collection system market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The electronic toll collection system market is segmented based on offering, technology, application, and geography. Based on offering, the market is segmented into hardware equipment and service. In 2020, the services segment led the electronic toll collection system market and accounted for a larger market share. Based on technology, the market is segmented into ANPR, GNSS, DSRC, and others. In 2020, the DSRC segment led the electronic toll collection system market and accounted for the largest market share. Based on application, the market is segmented into highways and urban zones. In 2020, the segment of the highway led the electronic toll collection system market and accounted for a larger market share.

The List of Companies - Electronic Toll Collection Systems Market

Continuum Electroproducts LLP
Conduent, Inc.
Efkon GmbH
Kapsch Trafficcom AG
Mitsubishi Heavy Industries Machinery Systems, LTD.
Neology
Qualix Information System
Skytoll
Siemens AG
Thales Group

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