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Electronic Toll Collection System Market to Grow at a CAGR of 10.5% to reach US$ 10,604.7 Million from 2021 to 2028
Electronic Toll Collection System
According to our latest market study on “Electronic Toll Collection System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Technology, and Application,” the market was valued at US$ 5,266.4 million in 2021 and is projected to reach US$ 10,604.7 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.
Electronic Toll Market: Competitive Landscape and Key Developments
The key players operating in the global electronic toll collection system market include Continuum Electroproducts LLP; Conduent, Inc.; Efkon GmbH; Kapsch Trafficcom AG; Mitsubishi Heavy Industries Machinery Systems, LTD.; Neology; Qualix Information System; Skytoll; Siemens AG; and Thales Group.
Get Exclusive Sample Pages of Electronic Toll Market with Latest Research at https://bit.ly/3vHdjtA
In July 2021, Neology, Inc. announced an expanded, multi-year agreement with the Norwegian Public Roads Administration (NPRA) for its traffic enforcement solutions driven by the latest in mobile ANPR camera and artificial intelligence (AI) technology to support real-time analytics and decision making. Neology's ANPR safer community solutions provide enhanced performance, creating immediate impact where other solutions fail. The dual-camera system, coupled with advanced AI-powered vehicle recognition technology, enables officers to detect and focus on non-compliant vehicles with enhanced vision system capabilities.
In May 2021, Slovenian Motorway Company DARS and SkyToll signed a contract to develop and operate an electronic vignette system. SkyToll won the tender with a bid of EUR 15.7 million to develop a system for the payment of electronic vignettes and provide five-year technological support to the system.
The electronic toll collection system market has been segmented as follows:
Electronic Toll Collection System Market – by Offering
Hardware Equipment
Service
Electronic Toll Collection System Market – by Technology
ANPR
GNSS
DSRC
Others
Electronic Toll Collection System Market – by Application
Highways
Urban Area
Order a Copy of Electronic Toll Market Size, Share, Strategic Insights, and Forecasts 2021-2028 Research Report at https://bit.ly/3CdFPp3
The electronic toll collection system systems operate an account-based system that automatically identifies, classifies, and subsequently charges the vehicle owner as per the agency regulations without stopping at the toll plazas. As per the data published by Japan’s Ministry of Land, Infrastructure, Transport, and Tourism (MILT), the effective adoption of ETC systems eliminated the traffic congestion at their expressway by almost one-third and lowered their carbon dioxide emissions down to 0.21 million tons per year. The effective deployment of ETC systems has versatile benefits such as reducing congestion and vehicular pollution, seamless transit transactions, and intelligent transportation services at expressways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems across various emerging economies and provide profitable business opportunities for the market players during the forecast period.
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