Electronic Toll Collection System Market worth US$ 10,604.7 Million by 2028 - Exclusive Research by The Insight Partners

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$ 5,266.5 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.

The toll collection centers are strategically placed toll plazas or collection units that are levied to fulfill tax collection, congestion management, or maintenance fees for public infrastructure, among other revenue collection techniques. As a result, the volume of traffic flow plays a crucial role in determining the location of toll plazas and requires a robust and effective toll collection solution which will rise the adoption for the same. The effective deployment of ETC systems has versatile benefits such as reduction in 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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Moreover, through collaborative efforts among different state bodies to participate in joint toll collection systems that are accepted by larger government agencies and offering simplified toll collection for different users will rise the market growth of global electronic toll collection market. This electronic toll collection system operates on a pre-paid account-based system that various state agencies adopt for a seamless array of fright fees, tolls, and fines across the globe. 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.   

Moreover, the data generated via electronic toll collection transponders and radio frequency-based identification (RFID) tags could also 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 projected to fuel the need for electronic toll collection systems.

Impact of COVID-19 Pandemic on Electronic Toll Collection System Market

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.

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Increase in Demand for Interoperable Electronic Tolling Systems

The toll collection centers are strategically placed toll plazas or collection units that are levied to fulfill tax collection, congestion management, or maintenance fees for public infrastructure, among other revenue collection techniques. However, state and central government agencies' joint efforts for initiating a streamlined transit transaction process across toll gateways, plazas, parking systems, and traffic management have gained traction in the past few years. Also, the adoption of a complete interoperable toll collection system 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 projected to fuel the need for electronic toll collection systems.

Electronic Toll Collection System market: Technology Overview

Based on technology, the electronic toll collection system market is segmented into hardware equipment and services. These unique signals are received at roadside infrastructure and used to identify the vehicle for toll collection purposes. The RFID-based systems are highly adopted at various toll collection centers globally, owing to their early introduction and easy maintenance.

 Electronic Toll Collection System Market: Competitive Landscape and Key Developments

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 are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global electronic toll collection system market and its ecosystem.

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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.

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