With reach US$ 10,604.7 Million, Electronic Toll Collection System Market shares overview with 10.5% CAGR by 2028 - 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 (Hardware Equipment and Service), Technology (ANPR, GNSS, DSRC, and Others), and Application (Highways and Urban Zones)," 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.

The toll collection systems projects constitute a public-private partnership model where government agencies or state bodies usually decide the toll pricing. Also, the objective of toll collection has a profound influence over the vehicle classification and dynamic pricing for different categories of frequent travelers. 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. Moreover, 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 be going to drive the market growth. 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.

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Continuous technological advancements and automation are allowing manufacturing companies to achieve greater productivity and profitability. Conduent, Inc.; Kapsch; Thales Group; Mitsubishi Heavy Industries Machinery Systems, Ltd.; and Neology are among the key companies in the electronic toll collection system market. The major stakeholders in the electronic toll collection system market include hardware & component providers, electronic toll collection system manufacturers, system/technology integrators, government agencies & regulatory bodies, and end-users. Due to the rise in the number of vehicles and issues like traffic congestion, the demand for electronic toll collection systems is also rising.

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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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: 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.

Players operating in the electronic toll collection system market are mainly focused on the development of advanced and efficient products.

1. 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.

2. 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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