At CAGR of 10.5%, Electronic Toll Collection System Market is projected to reach US$ 10,604.7 Million by 2028

Electronic Toll Collection System Market: Key Insights

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.

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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 on 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 accepted by larger government agencies and offer simplified toll collection for different users will 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. 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.

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.

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The electronic toll collection system market has been segmented as follows:

1. Electronic Toll Collection System Market - by Offering
a. Hardware Equipment
b. Service

2. Electronic Toll Collection System Market - by Technology

a. ANPR
b. GNSS
c. DSRC
d. Others

3. Electronic Toll Collection System Market - by Application
a. Highways
b. Urban Area

Electronic Toll Collection System Market - Company Profiles

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.

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