Electronic Toll Collection Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The Electronic toll collection market is projected to grow from USD 8.3 billion in 2022 to USD 11.4 billion by 2027; it is expected to grow at a CAGR of 6.5% from 2022 to 2027. The key factors fueling the growth of this market include reduction in traffic congestion, accidents, and environmental pollution, high government support for increasing deployment of electronic toll collection systems, increased convenience due to cashless payments, and technological advancements in transportation infrastructure.

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Electronic toll collection market to have large market share for highways application in 2021.

Technologically advanced electronic toll collection systems have provided an efficient way to overcome all the problems related to highway toll collection. Electronic toll collection systems based on leading-edge technologies such as RFID, DSRC-, video analytics, and GNSS/GPS are being used. These technologies have demonstrated efficacy in highway toll collection and ensure high reliability and accuracy. For example, the necessary roadside equipment is easy to install, and the systems' functionalities can be extended to include managing public parking spaces. Its highway tolling solutions include the benefits of controlling the traffic flow, reducing congestion and harmful emissions, and providing a better experience for road users.

Electronic toll collection market to have large market share for back-office and other services in 2021.

The market for the back-office and other services segment is expected to hold a major market share during the review period. Back-office services include account management, inquiry handling, billing, legal support, payment gateways, operations enforcement, financial transaction management, and tolling charge database management. Hence, as major activities involved in the electronic toll collection are considered in the back-office and other services segment, it holds a larger market share than the hardware segment.

Asia Pacific is projected to grow at the fastest rate for electronic toll collection market during the forecast period

The growth of the electronic toll collection market in Asia Pacific is mainly driven by the government's initiatives to promote the deployment of electronic toll collection systems. The ever-growing population of the region and the use of an increased number of cars create traffic congestion issues, which is a major challenge. The government, thus, plans the more active use of smart transport technologies to optimize the traffic network and lower carbon emissions. Moreover, China, Japan, Australia, South Korea, and India have installed electronic toll collection solutions at many toll plazas. Implementing electronic toll collection systems in these countries has helped in better traffic management and reduced the costs of delays and fuel consumption costs, cutting down the nation's GDP loss.

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Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), EFKON GmbH (Austria), TransCore (US), Thales (France), Raytheon Technology Corporation (US), Cubic Corporation (US), and Siemens (Germany) are the key players in the Electronic toll collection market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

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This release was published on openPR.