Electronic Toll Collection Global Market Predicted to Augment and Reach over $12.59 Billion at a CAGR of 9.7% By 2028 | Conduent Inc., TransCore, Cubic Corporation, SKIDATA GmbH, VITRONIC

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Electronic Toll Collection Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $12.59 Bn In 2028 At A CAGR Of 9.7% :

The electronic toll collection market size has grown strongly in recent years. It will grow from $7.97 billion in 2023 to $8.71 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the rising demand for efficient traffic management, increasing adoption of digital technologies, need to enhance the speed and efficiency of traffic flow, rising demand for efficient toll-collection solutions, increasing use of advanced technologies for transport applications.

The electronic toll collection market size is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing traffic on the highways, rising adoption of video analytics, the increasing adoption of digital toll payments with rising highway construction investments, increasing demand of contactless operations in toll plaza, rising awareness of road accidents and road traffic. Major trends in the forecast period include integration of advanced technologies, shift towards all-electronic tolling (AET), interoperability and standardization, adoption of mobile-based solutions, focus on user experience and customer service.

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Electronic Toll Collection Market Major Segments
The electronic toll collection market covered in this report is segmented -
1) By Type: Automatic Vehicle Classification (AVC), Violation Enforcement System (VES), Automatic Vehicle Identification System (AVIS), Other Types
2) By Payment Method: Prepaid, Hybrid, Postpaid
3) By Technology: Radio Frequency Identification (RFID), Dedicated Short Range Communication (DSRC), Global Navigation Satellite System (GNSS) Or GPS, Video Analytics, Cell Phone Tolling, Other Technologies
4) By End-user: Highway, Urban Area

Key Driver - Rising Highway Traffic Fuels Surge In The Electronic Toll Collection Market

Increasing highway traffic is expected to propel the growth of the electronic toll collection market going forward. Highway traffic refers to the flow of vehicles on the road system, often influenced by congestion, volume, and transportation demand. Highway traffic rises due to poor urban planning, roadway expansion, and the formation of phantom traffic jams. Vehicles often experience delays during peak hours with traditional toll booths, leading to congestion and increased travel times. Electronic toll collection eliminates the need for vehicles to stop or slow down at toll booths, allowing for seamless passage through tolling points. This efficiency reduces travel times for commuters and enhances the throughput capacity of highways, accommodating the growing volume of traffic without causing significant delays. For instance, according to Interwest Safety Supply, LLC, a US-based company that has been a key player in providing high-quality traffic safety equipment, vehicle miles traveled on US roads in 2021 increased by 325 billion miles, or 11.2%, compared to 2020. Therefore, increasing traffic on the highways is driving the growth of the electronic toll collection market.

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Prominent Trend - Powerful Initiative To Enhance Electronic Toll Collection Efficiency

Major companies operating in the electronic toll collection market are focused on developing advanced solutions, such as One Vehicle and One FASTag' to improve the efficiency of the electronic toll collection system. For instance, in January 2024, the National Highways Authority of India (NHAI), an India-based nodal agency of the Ministry of Road Transport and Highways, launched the 'One Vehicle, One FASTag' initiative to ensure seamless movement at toll plazas. The initiative moves to discourage the usage of a single FASTag for multiple cars as well as the linkage of multiple FASTags to a certain vehicle. NHAI encourages FASTag customers to complete the 'Know Your Customer' (KYC) process on their most recent FASTag and update it in accordance with Reserve Bank of India rules. The 'One Vehicle, One FASTag' initiative is expected to improve toll operations and provide smooth and comfortable rides for national highway users.

Electronic Toll Collection Market Players
Major companies operating in the electronic toll collection market are Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Thales Group, Infineon Technologies AG, Siemens Mobility, Ferrovial S.E., Xerox Holdings Corporation, Conduent Inc., TransCore, Cubic Corporation, SKIDATA GmbH, VITRONIC, Kapsch TrafficCom, IBI Group Inc., Neology Inc. , Sensys Gatso Group, Q-Free ASA, Autostrade per l'Italia S.p.A., EFKON AG, Star Systems International Ltd., Far Eastern Electronic Toll Collection Co. Ltd., Ingenico, Perceptics LLC, TagMaster, GeoToll Inc., Watchdata Technologies, Korea Smart Card Co. Ltd., Electronic Transaction Consultants LLC

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Largest And Fastest Growing Region In The Market
North America was the largest region in the electronic toll collection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic toll collection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electronic Toll Collection Market Report Structure
3. Electronic Toll Collection Market Trends And Strategies
4. Electronic Toll Collection Market - Macro Economic Scenario
5. Electronic Toll Collection Market Size And Growth
…..
27. Electronic Toll Collection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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