Electronic Toll Collection Market Report 2024 - Electronic Toll Collection Market Size And Growth

"The Business Research Company recently released a comprehensive report on the Global Electronic Toll Collection Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:
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.

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.

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Major Key Players of the Market:
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

Electronic Toll Collection Market 2024 Key Insights:
• 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%.
• Rising Highway Traffic Fuels Surge In The Electronic Toll Collection Market
• Powerful Initiative To Enhance Electronic Toll Collection Efficiency
• North America was the largest region in the electronic toll collection market in 2023

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