Press release
Global Electronic Toll Collection System Market Set to Surge to US$ 33.9 Bn by 2034, Reveals TMR Analysis
Electronic Toll Collection System Market
ETC systems are revolutionizing toll collection by providing a faster and more efficient alternative to traditional toll booths, where vehicles must stop and the driver manually pays the toll with cash or a card. These systems, equipped with automated radio transponder devices, allow vehicles to pass through toll facilities without stopping, significantly reducing traffic congestion and enhancing the convenience of cashless transactions. As a result, the demand for ETC systems is expected to witness substantial growth during the forecast period.
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Market Introduction
Electronic toll collection is an automated system that collects tolls on highways, bridges, tunnels, and other key roads without requiring vehicles to stop or slow down at toll booths. The primary forms of ETC include automatic vehicle classification (AVC), violation enforcement system (VES), automatic vehicle identification system (AVIS), and others. These systems utilize modern technologies such as radio frequency identification (RFID), dedicated short-range communication (DSRC), global navigation satellite system (GNSS) or GPS, video analytics, and cell phone tolling to enable seamless toll collection.
Drivers of Market Growth
Increase in Incidents of Accidents and Traffic Congestion
ETC systems mitigate the need for vehicles to stop or slow down at toll booths, allowing for seamless passage through tolling points. This efficiency reduces travel time for commuters and enhances the transit capacity of highways, accommodating the growing volume of traffic without causing significant delays. Additionally, reducing the need for manual toll collection procedures helps lower the risk of rear-end crashes and other mishaps, particularly on high-speed routes.
Traffic congestion also releases toxic vehicle pollutants, such as carbon monoxide (CO) and greenhouse gases (GHGs). By optimizing toll collection procedures, ETC systems contribute to reducing traffic congestion and improving air quality. The increase in road accidents, with approximately 1.19 million fatalities annually, further underscores the need for efficient toll collection systems.
Surge in Government Initiatives
Governments worldwide are focusing on developing advanced solutions to mitigate traffic congestion and enhance the efficiency of ETC systems. For instance, the National Highways Authority of India (NHAI) introduced the 'One Vehicle, One FASTag' initiative in January 2024 to discourage the use of single FASTags for multiple vehicles or linking multiple FASTags to a particular vehicle. This initiative, along with efforts to encourage FASTag users to complete the 'Know Your Customer' (KYC) process, is expected to enhance toll operations and provide smooth and comfortable rides for national highway users.
Regional Outlook
North America Leads the Market
North America held the largest share of the ETC system market (Markt für elektronische Mauterfassungssysteme (ETC)) in 2023, driven by strong government support, initiatives aimed at improving transportation infrastructure, and the increasing volume of traffic on highways. The region's focus on improving mobility and the overall commuter experience, along with advancements in RFID and GNSS technologies, is fueling the growth of the ETC system market. President Biden's US$ 2 trillion infrastructure plan introduced in 2021 further emphasizes the region's commitment to upgrading its transportation infrastructure.
Key Players and Competitive Landscape
Key players operating in the ETC system market are introducing various highway tolling automation technologies such as real-time toll collection systems and seamless electronic tolling solutions to mitigate highway traffic and road accidents. Major companies in the industry include:
• DENSO Inc.
• EFKON Inc.
• Honeywell International, Inc.
• Kapsch TrafficCom AG
• KENT Intelligent Transportation Systems (India) Pvt. Ltd
• Mitsubishi Heavy Industries, Ltd.
• Neology, Inc.
• PARKnSECURE
• Perceptics Inc.
• Q-Free Inc.
• Sensor Dynamics
• Techsture Technologies India Pvt. Ltd
• Toll Collect GmbH
• Transcore Holdings, Inc.
• TRMI Systems Integration
These companies are actively engaged in developing innovative solutions to meet the growing demand for ETC systems and improve the efficiency of toll collection processes.
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