Worldwide Electronic Toll Collection Market Share Projected to Reach USD 14.01 Billion by 2030 | Growth of 6.6% CAGR: Polaris Market Research

NEW YORK, Jan. 17, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Electronic Toll Collection Market Share, Size, Trends, Industry Analysis Report, By Type (Transponder-/Tag-based Tolling Systems, Other Tolling Systems); By Technology (RFID, DSRC, Others); By Offering; By Application; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.

According to the research study, the global electronic toll collection market share was valued at USD 8.04 Billion in 2021 and is expected to reach USD 14.01 Billion by 2030, growing at a CAGR of 6.6% during the forecast period.

What is Energy Management Systems? What is Size of the Electronic Toll Collection Market?

• Report Overview

Electronic toll collection is a wireless system that collects toll payments electronically without requiring vehicles to stop. It's an efficient and faster alternative to toll booths. The key aim of installing ETC is to eliminate traffic jams on toll roads. ETC helps toll service providers to efficiently manage toll collection. Other benefits of this system include enhanced convenience and safety, reduced commute times, lowered fuel use, reduced emissions, and better reliability and accuracy.

Also, electronic tolling is cost efficient than a staffed toll booth as it reduces costs for toll attendants. The transponder is fixed on a window, rearview mirror, or bumper of a vehicle. The ETC system communicates with the transponder at the toll gate, and the money transaction is processed. The electronic toll collection market size is primarily being driven by the increased adoption of electronic toll collection technology over the manual toll collection system.

Request Sample Copy of Electronic Toll Collection Market Research Report @ https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market/request-for-sample

(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2030 Updated Report Introduction, Overview, and In-depth industry analysis
• 115+ Pages Research Report (Inclusion of Updated Research)
• Provide Chapter-wise guidance on Request
• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of table & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

• Conduent Inc.
• Cubic Corporation
• Efkon GmbH
• Feig Electronic
• Jenoptik AG
• Kapsch Trafficcom AG
• Mitsubishi Heavy Industries Ltd.
• Neology Inc.
• Q-Free
• Raytheon Technologies Corporation
• Siemens
• Star Systems International Ltd.
• Thales
• Toshiba Corporation
• Transcore

To know an additional revised list of top market players, request a sample report, 2022 - 2030: https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market/request-for-sample

The Report Explains the Market Offerings Through the Following Insights

• Investigation, present status, and future estimations of the market.
• Detail analysis of segments, sub-segments, and environmental factors for understanding market expansion.
• Provides forecast predictions on how the market is estimated to grow during forecast period
• Provides a precise overview of the most important aspects impacting market growth such as growth potential, opportunities, drivers, industry-specific challenges, and risks.
• Offers competitive landscape analysis throwing attention on world-leading manufacturers with their growth strategy and SWOT analysis.

Growth Driving Factors

• Increasing traffic congestion problems to push the market growth

The growing traffic congestion issue, which leads to an increase in the need for electronic toll collection, is driving the electronic toll collection market demand. Also, rising demand for faster, more efficient, and less time-consuming system toll collection systems propels the electronic toll collection industry growth. Account registration is compulsory for the customer. After registration, ETC can electronically charge a toll without any checking, allowing vehicles to pass through. Increasing technological developments in transportation infrastructure for connecting devices and sensors are expected to boost market growth.

Moreover, the rising traveling habit of individuals and the increasing lane of vehicles on toll plazas is anticipated to enhance the demand for the systems, which in turn, is expected to flourish the growth of the electronic toll collection market. Also, growing demand for trouble-free toll collection and toll monitoring is expected to boost the industry's expansion. The benefits offered by electronic toll collection systems, such as lower traffic congestion, improved cash management, reduced air pollution, efficient data collection, and low consumption of time and fuel, are positively influencing the market growth.

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Recent Developments

• In November 2021, SiVA, a Grupo Marhnos company, announced a partnership with Thales in order to revolutionize toll collection in Guatemala through bringing Thales's well-known PITZ® (Peage Intelligent Transport Zero) electronic toll collection system to the country's vital Palin-Escuintla toll road corridor.

Segmental Analysis

• Transponder-/tag-based tolling system is expected to witness the largest electronic toll collection market share over the forecast period

Based on type, transponder-/tag-based tolling systems are expected to hold the highest revenue share because they are majorly used for vehicle identification. They electronically collect tolls charged against vehicles on toll motorways, toll bridges, HOV lanes, and toll tunnels. These systems are more effective compared to toll booths, where vehicles require to stop over it and pay the toll with cash or a card.

• Highways segment is predicted to experience high growth over the forecast period

Based on the application electronic toll collection market segmentation, the highways category is anticipated to register high growth throughout the anticipated period. With the increasing growth of transportation infrastructure, the implementation of ETC systems is rising to complete toll collection speedily and reduce traffic congestion on highways. For instance, the Indian government aims to build 65,000 km of national highways by 2022 with a budget of USD 741.5 billion.

• The RFID segment is predicted to lead the market during the foreseen period

On the basis of technology, RFID is expected to register significant growth throughout the projected period owing to the various advantages of RFID technologies across the world. RFID mounted on an electronic toll collection system scans RFID tags in order to deduct toll money.

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Electronic Toll Collection Market Report Scope

Geographic Overview

• North America witnessed the greatest market share in 2021

In terms of geography, electronic toll collection market demand in North America dominated the market in 2021 due to the rising trends of digital transformation. The region is also expected to retain its dominance over the foreseen period. Also, growing car purchase in the region is fueling the growth of the market.

Furthermore, Asia Pacific is predicted to account for a significant CAGR over the study period. This growth can be attributed to the rapidly growing vehicle demand and production in developing and developed nations. The rising shift in customer preferences toward smart vehicles is another factor driving the regional market growth.

Browse the Detail Report "Electronic Toll Collection Market Share, Size, Trends, Industry Analysis Report, By Type (Transponder-/Tag-based Tolling Systems, Other Tolling Systems); By Technology (RFID, DSRC, Others); By Offering; By Application; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/electronic-toll-collection-system-market     

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Polaris market research has segmented the electronic toll collection market report on the basis of type, offering, technology, application, and region:

By Type Outlook

• Transponder-/Tag-based Tolling Systems
• Other Tolling Systems

By Offering Outlook

• Hardware
• Back-office and Other Services

By Technology Outlook

• RFID
• DSRC
• Others

By Application Outlook

• Highways
• Urban Areas

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
• Asia Pacific (Japan, China, India, Singapore, Australia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research

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