Electronic Toll Collection System Market is expected to reach US$ 14369.80 million by 2030

Long-Term Economic and Safety Benefits Boosts Electronic Toll Collection System Market Growth

According to our latest study on “Electronic Toll Collection System Market Forecast to 2030 – Market Size and Forecasts (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Offering, Technology, and Application,” the Electronic Toll Collection System market size was valued at US$ 5541.91 million in 2022 and is expected to reach US$ 14369.80 million by 2030. The electronic toll collection system market is expected to record a CAGR of 12.6% from 2022 to 2030.

The toll collection centers are strategically placed toll plazas or collection units levied for tax collection, congestion management, maintenance fees for public infrastructure, and other revenue collection techniques. The volume of traffic flow plays a crucial role in determining the location of toll plazas and subsequently requires a robust and efficient toll collection solution. In the past few years, there has been a surge in congestion at toll plazas due to the increase in the number of vehicles passing through the tolls. Hence, the toll plazas lead to more fuel consumption for cars as well as increased vehicular pollution due to the congestion. Also, the delays generally caused at the toll gateways elevate the risk of vehicle accidents as well as safety, as many people try to compensate for the loss of time incurred by the congestion with fast driving. Due to such factors, an electronic toll collection is considered a competent alternate solution to the current manual toll for reducing the congestion at toll gateways and providing seamless transit transactions without the need for supervision.

Electronic Toll Collection System Market – By Region, 2022 and 2030

Source: The Insight Partners Analysis

Over the past few years, FASTag's solutions in the electronic toll collection system market have shown consistent development. In the calendar year 2022, FASTag collected a total of US$ 6,480 million in tolls on fee plazas, including State Highway charge plazas, an increase of almost 46% from US$ 4,710 million in 2021. Thus, such economic benefits may drive the growth of the market. The solutions in the electronic toll collection system market operate as an account-based system that automatically classifies, identifies, and subsequently charges the automobile owner per agency regulations, eliminating the need to stop at the toll plazas. The efficient deployment of solutions in the electronic toll collection system market offers several benefits, such as reduced congestion, congestion management, seamless transit transactions, vehicular pollution management, and intelligent transportation services at expressways. Thus, the long-term economic and safety benefits associated with systems in the electronic toll collection system are driving the market.

The commercialization of global positioning systems (GPS or GNSS) has substantially broadened its scope of application in various daily activities. For instance, GPS systems installed onboard vehicles could also be utilized for toll collection purposes, thereby eliminating the need for any tolling infrastructure or system requirements. Low cost per transaction, maintainability, accessibility to web-based accounts, and no infrastructure required for integration of new routes are among other benefits of using GPS-based toll collection systems. In addition, market players are constantly making efforts to implement a satellite-based framework for the toll collection system successfully. For instance, Emovis, a Barcelona-based global provider of smart mobility solutions, provides solutions in Paris, New York, Dublin, Canada, Croatia, the UK, Qatar, and Puerto Rico. In April 2023, Emovis developed a satellite distance-based fee solution to promote intelligent, connected mobility and expand the use of shared transport and active travel. The development of this solution with industrial partner IMMENSE aims to introduce innovative strategies for traffic management in cities to discourage and reduce the use of private vehicles and promote sustainable transport. The company announced its plan to test satellite distance-based fee (DBF) solutions in an urban environment, building on a great experience in this type of solution from Road Usage Charging programs in Washington, Oregon, Utah, and Virginia (US). This satellite tolling framework is a system that allows drivers to pay for the use of the road network with a precise calculation of the kilometers driven.

The electronic toll collection system market is segmented on the basis of offering, technology, application, and geography. Based on the offering, the electronic toll collection system market is segmented into systems and services. By technology, the electronic toll collection system market is segmented into ANPR, RFID, GNSS, DSRC, and others. Based on application, the electronic toll collection system market is categorized into urban zones and highways. The electronic toll collection system market, based on geography, is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Conduent Business Services, LLC., EFKON GmbH, Kapsch TrafficCom AG, Thales, TOSHIBA CORPORATION, TransCore, FAAC S.p.A., MITSUBISHI HEAVY INDUSTRIES, LTD., SICE, and P Square Solutions are among the key players operating in the electronic toll collection system market.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com