Electronic Toll Collection Market – Rising Trends and Technology 2020-2030
Market Overview:
The Global Electronic Toll Collection Market held USD 9331.8 million in 2020 and is to grow with a CAGR of 10.7% during forecast period. Manual operations for the toll collection process is been performed which is time consuming and causes a traffic delay at toll booths during dash hours. This process is more liable to errors and is also considerably slower than automated methods. This factor has given birth to electronic toll collection (ETC) system, which rapidly eliminates the manual operations by toll payers and receivers. These systems consist of sophisticated cameras and sensors to capture an image of vehicle's registration plate and also use wireless communication to automatically collect the correct toll. The market is expected to propel towards a strong growth rate in the upcoming period. In addition, the presence of a large number of highways with high traffic is fueling the need for better traffic management solutions. Far Eastern ETC Company successfully brings off the Build Operate Transfer (BOT) project for ITS traffic management; it turns the traditional highway toll collection system into an integrated intelligent ETC system for mobility management.
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Market Dynamics and Factors:
Reuirement to save time, push by several governments for cashless travel facilities and requirement for the minimization of congestion and fast toll transaction are some of the major factors driving the growth of the market. Additionally, demand for effective traffic management at toll collection center, growth in facilities of cashless travelling, and increase in adoption of ETC in the developing regions are also propelling the growth of this market. Further, improved, safe, and secure infrastructure have also lead to boost in need for this system. However, high initial cost for the installation coupled with the significant operating and maintenance cost is hampering the market growth. Moreover, increased safety and better environment are projected to offer opportunities for the market.
Market Segmentation:
Based on subsystem, the global electronic toll collection market is segmented into automated vehicle identification, automated vehicle classification, violation enforcement system, and transaction processing. Based on technology, the market is categorized into radio-frequency identification, dedicated short-range communication, infrared, GNSS & GPS, and video analytics. By the charging toll amount, the market is further classified distance based, point based, time based, and perimeter based. Based on application, the market is bifurcated into urban and highways. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographic Analysis:
North America dominated the global market and was accounted around USD 2,775.3 million in 2017 and is expected to register a CAGR of 9.9% during the upcoming period. North America is the leading region across the global in terms of market share owing to increasing traffic and developed road infrastructures in the region. However, the market in the Asia-Pacific is exhibited to the fastest-growing due to increasing traffic problems at the highest CAGR of 13.6% during the forecast timeframe.
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Competitive Scenario:
The key players of global electronic toll collection markets are Thales SA, Kapsch TrafficCom AG, Toshiba Corporation, Conduent LLC, Raytheon, Siemens AG, Cubic Transportation, TransCore LP, Perceptics LLC, EFKON GmbH, and Xerox Corporation.
The intelligent highway toll collection technology was developed in February 2017 for Taiwan, offering potential for export across Asia and Europe coupling with approximately 1.5 million daily vehicle trips and an average saving of 15 minutes/vehicle trip, the total savings of traffic time is estimated at 22.5 million minutes daily and carbon savings of 572,000 tons of CO2.
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