Electronic Toll Collection Market
The Global Electronic Toll Collection Market size is estimated to be USD 7.68 billion in 2019 and is predicted to reach USD 18.46 billion by 2030 with a CAGR of 8.3% from 2020-2030.
Electronic Toll Collection is a system which is meant for the automatic toll collection without stopping at toll booth. This system automatically detects weather the vehicle is registered in the system or not and when the vehicle crosses the booth the notification is send to the owners account and collected. This helps in the reduction of vehicle congestions and also notifies the entry of non-registered vehicle in the city.
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Top Companies: 3M, Transcore Holdings, Inc., Xerox Corporation, TrafficCom, TRMI Systems Integration, Sensor Dynamics, Toll Collect GmbH, Kapsch, Cubic Transportation Systems, Inc., Q-Free and others.
The global electronic toll collection market share is analyzed on the basis of subsystem, technology, application and geography. On the basis of subsystem, the market is segmented into Automated Vehicle Identification, Automated Vehicle Classification, Violation Enforcement System, and Transaction Processing. On the basis of technology, the market is divided into Radio-frequency Identification (RFID), Dedicated Short-range Communication (DSRC), Infrared, GNSS & GPS, and Video Analytics. Based on application, the market is fragmented into urban and highways. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to hold the major market share owing to the increased adoption of electronic toll collection system over the forecast period. Furthermore, increase in technological advancement and presence of developed infrastructure coupled with increase in traffic congestions is expected to drive the growth of electronic toll collection market. Asia Pacific is expected to show tremendous growth over the forecast period owing to the increase in cashless transaction with digitization and increase in smart cities. Furthermore, increase demand of less waiting time with increased government funding is further expected to support the growth of electronic toll collection market.
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