Electronic Toll Collection Market to Hit USD 16.85 Billion by 2031 Driven by Surging Traffic Congestion and Urbanization

Growing Demand and Market Opportunities

The SNS Insider report forecasts the Electronic Toll Collection Market Size to reach USD 16.85 billion by 2031, growing at a CAGR of 7.56% over the forecast period, and the value of market as USD 9.4 Billion in 2023, This growth is attributed to several factors such as, ETC systems eliminate toll booth delays, allowing for smoother traffic flow and reduced congestion. This not only saves time and fuel but also contributes to cleaner air and a more pleasant driving experience. Growing urban populations are placing immense strain on existing infrastructure. Governments are increasingly adopting ETC systems to manage traffic effectively and improve overall transportation efficiency.

This, integrates with rising investment in smart city initiatives, creates significant growth opportunities for the ETC market. ETC systems eliminate the need for cash transactions, reducing the risk of theft and human error. they offer a convenient and hassle-free experience for drivers. The integration of Advanced technologies such as RFID tags, video analytics, AI, and machine learning is revolutionizing the ETC landscape. These technologies enable real-time data collection, improved traffic management, and enhanced security.

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Top Companies Featured in Electronic Toll Collection Market Report:

– Abertis
– Cubic Corporation
– GeoToll
– Kapsch TrafficCom
– Raytheon Company
– Conduent
– Denso Corporation
– International Road Dynamics
– Perceptics
– Siemens

Recent Developments

– December 2023, Kapsch TrafficCom AG secured a contract to provide customer service for Poland’s e-TOLL system across 100 distribution points. This includes registering customer data, offering information, accepting payments, managing user accounts, and distributing on-board equipment.

– November 2023, Kapsch TrafficCom AG partnered with Exeger Operations AB to develop Powerfoyle, a revolutionary solar cell technology for self-charging and environmentally friendly communication solutions. This collaboration empowers Kapsch to leverage sustainable solutions within the mobility ecosystem.

Electronic Toll Collection Industry Segmentation as Follows:

BY TYPE

• Transponder (Tag-based Tolling Systems)
• Other Tolling Systems

BY OFFERING

• Hardware
• Back-office & Other Services

by Offering, the hardware segment is anticipated to witness the highest CAGR due to its role in increasing revenue collection and improving transaction accuracy. Government mandates and support for ETC system implementation further accelerate hardware segment growth.

BY APPLICATION

• Highways
• Urban Areas

by Application, the Urban areas segment is expected to register significant growth owing to the effectiveness of ETC systems in managing traffic flow and reducing congestion, especially during peak hours. ETC offers a scalable solution that adapts to increasing traffic volumes without requiring additional physical infrastructure.

BY TECHNOLOGY

• RFID
• DSRC
• GPS
• GNSS
• Others

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Impact of Global Disruptions

Russia-Ukraine War disrupts supply chains for critical electronic components and impacting hardware production. the war’s economic repercussions could lead to reduced government spending on infrastructure projects, including ETC system implementation. An economic slowdown could Reduce consumer spending and potentially decrease vehicle sales. This could indirectly impact the demand for ETC systems as the number of new vehicles on the road declines. the long-term growth prospects for the ETC market remain positive. The increasing focus on smart cities, traffic decongestion, and environmental sustainability will continue to drive market expansion despite short-term disruptions.

Key Regional Developments

North America is expected to retain its dominance in the ETC market due to several factors, The ongoing transition from traditional cash-based toll collection to digital tags using RFID technology is a significant growth driver. Rising government support for congestion-free transportation and adoption of advanced technologies such as GPS and GNSS-based toll collection are propelling market growth. North America is at the forefront of adopting advanced technologies in the ETC space, further solidifying its regional market leadership.

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Key Takeaways for the Electronic Toll Collection Market

• The report provides a comprehensive analysis of the global ETC market, encompassing market size, growth trends, segmentation, and key drivers.
• It identifies the growing demand for ETC systems due to traffic congestion, urbanization, and government support for smart infrastructure development.
• The report explores the impact of recent technological advancements and global disruptions on the market landscape.
• It offers valuable insights into key regional developments and future growth prospects for the ETC market.

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electronic Toll Collection Market Segmentation, By Type
9. Electronic Toll Collection Market Segmentation, By Offering
10. Electronic Toll Collection Market Segmentation, By Technology
11. Electronic Toll Collection Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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