The electronic toll collection global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electronic Toll Collection Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electronic toll collection market size has grown strongly in recent years. It will grow from $7.97 billion in 2023 to $8.71 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the rising demand for efficient traffic management, increasing adoption of digital technologies, need to enhance the speed and efficiency of traffic flow, rising demand for efficient toll-collection solutions, increasing use of advanced technologies for transport applications.
The electronic toll collection market size is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing traffic on the highways, rising adoption of video analytics, the increasing adoption of digital toll payments with rising highway construction investments, increasing demand of contactless operations in toll plaza, rising awareness of road accidents and road traffic. Major trends in the forecast period include integration of advanced technologies, shift towards all-electronic tolling (AET), interoperability and standardization, adoption of mobile-based solutions, focus on user experience and customer service.
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Scope Of Electronic Toll Collection Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electronic Toll Collection Market Overview
Market Drivers –
Increasing highway traffic is expected to propel the growth of the electronic toll collection market going forward. Highway traffic refers to the flow of vehicles on the road system, often influenced by congestion, volume, and transportation demand. Highway traffic rises due to poor urban planning, roadway expansion, and the formation of phantom traffic jams. Vehicles often experience delays during peak hours with traditional toll booths, leading to congestion and increased travel times. Electronic toll collection eliminates the need for vehicles to stop or slow down at toll booths, allowing for seamless passage through tolling points. This efficiency reduces travel times for commuters and enhances the throughput capacity of highways, accommodating the growing volume of traffic without causing significant delays. For instance, according to Interwest Safety Supply, LLC, a US-based company that has been a key player in providing high-quality traffic safety equipment, vehicle miles traveled on US roads in 2021 increased by 325 billion miles, or 11.2%, compared to 2020. Therefore, increasing traffic on the highways is driving the growth of the electronic toll collection market.
Market Trends –
Major companies operating in the cyber security as a service market are developing innovative technologies, such as Checkpoint Quantum Titan, to deliver advanced threat prevention. Checkpoint Quantum Titan is a comprehensive solution that integrates security visibility, analysis, and controls across various security layers and data sources to enhance protection against cyber threats. For instance, in October 2022, Check Point Software Technologies Ltd., an Israel-based software company, launched Checkpoint Quantum Titan, a revolutionary cybersecurity platform that harnesses the power of artificial intelligence (AI) and deep learning to provide advanced threat prevention and autonomous IoT security. This platform is unique in its ability to identify IoT devices and apply zero-trust threat prevention profiles. Initial investments in three cybersecurity startups include Dig Security, Enso Security, and Zero Networks. It is designed to identify IoT devices and apply zero-trust threat prevention profiles efficiently, making it a comprehensive solution for addressing complex cybersecurity challenges.
The electronic toll collection market covered in this report is segmented –
1) By Type: Automatic Vehicle Classification (AVC), Violation Enforcement System (VES), Automatic Vehicle Identification System (AVIS), Other Types
2) By Payment Method: Prepaid, Hybrid, Postpaid
3) By Technology: Radio Frequency Identification (RFID), Dedicated Short Range Communication (DSRC), Global Navigation Satellite System (GNSS) Or GPS, Video Analytics, Cell Phone Tolling, Other Technologies
4) By End-user: Highway, Urban Area
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Regional Insights –
North America was the largest region in the electronic toll collection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic toll collection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the electronic toll collection market are Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Thales Group, Infineon Technologies AG, Siemens Mobility, Ferrovial S.E., Xerox Holdings Corporation, Conduent Inc., TransCore, Cubic Corporation, SKIDATA GmbH, VITRONIC, Kapsch TrafficCom, IBI Group Inc., Neology Inc. , Sensys Gatso Group, Q-Free ASA, Autostrade per l’Italia S.p.A., EFKON AG, Star Systems International Ltd., Far Eastern Electronic Toll Collection Co. Ltd., Ingenico, Perceptics LLC, TagMaster, GeoToll Inc., Watchdata Technologies, Korea Smart Card Co. Ltd., Electronic Transaction Consultants LLC
Table of Contents
1. Executive Summary
2. Electronic Toll Collection Market Report Structure
3. Electronic Toll Collection Market Trends And Strategies
4. Electronic Toll Collection Market – Macro Economic Scenario
5. Electronic Toll Collection Market Size And Growth
…..
27. Electronic Toll Collection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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