Rising Demand and Technological Advancements Propelling the Electronic Toll Collection Market: Market Research Report

Overview and Scope
Electronic toll collection (ETC) is an automated system that collects tolls on highways, bridges, tunnels, and other roads without requiring traffic to stop or slow down at toll booths. These systems provide drivers with convenience by allowing seamless transit through toll points without needing to carry cash or wait in line at toll booths.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The electronic toll collection market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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