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From USD 7.2 billion in 2021, the global electronic toll collection market size is expected to grow to USD 12.2 billion by 2027. It will exhibit a CAGR of 7.9% during the projection period. The deployment of electronic toll collecting systems is predicted to accelerate as transportation infrastructure develops, allowing for faster monetary and cashless transactions at toll booths and reduced traffic congestion on highways.
The advancement in smart transportation systems, increased requirement for efficient traffic management solutions, growth in population, and technological development like real-time tracking and monitoring devices on vehicles and RFID sensors will have a favorable impact on the ETC systems globally.
Furthermore, the surge in initiatives taken by the government to have congestion-free transportation, rapid growing vehicle demand, the shift in consumer preferences, and rising production in emerging and advanced countries to develop smart vehicles will proliferate the market outlook for the electronic toll collection industry.
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Nevertheless, the rising public-private partnerships in transportation, development of innovative solutions, huge investments by market players along with the rising number of contracts to deploy and install solutions in various countries will accelerate the market growth of the electronic toll collection industry.
The electronic toll collection industry was negatively affected owing to temporary shutdown of manufacturing units and travel bans. The temporary closure and a lack of personnel or raw material supplies had a substantial impact on businesses in the automotive, transportation, construction, and semiconductor industries.
Foreign trade restrictions and the execution of various government policies to take precautionary measures also had an impact on market growth. Nonetheless, the business is likely to grow with the gradual relaxation of imposed lockdowns and the reopening of the transportation sector.
The global electronic toll collection industry on the basis if technology is classified into Infrared, GNSS & GPS, Dedicated Short-Range Communication (DSRC), Radio-Frequency Identification (RFID), and Video Analytics. RFID tags is anticipated to have a significant growth during the projection period. To automate the deduction of toll amounts, RFID tags are scanned via RFID reader installed on an electronic toll collection system. This method allows a simple way to share payment information between automobile owners and toll authorities. Thus, electronic toll collection offers transparency, and manual labor and human errors are minimized.
Asia Pacific’s electronic toll collecting market is anticipated to grow at a faster pace during the analysis period. The elements contributing to region’s market demand include rapid urbanization that is leading to traffic congestion, a robust economy, and increased disposable income. A number of countries in the region have begun to adopt cutting-edge technology. For example, Singapore’s Land Transport Authority (LTA) has partnered with the Intelligent Transportation Society of Singapore (ITSS) to implement the ‘Smart Mobility 2030’ strategy plan. Such smart mobility projects will promote the development and deployment of ETC solutions to make road traffic safer and more efficient.
In December 2021, The North Carolina Turnpike Authority (NCTA) has started implementing its next-generation back office system to provide transparency in all transactions and continue improving the customer experience for tolling facilities throughout the state as part of its long-term initiative to provide best-in-class account management and customer service.
The NCTA chose TransCore to design and build its customer service technology platform after a thorough procurement process that included a preliminary system design, as well as assessing probable vendor capabilities and projected system functionality. TransCore’s cloud-based system is capable of processing the 60 million tolling transactions processed by NCTA each year, and it can scale up to meet future growth. Customer satisfaction and trust are crucial measures for the NCTA, in addition to technical excellence.
Market Players in the Industry are:
Kapsch TrafficCom AG
Conduent Business Services, LLC
Raytheon Technologies Corporation
Toshiba Infrastructure Systems & Solutions Corporation
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