According to Markntel Advisors Report, Electronic Toll Collection Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

To make toll payment easy, electronic toll collection fast-tracks the process of paying for tolls. This is done through cashless transactions that help to reduce congestion resulting from traditional methods of paying in the form of cash or using credit cards at a given toll site. The devices allow cars to pass through booths without stopping, using scanners to collect money. Unlike cash tolls, electronic systems accommodate vehicles without transponders, facilitating smoother traffic flow on toll roads, whether privately or publicly managed. By eliminating manual operations, electronic toll collection significantly reduces traffic congestion.

Electronic Toll Collection Market Research Report & Summary:

The Global Electronic Toll Collection Market size is estimated to be USD 10.08 billion in 2024 & is expected to grow at a CAGR of around 8.9% during the forecast period, i.e., 2024-30.                    

Time Period Captured in the Report:

·        Historical Years: 2019-2022

·        Base Years: 2023

·        Forecast Years: 2024-2030

Who are the Key Players Operating in the Electronic Toll Collection Market?

The top companies of the Electronic Toll Collection Market ruling the industry are: 

Kapsch TrafficCom AG, Neology, Conduent, Inc., Efkon Gmbh, TransCore, Thales, Cubic Corporation, Siemens, Infineon Technologies Ag, Feig Electronic, Toshiba Corporation, Mitsubishi Heavy Industries, Ltd., Quarterhill Inc., Perceptics, Llc, Star Systems International Ltd., Others

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What is included in Electronic Toll Collection Market Segmentation?

The Electronic Toll Collection Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Type
• Transponders/Tag-based Tolling Systems- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)
• By Payment Mode
• Prepaid Pay Tolls- Market Size & Forecast 2019-2030, (USD Million)
• Post-Paid Pay Tolls- Market Size & Forecast 2019-2030, (USD Million)
• By Technology
• Radio-Frequency Identification (RFID)- Market Size & Forecast 2019-2030, (USD Million)
• Dedicated Short-Range Communication (DSRC)- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)
• By Offering
• Hardware- Market Size & Forecast 2019-2030, (USD Million)
• Back Office- Market Size & Forecast 2019-2030, (USD Million)
• Other Services- Market Size & Forecast 2019-2030, (USD Million)
• By Application- Market Size & Forecast 2019-2030, (USD Million)
• Highways- Market Size & Forecast 2019-2030, (USD Million)
• Urban Areas- Market Size & Forecast 2019-2030, (USD Million)
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

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Electronic Toll Collection Market Driver:

Surge in the Requirement of Mitigating Traffic Congestion & Reducing Road Accidents – The implementation of Electronic Toll Collection (ETC) systems has a pivotal role in alleviating traffic congestion and enhancing road safety. There are many causes that contribute to traffic jams on highways, among which are increased emissions and accident risks (which result from it) when cars have to stop at toll booths. However, the introduction of ETC systems has made toll collection a more seamless process, enabling vehicles to pass through toll points without delays. With no need for manual intervention during toll collection, ETC systems ensure the free flow of traffic, which would otherwise be held up due to the stops made at traditional toll plazas. The countries lose a huge part of their GDP because road crashes claim about 1.2 million lives annually, according to the 2023 WHO Report. This forces governments all over the world to modernize transportation infrastructure, where the adoption of ETC is seen as an important measure to ensure road safety and optimize traffic flow.

The adoption of ETC systems on a large scale stands as a pivotal market driving force, revolutionizing traditional toll plazas. ETC systems significantly boost toll transaction rates by enabling seamless vehicle passage, curbing traffic congestion, and reducing air pollutant emissions. With ETC lanes offering a flow rate four times faster than manual toll collection, tollbooths equipped with ETC systems efficiently manage escalating traffic volumes without requiring additional lanes. Moreover, ETC technology empowers transportation authorities to leverage transaction data and traffic sensors, pinpoint congestion hotspots, and implement proactive traffic management strategies. As countries increasingly embrace Intelligent Transportation Systems (ITS), the demand for ETC systems intensifies, driven by their convenience, enabling drivers to pay toll fees using cards and eliminating the hassle of carrying cash.

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