What Is The Definition Of The Global Electronic Toll Collection Market?
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.
Electronic Toll Collection Global Market Report 2024 provides data on the global electronic toll collection market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electronic toll collection market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Electronic Toll Collection Market Size Expected To Change, And What Are The Growth Rate Projections?
The electronic toll collection market has grown steadily, with its size expected to increase from $7.97 billion in 2023 to $8.71 billion in 2024 at a CAGR of 9.3%. This growth has been fueled by the demand for efficient traffic management, rising adoption of digital technologies, and advanced toll solutions. The market is set to reach $12.59 billion by 2028 at a CAGR of 9.7%, driven by highway traffic growth, increased investments in highway infrastructure, and contactless payment adoption. Trends include a shift to all-electronic tolling, integration of mobile-based solutions, and a stronger focus on user experience and operational efficiency.
Which Drivers Are Accelerating Growth In The Electronic Toll Collection Market?
The increasing highway traffic is expected to drive the growth of the electronic toll collection market. Highway traffic has grown due to poor urban planning, infrastructure expansion, and other factors. Electronic toll collection systems help alleviate traffic congestion by allowing vehicles to pass tolling points without stopping. This system improves travel times and the overall efficiency of highways, accommodating the rising volume of vehicles. For example, Interwest Safety Supply reported that vehicle miles traveled in the U.S. increased by 325 billion miles in 2021, or 11.2% from the previous year. As highway traffic grows, electronic toll collection systems are becoming more essential.
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What Are The Core Segments Of The Global Electronic Toll Collection Market?
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
Which Emerging Trends Are Reshaping The Electronic Toll Collection Market Size?
Major companies in the electronic toll collection industry are working on advanced solutions like the 'One Vehicle and One FASTag' initiative to enhance the effectiveness of toll systems. For example, in January 2024, the National Highways Authority of India (NHAI) launched the 'One Vehicle, One FASTag' initiative to improve toll plaza efficiency by discouraging the use of a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle. NHAI is urging FASTag users to complete the 'Know Your Customer' (KYC) process on their FASTags and update them as per Reserve Bank of India guidelines. This initiative aims to optimize toll operations and ensure smoother travel on national highways.
What Is The Largest Region In The Electronic Toll Collection Market?
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.
