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
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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