The global electronic toll collection market is expected to register a CAGR of 10.5% during the assessment period.
The availability of efficient electronic solutions and the necessity for a reliable infrastructure are two major factors in the growth of the electronic toll collecting industry and improved CAGR.
The automated electronic toll collection system does away with manual toll payer and receiver actions. To address the soaring need for a better, safer, and more secure infrastructure, the ETC industry is anticipated to continue its rapid rise.
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Strong government support for accelerating electronic toll collection; ETC as an efficient technological solution to minimise traffic congestion, accidents, and environmental pollution.
Transponders have a great sales potential for vehicle identification in several countries, therefore spending on them can be raised. Since transponder-based tolling systems have reduced car emissions, governments will be more likely to pursue electronic toll collection initiatives.
Transponders, antennae, communication systems, treadles, inductive loops, scanning devices, weigh-in-motion devices, cameras, and film storage devices are some of the product categories that make up the market.
Automatic vehicle identification (AVI), automatic vehicle classification (AVC), back-office & integration, and violation enforcement system are just a few of the subsystems that make up an electronic toll collection system (VES). These subsystems serve a variety of purposes, including AVI for vehicle identification, AVC for vehicle categorization, toll collection transactions by fusing the back-office and payment systems, and VES for lowering unpaid tolls.
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What are the Market Drivers of the Electronic Toll Collection? For greater product uptake, electronic toll collecting system providers prioritise user-friendly design while incorporating cutting-edge technology.
The need to reduce travel time, the availability of cashless transportation, the need to reduce or eliminate traffic congestion, and quick toll transactions are the main factors influencing future growth.
The market for electronic toll collecting is predicted to keep growing quickly in order to keep up with the escalating need for an infrastructure that is better, safer, and more secure. The market for electronic toll collecting offers quick, effective, and reasonably priced services. They include user-friendly buttons that are simple to use.
Key Segments
By Product
- Transponders
- Antennae
- Communication systems
- Treadles
- Inductive loops
- Scanning devices
- Weigh-in-motion devices
- Cameras and film storage devices
By Technology
- Radio-Frequency Identification (RFID)
- Dedicated Short-Range Communications (DSRC)
- Video Analytics
- Global Navigation Satellite System (GNSS)
- Global Positioning System (GPS)
By Application
- Highway
- Urban
- Bridges
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