Electronic Toll Collection Market to Cross USD 18.11 billion by 2032 | Report by SNS Insider

Electronic Toll Collection Market Driven by Technological Advancements and Government Initiatives

AUSTIN, TX, UNITED STATES, February 4, 2025 /EINPresswire.com/ -- Market Size & Industry Insights

As Per the SNS Insider,“The Electronic Toll Collection Market was USD 9.4 billion in 2023 and is expected to reach USD 18.11 billion by 2032 and grow at a CAGR of 7.56% over the forecast period of 2024-2032.”

Electronic Toll Collection Systems Are Driving Growth by Enhancing Efficiency and Reducing Traffic Congestion Globally

The Electronic Toll Collection Market is expected to witness considerable growth because of benefits such as efficient use of time, accurate identification of vehicles, and ongoing technological improvements. Governments' efforts toward digital tolling systems boost the Electronic Toll Collection Market in both developing and developed countries. In developed economies, highway, tunnel, and bridge toll collection frequently leads to traffic congestion and accidents. To deal with such problems, authorities are incorporating Electronic Toll Collection systems in conjunction with traditional toll collection systems to efficiently manage traffic flow.

The cashless payment system is more convenient and efficient for commuters. Strong government support, particularly in emerging economies, is enabling fast deployment of Electronic Toll Collection solutions to reduce traffic congestion, accident rates, and environmental pollution levels.

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SWOT Analysis of Key Players as follows:
- Abertis
- Cubic Corporation
- GeoToll
- Kapsch TrafficCom
- Raytheon Company
- Conduent
- Denso Corporation
- International Road Dynamics
- Perceptics
- Siemens

RFID Technology and Highway Applications Drive Growth in the Electronic Toll Collection Market

By Technology:
In 2023, the RFID segment led the Electronic Toll Collection Market, accounting for 28% of the market share. The high penetration of RFID technology in vehicle identification and toll collection systems can be ascribed to the cost-effective and efficient solutions that this technology offers. The low maintenance requirements of RFID systems, coupled with robust performance in a wide range of environmental conditions, make them a reliable option for seamless toll operations.

By Application:
The highway segment accounted for a substantial 32% market share in 2023 and is predicted to have the fastest CAGR over the forecast period 2024-2032. It is triggered by the increasing miles traveled by vehicles and the urgent demand for effective toll collection systems on highways. The deployment of Electronic Toll Collection systems on highways does not only help in improving the flow of traffic by reducing vehicle stoppages but also reduces waiting times at toll plazas, which can lead to enormous fuel savings and reduced emissions.

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KEY MARKET SEGMENTS:

BY TYPE
Transponder (Tag-based Tolling Systems)
Other Tolling Systems

BY OFFERING
Hardware
Back-office & Other Services

BY TECHNOLOGY
RFID
DSRC
GPS
GNSS
Others

BY APPLICATION
Highways
Urban Areas

North America Led the Electronic Toll Collection Market with Technological Advancements and Government Support

North America will continue to dominate the Electronic Toll Collection Market over the forecast period 2024-2032. The main driver for the region is the shift from old payment methods to modern digital solutions, like RFID tags, which ensure that toll processing occurs faster and in a more efficient manner. Another factor is compact components and adoption of new technologies, such as GPS and GNSS, used for toll collection and vehicle tracking.

An added percentage of government initiatives toward achieving congestion-free transportation supports the Electronic Toll Collection Market. In addition to this, efforts to upgrade tolling infrastructure, coupled with the soaring demand and production of vehicles, are boosting the adoption rate in North America. Moreover, the infusion of frontline technological solutions is making operations easy and streamlined, reducing administrative expenses, and providing the best user experience. All these factors place North America as one of the key drivers of the Electronic Toll Collection Market globally.

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Recent Developments

July 2024: Fastned and a subsidiary of Abertis Group, Autopistas, announced the signing of an agreement regarding the construction of two fast-charging stations, which will be built in service areas Garraf North and Garraf South belonging to Autopista, on the province of Barcelona. Project specifications include the installation of 16 chargers, with output of up to 400 kW of power for a charge capable of reaching approximately 300 kilometers in about 15 minutes.

January 2024: Kapsch TrafficCom and the Swiss company LostnFound, part of AddSecure, have been granted a contract by the Swiss Federal Office for Customs and Border Security (BAZG) for hardware and services to be used in the country's national truck tolling system. The deal is for eight years with a possible two-year extension and will amount to about €54 million. The deal for the 50:50 joint venture comprises customer service, vehicle equipment and data collection of heavy goods vehicles with a gross weight of over 3.5 tonnes.

Table of Content - Major Points Analysis

Chapter 1. Introduction

Chapter 2. Executive Summary

Chapter 3. Research Methodology

Chapter 4. Market Dynamics Impact Analysis

Chapter 5. Statistical Insights and Trends Reporting

Chapter 6. Competitive Landscape

Chapter 7. Electronic Toll Collection Market Segmentation, by Type

Chapter 8. Electronic Toll Collection Market Segmentation, by Offering

Chapter 9. Electronic Toll Collection Market Segmentation, by Technology

Chapter 10. Electronic Toll Collection Market Segmentation, by Application

Chapter 11. Regional Analysis

Chapter 12. Company Profiles

Chapter 13. Use Cases and Best Practices

Chapter 14. Conclusion

Continued…

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Akash Anand
SNS Insider
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info@snsinsider.com