CHICAGO, March 12, 2024 /PRNewswire/ — The global electronic toll collection market was valued at USD 10.1 billion in 2024 and is projected to reach USD 14.7 billion by 2029; it is expected to register a CAGR of 7.9% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for electronic toll collection systems is attributed to the Urgent need to mitigate traffic congestion and reduce road accidents, strong government support through funding and investment in deployment of advanced tolling solutions, and high convenience due to automated payment options.
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Browse in-depth TOC on “Electronic Toll Collection Market”
154 – Tables
59 – Figures
229 – Pages
Electronic Toll Collection Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 10.1 billion |
|
Estimated Value by 2029 |
$ 14.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.9% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Technology, Offering, Application, Type and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Data privacy concerns |
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Key Market Opportunities |
Significant focus on minimizing fuel consumption and emissions for economic and environmental gains |
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Key Market Drivers |
Urgent need to mitigate traffic congestion and reduce road accidents |
By Application: Highways segment to account for the larger market share in the forecasted year.
The highway segment accounted for the larger share of ~91% of the electronic toll collection market in 2029. Highways are an essential means to go from one location to another quickly and efficiently. Vehicles are driven at high speeds on highways; however, high-speed traffic can also pose certain challenges. Hence, safety is crucial on roads designed and constructed for high-speed travel. The more real-time information that motorists receive on the current traffic situation, the safer they are while driving. Kapsch TrafficCom’s intelligent urban traffic concepts are based on advanced technologies, such as ANPR, DSRC, and GNSS, to ensure calculation of the correct payment of tolls. These technologies have demonstrated efficacy in highway toll collection and ensure high reliability and accuracy.
By Offering: Back Office & Other Services segment to account for the larger market share in the forecasted year.
Back Office & Other Services segment accounted for the larger share of ~75% of the electronic toll collection market in 2029. The back-office integration and enforcement services include customer services and services related to host and toll plaza systems. Host and plaza systems collect transactional data from all types of lanes, summarize data, generate reports, and download files providing details regarding toll rates, toll schedules, and transponder status lists. Back-office operations involve the management of payments made via generic payment methods, barcoding, online modes, digital payment methods, RFID, etc.
By Technology: The RFID segment accounts for the largest market share in the forecasted year.
The RFID segment accounted for the largest market share of ~64% in 2029. RFID technology utilizes radio-frequency electromagnetic fields to identify objects that carry RFID tags. This technology is used for electronic identification, tracking, and storing information on a tag. Two-way radio transmitters/receivers, also called interrogators or readers, send a signal to the tag and read its response. RFID readers scan the tag and send the information to the database for storage. RFID is a prominent electronic toll collection technology due to its low operational cost.
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Asia Pacific is expected to hold the largest share of the electronic toll collection market during the forecast period.
Asia Pacific held the largest share of ~32% in the electronic toll collection industry in 2029. Asia Pacific is one of the most important high-potential markets for electronic toll collection systems. The market in this region has been segmented into China, Japan, ASEAN countries, and Rest of Asia Pacific. For most countries in the region, Asia Pacific is in the early stage of adopting electronic toll collection solutions. Rapid urbanization and industrialization and strong government support for infrastructure development have fueled the adoption of electronic toll collection systems in the region. The increasing urban population has given rise to more traffic congestion, which has increased the number of accidents and deteriorated the environment. Electronic toll collection systems’ deployment prevents accidents and improves the environment by reducing air pollution.
Key Players-
The key players in electronic toll collection companies include Kapsch TrafficCom AG (Austria); Conduent, Inc. (US); TransCore (US); Thales (France); Cubic Corporation (US).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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