According to our latest study on “Electronic Toll Collection System Market Forecast to 2030 – Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Offering, Technology, and Application,” the Electronic Toll Collection System market size is expected to reach US$ 14.36 billion by 2030 from 5.54 billion in 2022, at an estimated CAGR of 12.6% from 2022 to 2030.

Surging Demand for Effective Traffic Management at Toll Plaza to Provide Lucrative Opportunities for Electronic Toll Collection System Market Growth During Forecast Period

The state of road infrastructure plays an essential role in the economy's growth as it connects important small cities, towns, and metropolitan cities for freight transportation by road. Moreover, the continuous maintenance, expansion, and improvement of expressways, highways, bridges, and tunnels ensure the continuous, uninterrupted movement of goods, which contribute toward the respective country's GDP. However, the administrators face the challenge of maintaining road infrastructure growth along with the number of registered vehicles. As a result, the central or state government agency deploys various tolls for fees and levy tax across strategic locations on roadways for financing new infrastructure, controlling traffic, maintenance, and management of congestion of vehicles. 

Rapid urbanization has driven the demand for a robust network of roads connecting cities and towns across the countries globally. Subsequently, this has boosted the investment toward the development of highways, bridges, and expressways for improved freight transportation by road. As a result, this is increasing the demand for efficient toll collection systems in the region's economies owing to the surge in the number of registered vehicles. 
Globally, many companies and government authorities have signed contracts for deploying ETC. A few of them are mentioned below.
• In June 2023, Thousand Islands Bridge Authority (TIBA) selected TransCore to design, develop, and maintain an advanced, next-generation toll collection system for its international bridge that connects Wellesley Island (New York, US) to Hill Island (Ontario, Canada).
• In January 2022, the National Highways Authority of India (NHAI) tested the Advanced Traffic Management System (ATMS). This new system is expected to be soon installed on all the national highways and expressways across the country.
• In December 2020, Kapsch TrafficCom signed a contract to implement a solution of electronic toll collection system market for the MRO Paquete Noreste highways in Mexico. 
Therefore, numerous contracts contributing to the demand for effective traffic management at toll plazas are anticipated to create lucrative business opportunities for ETC manufacturers and providers in the coming years.

Key Findings of Electronic Toll Collection System Market Study:

The Electronic Toll Collection System market is categorized on the basis of offering, technology, application, and geography. Based on offering, the Electronic Toll Collection System market is segmented into systems and services. By technology, the electronic toll collection system market is segmented into ANPR, RFID, GNSS, DSRC, and others. Based on application, the electronic toll collection system market is categorized into urban zones and highways. The Electronic Toll Collection System market, based on geography, is categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Based on offering, the Electronic Toll Collection System market is segmented into systems and services. The systems segment held the largest share of the Electronic Toll Collection System market in 2022. The electronic toll collection system constitutes hardware and software installed across different infrastructures over expressways, bridges, tunnels, onboard vehicles, and toll gateways. The hardware equipment includes lane hardware and toll station hardware. Lane hardware mainly consists of roadside antenna units, high-speed electric barriers, toll lane controllers, ETC lane signal lights, lane traffic lights, multifunction displays for toll collection, lane surveillance cameras, vehicle detectors, switches, computer networks, etc. Toll station hardware mainly contains switches, workstations, and ETC toll servers. ETC systems generally consist of hardware equipment such as transponders, antenna units, signal receivers, toll servers, optical sensors, in-road sensors, overhead cameras, roadside communication units, and tag readers. Two aspects of hardware equipment—one installed at the toll gateways and the other one onboard the vehicle—need to work cohesively for the ETC system to function efficiently. This equipment is responsible for gathering input data points for the software and algorithms to work upon to segregate relevant and nonrelevant data followed by identification and transaction related to toll. Moreover, based on the gathered data, the system can engage with necessary enforcement or alert the appropriate authority as per the system design. Also, the solutions provider ensures the availability of onboard vehicle tags at the local convenience store, registration of new user accounts, and related back-office support for the error-free functioning of the ETC system. The software helps with data acquisition and data communication. It also helps increase operational efficiencies for the toll collection system.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com