Electronic Toll Collection Market Introduction and Overview
According to SPER Market Research, the Global Electronic Toll Collection Market is estimated to reach USD 25.08 billion by 2033 with a CAGR of 10.78%.
The report includes an in-depth analysis of the Global Electronic Toll Collection Market, including market size and trends, product mix, applications, and supplier analysis. The term "Electronic toll collection" refers to cashless toll collection technology, which helps alleviate traffic congestion on toll collection sites caused by the laborious procedure of collecting cash or plastic money. Vehicles are not required to stop at toll booths in order to collect these tolls. When a car stops at a toll booth, these systems scan the car to start collecting. In order to allow cars to pass the booth without the need for transponders, they operate on cash tolls. A private or public road that levies a price for use is known as a toll road. Because electronic toll collecting does not require manual labour, it avoids traffic jams.
- In October 2021: RVers may now travel the entire country with a single transponder and pay their tolls electronically without stopping at a toll booth, thanks to a new device that TransCore introduced. RV Toll Pass will transform the way RVers traverse various tolling jurisdictions across the US. RV Toll Pass is available for all RV configurations, including motor homes and trailers, and enables users to be tolled at the electronic rate, which is usually less expensive than the cash or video toll rate. This is made possible by TransCore's multi-protocol National Pass technology.
- In November 2020: A system designed by Raytheon Technologies is ideal for clearing traffic in big cities. With a more compact design that mounts on pre-existing infrastructure, the Optical Detection Intelligent Network, or ODIN, performs the functions of a conventional overhead gantry. A conventional gantry, a camera, and an illuminator for the front and rear plates are used to help manage congestion. To make it durable, ODIN combines all of those into a single camera and sensor.
Market Opportunities and Challenges
The proliferation of tolling systems in developing nations offers market participants profitable opportunities to grow their businesses. The market is growing because of the following main factors: fewer accidents, traffic jams, and pollution; strong government support for more electronic toll collection system deployment; convenience from cashless payments; and technological advancements in transportation infrastructure. It is projected that the growing use of electronic toll collecting systems in emerging nations and the enforcement of strict government rules pertaining to the installation of such systems will present lucrative opportunities for market expansion. Additionally, during the forecast period, the electronic toll collection market players will have furhter opportunities due to the rise in the use of blockchain technology in toll collection systems, the surge in the use of blockchain technology in toll collection systems from coin-based or manual tolling systems, and the increase in partnerships between the public and private sectors for transportation.
However, the introduction of strict regulations in some areas is anticipated to impede the expansion of the electronic toll collection sector. There will likely be challenges for the electronic toll collecting sector due to the growing number of concerns related to common standards, interoperability, and toll system selection. Additionally, hefty installation-related upfront expenditures combined with high running and maintenance expenses impede market expansion. Furthermore, a major hindrance to the market's expansion is the absence of standardisation in toll collection systems and the heavy reliance on government approvals for electronic toll collection.
Market Competitive Landscape
The major players in the Global Electronic Toll Collection market include: American Traffic Solutions, Conduent Inc., Cubic Corporation, Electronic Transaction Consultants Corporation, Far Eastern Electronic Toll Collection Co Ltd., Kapsch TrafficCom AG, MITSUBISHI HEAVY INDUSTRIES LTD, Perceptics LLC, Raytheon Company, Siemens AG, Star Systems International, Thales Group, Toll Collect GmbH, TOSHIBA CORPORATION, Others. To improve their market position, these businesses have used both organic and inorganic growth tactics, including product launches and developments, alliances, contracts, expansions, and acquisitions.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Technology, By Offering, By Application
|
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | American Traffic Solutions, Conduent Inc., Cubic Corporation, Electronic Transaction Consultants Corporation, Far Eastern Electronic Toll Collection Co Ltd., Kapsch TrafficCom AG, MITSUBISHI HEAVY INDUSTRIES LTD, Perceptics LLC, Raytheon Company, Siemens AG, Star Systems International, Thales Group, Toll Collect GmbH, TOSHIBA CORPORATION, Others
|
COVID-19 Impact on Global Electronic Toll Collection Market
The global economy experienced a severe impact from the COVID-19 outbreak, with the transportation and logistics sector being particularly affected. Lockdown measures imposed by governments worldwide disrupted the movement of vehicles and people, leading to a significant downturn in the operations of transportation and logistics companies. Government development projects such as roads, highways, and bridges were halted, reducing the implementation of automated systems and hindering market growth. Toll collection in India, the U.S., Canada, and European countries was adversely affected by the pandemic. Although lockdown restrictions eased in the second quarter of 2020, creating a new normal, the demand for Electronic Toll Collection (ETC) slightly increased due to its contact-free payment method, helping curb the spread of COVID-19. Amid the pandemic, the construction of highways and bridges resumed, driving the demand for automated toll-collection systems.
Key Target Audience:
- Government Agencies and Authorities
- Individual Drivers and Fleet Operators
- Law Enforcement Agencies
- Police and Traffic Authorities
- Technology Providers and System Integrators
- Toll Operators and Concessionaires
- Vehicle Manufacturers
- Others
Our in-depth analysis of the Electronic Toll Collection Market includes the following segments:
| By Type: | Automated Vehicle ClassificationAutomated Vehicle IdentificationTransaction ProcessingViolation Enforcement System |
| By Technology: | Dedicated Short-range Communication (DSRC)GNSS & GPSInfraredRadio-frequency Identification (RFID)Video Analytics |
| By Offering: | HardwareBack OfficeOther Services |
| By Application: | HighwaysUrban |
Key Topics Covered in the Report:
- Global Electronic Toll Collection Market Size (FY’2023-FY’2033)
- Overview of Global Electronic Toll Collection Market
- Segmentation of Global Electronic Toll Collection Market By Type (Automated Vehicle Classification, Automated Vehicle Identification, Transaction Processing, Violation Enforcement System)
- Segmentation of Global Electronic Toll Collection Market By Technology (Dedicated Short-range Communication, GNSS & GPS, Infrared, Radio-frequency Identification, Video Analytics)
- Segmentation of Global Electronic Toll Collection Market By Offering (Hardware, Back Office, Other Services)
- Segmentation of Global Electronic Toll Collection Market By Application (Highways, Urban)
- Statistical Snap of Global Electronic Toll Collection Market
- Expansion Analysis of Global Electronic Toll Collection Market
- Problems and Obstacles in Global Electronic Toll Collection Market
- Competitive Landscape in the Global Electronic Toll Collection Market
- Impact of COVID-19 and Demonetization on Global Electronic Toll Collection Market
- Details on Current Investment in Global Electronic Toll Collection Market
- Competitive Analysis of Global Electronic Toll Collection Market
- Prominent Players in the Global Electronic Toll Collection Market
- SWOT Analysis of Global Electronic Toll Collection Market
- Global Electronic Toll Collection Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Electronic Toll Collection Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Electronic Toll Collection Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electronic Toll Collection Market
7. Global Electronic Toll Collection Market, By Type (USD Million)
7.1. Global Electronic Toll Collection Market Value Share and Forecast, By Type, 2023-2033
7.2. Automated Vehicle Classification
7.3. Automated Vehicle Identification
7.4. Transaction Processing
7.5. Violation Enforcement System
8. Global Electronic Toll Collection Market, By Technology (USD Million)
8.1. Global Electronic Toll Collection Market Value Share and Forecast, By Technology, 2023-2033
8.2. Dedicated Short-range Communication (DSRC)
8.3. GNSS & GPS
8.4. Infrared
8.5. Radio-frequency Identification (RFID)
8.6. Video Analytics
9. Global Electronic Toll Collection Market, By Offering (USD Million)
9.1. Global Electronic Toll Collection Market Value Share and Forecast, By Offering, 2023-2033
9.2. Hardware
9.3. Back Office
9.4. Other Services
10. Global Electronic Toll Collection Market, By Application (USD Million)
10.1. Global Electronic Toll Collection Market Value Share and Forecast, By Application, 2023-2033
10.2. Highways
10.3. Urban
11. Global Electronic Toll Collection Market Forecast, 2019-2033 (USD Million)
11.1. Global Electronic Toll Collection Market Size and Market Share
12. Global Electronic Toll Collection Market, By Type, 2019-2033 (USD Million)
12.1. Global Electronic Toll Collection Market Size and Market Share By Type (2019-2026)
12.2. Global Electronic Toll Collection Market Size and Market Share By Type (2027-2033)
13. Global Electronic Toll Collection Market, By Technology, 2019-2033 (USD Million)
13.1. Global Electronic Toll Collection Market Size and Market Share By Technology (2019-2026)
13.2. Global Electronic Toll Collection Market Size and Market Share By Technology (2027-2033)
14. Global Electronic Toll Collection Market, By Offering, 2019-2033 (USD Million)
14.1. Global Electronic Toll Collection Market Size and Market Share By Offering (2019-2026)
14.2. Global Electronic Toll Collection Market Size and Market Share By Offering (2027-2033)
15. Global Electronic Toll Collection Market, By Application, 2019-2033 (USD Million)
15.1. Global Electronic Toll Collection Market Size and Market Share By Application (2019-2026)
15.2. Global Electronic Toll Collection Market Size and Market Share By Application (2027-2033)
16. Global Electronic Toll Collection Market, By Region, 2019-2033 (USD Million)
16.1. Global Electronic Toll Collection Market Size and Market Share By Region (2019-2026)
16.2. Global Electronic Toll Collection Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. American Traffic Solutions
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Conduent Inc.
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. Cubic Corporation
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Electronic Transaction Consultants Corporation
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Far Eastern Electronic Toll Collection Co Ltd.
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Kapsch TrafficCom AG
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. MITSUBISHI HEAVY INDUSTRIES LTD
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. Perceptics LLC
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Raytheon Company
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Siemens AG
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Star Systems International
17.11.1. Company details
17.11.2. Financial outlook
17.11.3. Product summary
17.11.4. Recent developments
17.12. Thales Group
17.12.1. Company details
17.12.2. Financial outlook
17.12.3. Product summary
17.12.4. Recent developments
17.13. Toll Collect GmbH
17.13.1. Company details
17.13.2. Financial outlook
17.13.3. Product summary
17.13.4. Recent developments
17.14. TOSHIBA CORPORATION
17.14.1. Company details
17.14.2. Financial outlook
17.14.3. Product summary
17.14.4. Recent developments
17.15. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope