The electronic toll collection market is projected to reach USD 11.9 billion by 2027 from USD 7.2 billion in 2020; it is expected to grow at a CAGR of 7.4 % during the forecast period .. Electronic toll collection system is an automated system, eliminating manual operations by toll payers and receivers The primary drivers of the upcoming growth comprise the need to save travel time, cashless travel facility, the need to stop/minimize the traffic congestion and fast toll transaction. However, factors like high installation cost and a high dependence on government are hindering the growth of this market to some extent. The ETC market is expected to continue its rapid expansion to meet the surging demand for an improved, safe and secure infrastructure. The ETC system provides fast, efficient and cost-effective services. They have easy to operate buttons with a user-friendly design. They are also beneficial for traffic agencies and companies as these systems eliminate the need for multiple toll plazas, acting as a cost-saving factor for road operator agencies. Electronic toll collection systems have a positive impact on the environment as it reduces the amount of exhaust emitted from vehicles during start-up and stop at manual toll booths.
Road infrastructure and telecommunication technology are among the basic elements that need to be on top for the installation of an ETC system. Economically developing countries lack suitable infrastructure, along with the absence of required technology, affecting the penetration of ETC systems in these markets. Poor communications infrastructure such as lack of mobile penetration, internet, and computer; inadequate transportation; illiteracy; limitations on electricity supply; and shortage of other key resources are some of the factors that restrict domestic and foreign investments in such countries, which further obstructing the growth of advanced transportation systems, such as ETC, in such countries. Additionally, the outbreak of the COVID-19 pandemic is also expected to have a considerable negative impact on the economic conditions of these countries.
ETC systems are not easy to deploy by a single stakeholder; it requires the collaboration of multiple entities, including telecom operators, infrastructure providers, manufacturers, service providers, public sector, and user groups. Thus, the public-private partnership (PPP) model can be a key to the successful implementation of the integrated ETC system.
KapschTrafficCom (Austria), Conduent Business Services, LLC (US), EFKON GmbH (Austria), TransCore (US), Thales Group (France), Raytheon Technologies Corporation (US), Cubic Corporation (US), Siemens (Germany), Neology, Inc. (US), and VINCI (France) are a few major players in the electronic toll collection market.
North America is expected to dominate the market share during the forecast timespan owing to heavy deployment of electronic toll collection systems in the developed economies. Stringent government regulations and mandatory standards will propel the industry demand in this region.
Asia pacific is predicted to showcase an exponential growth rate over the forecast timeline owing to high demand of these systems in the emerging economies such as China, India, South Korea, Philippines, Singapore, and Malaysia. Increasing traffic and development of road infrastructure has led to these systems demand, thus fuelling the industry growth
Road infrastructure and telecommunication technology are among the basic elements that need to be on top for the installation of an ETC system. Economically developing countries lack suitable infrastructure, along with the absence of required technology, affecting the penetration of ETC systems in these markets. Poor communications infrastructure such as lack of mobile penetration, internet, and computer; inadequate transportation; illiteracy; limitations on electricity supply; and shortage of other key resources are some of the factors that restrict domestic and foreign investments in such countries, which further obstructing the growth of advanced transportation systems, such as ETC, in such countries. Additionally, the outbreak of the COVID-19 pandemic is also expected to have a considerable negative impact on the economic conditions of these countries.
ETC systems are not easy to deploy by a single stakeholder; it requires the collaboration of multiple entities, including telecom operators, infrastructure providers, manufacturers, service providers, public sector, and user groups. Thus, the public-private partnership (PPP) model can be a key to the successful implementation of the integrated ETC system.
KapschTrafficCom (Austria), Conduent Business Services, LLC (US), EFKON GmbH (Austria), TransCore (US), Thales Group (France), Raytheon Technologies Corporation (US), Cubic Corporation (US), Siemens (Germany), Neology, Inc. (US), and VINCI (France) are a few major players in the electronic toll collection market.
North America is expected to dominate the market share during the forecast timespan owing to heavy deployment of electronic toll collection systems in the developed economies. Stringent government regulations and mandatory standards will propel the industry demand in this region.
Asia pacific is predicted to showcase an exponential growth rate over the forecast timeline owing to high demand of these systems in the emerging economies such as China, India, South Korea, Philippines, Singapore, and Malaysia. Increasing traffic and development of road infrastructure has led to these systems demand, thus fuelling the industry growth
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