Information Technology
Electronic Toll Collection Market worth $15.20 billion by 2030 - Exclusive Report by MarketsandMarkets™
The highways segment is expected to grow at a higher CAGR of the electronic toll collection market during the forecast period. Faster and efficient toll collection, reduced traffic congestion, and shorter travel are the key reasons for demanding ETC systems on highways. Increasing traffic volumes each day on highways necessitates tolling automation to streamline operations. In addition, ETC helps improve revenue collection accuracy and preserve environmental sustainability by reducing vehicle idling and emissions.
The other technologies segment is anticipated to grow at the highest CAGR in the electronic toll collection market during the forecast period. More effective management of high traffic volumes in big cities is the reason for the rising interest in other technologies, such as automatic number/license plate recognition (ANPR/ALPR), automatic vehicle classification (AVC), and weigh-in-motion (WIM) tolling). With these systems, vehicle identification and classification are accurate, so there are fewer chances of errors. They make it easier to catch violations, ensure safer roads, and gather information needed for planning improvements, all of which make how tolls are operated more reliable.
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Asia Pacific is anticipated to capture the largest share of the global electronic toll collection industry in 2030. The surging infrastructure development, mainly of highways and cities, pushes up the demand for ETC systems in the region. With more people owning vehicles in these countries, the requirement for automated and flexible tolling increases. Additionally, the presence of highly populated countries, such as China and India , has deployed ETC systems to streamline the tolling operations.
Key companies in the electronic toll collection companies include Kapsch TrafficCom AG ( Austria ), Conduent Incorporated (US), ST Engineering (TransCore) (US), Thales ( France ), Siemens ( Germany ), Cubic Corporation (US), EFKON GmbH ( Austria ), Neology, Inc. (US), FEIG ELECTRONIC ( Germany ), and Q-Free ( Norway ).
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