ETC Market to Grow at 8.3% CAGR by 2030
Increase in cashless transactions and development of smart cities coupled with technological advancements are among the major factors expected to drive the electronic toll collection market growth.
The Electronic Toll Collection (ETC) market is expected to grow at a CAGR of 8.3% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Electronic toll collection system (ETC Electronic Toll Collection (ETC) is meant for automatic toll collection without the need for the driver to stop the vehicle. ETC detects the registered vehicle and deducts the fare directly from the linked account making the process hassle free. It is intended to reduce the traffic congestions on tolls booths. Also, the electronic toll collection system is more efficient in comparison with traditional toll systems. The growing demand for faster and convenient transportation norms coupled with advancement in technology are factors expected to propel the electronic toll collection market growth during the forecast period. However, high cost of installation, maintenance and operation are factors restricting the market growth.
Based on subsystem, the electronic toll collection market is segmented into automated vehicle identification, automated vehicle classification, violation enforcement system and transaction processing. On the basis of technology, the electronic toll collection system is segmented into radio frequency identification, dedicated short range communication, infrared, GPS/GNSS and video analytics. On the basis of application, the electronic toll collection market is segmented into urban and highway. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Due to the trillion dollar infrastructural push by the U.S. government, the North America is expected to dominate the electronic toll collection market throughout the forecast period. However, Asia Pacific is also expected to show exponential growth within the forecast period owing to the growing need to reduce traffic congestions, increase in cashless transactions, and government funding towards transportation infrastructure in this regions.
According to the report, some the key players in the market are 3M, Transcore Holdings, Inc., Xerox Corporation, TrafficCom, TRMI Systems Integration, Sensor Dynamics, Toll Collect GmbH, Kapsch, Cubic Transportation Systems, Inc., Q-Free and EFKON AG, among others.
Browse key industry insight from the report, “Electronic Toll Collection Market by Subsystem (Automated Vehicle Identification, Automated Vehicle Classification, Violation Enforcement System, and Transaction Processing), Technology (Radio-frequency Identification, Dedicated Short-range Communication, Infrared, GNSS & GPS, and Video Analytics), and Application (Urban and Highways) - Global Opportunity Analysis and Industry Forecast, 2020-2030”
Key Insights from the Electronic Toll Collection Report:
Current emerging trends and opportunities are extensively analysed in electronic toll collection market report.
The forecast of the electronic toll collection market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report electronic toll collection market – is segmented by subsystem, technology, application and geography.
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