Electronic Toll Collection System Market Worth $14.36 Billion, Globally, by 2030 - Exclusive Report by The Insight Partners
US & Canada, Sept. 09, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global electronic toll collection system market is observing significant growth owing to advanced developments in infrastructure technologies related to maintenance of highway, tunnels and bridges.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the electronic toll collection system market comprises a vast array of system and software which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The electronic toll collection system market is expected to reach US$ 14,369.80 million by 2031 from US$ 5,541.91 million in 2022, at a CAGR of 12.6% during the forecast period. Rising congestion has driven the demand for robust and efficient approaches to toll collection at gateways. The electronic toll collection systems are a cohesive unit that facilitates the automated toll collection process. The ETC system effectively identifies, classifies, and subsequently collects the transit transaction from the user accounts.
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2. Technological Innovations: Blockchain technology in toll collection systems is used to reduce fraud and cyberattacks. The technology ensures transactional integrity and payments to the central entity, financial auditing, and fraud control. The incorporation of blockchain technology into toll transaction systems is expected to create lucrative opportunities for the electronic toll collection system market growth in the coming years
3. Intelligent Toll Management: Intelligent toll management is advanced and technology-driven, utilizing a number of sensors, cameras, data analytics, and automation.
4. Government Regulation and Authorities: Government authorities such as federal highway administrations, ministry of transport, state department of transportation and other authorities play a crucial role in the implementation of electronic toll collection system.
5. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. North America is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on offering, the electronic toll collection system market is bifurcated into systems and services. The systems segment held a larger share of the electronic toll collection system market in 2023.
- By technology, the electronic toll collection system market is segmented into RFID, DSRC, ANPR, GNSS, and others. The RFID segment held the largest share of the electronic toll collection system market in 2023.
- In terms of application, the electronic toll collection system market is divided into highways and urban zones. The highways segment held a larger share of the electronic toll collection system market in 2023.
- The electronic toll collection system market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the electronic toll collection system market include Conduent Business Services, LLC., EFKON GmbH, Kapsch TrafficCom AG, Thales, TOSHIBA CORPORATION, TransCore, FAAC S.p.A., MITSUBISHI HEAVY INDUSTRIES, LTD., SICE, and P Square.
- Trending Topics: Toll Payment Solutions, Toll Operations Market, Automatic Toll Payment Machine.
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Global Headlines on Electronic Toll Collection System:
- " Spain-based Indra incorporated blockchain into its toll solutions to increase the protection and traceability of transactions "
- " Guatemalan highway operator SiVA announced the deployment of Thales' Peage Intelligent Transport Zero (PITZ) electronic toll collection system "
- " Conduent Transportation announced new digital payment solutions, using real-time payments over the RTP network, for the transportation sector "
- "The Thousand Islands Bridge Authority (TIBA) selected TransCore to design, develop, and maintain a next-generation toll collection system for its iconic international bridge that connects Wellesley Island, New York, to Hill Island, Ontario"
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Conclusion:
The ETC system offers congestion management, minimizes traffic at toll plazas, reduces vehicular traffic on highways, provides actionable insights into traffic patterns, and provides a seamless toll collection. The offerings have fueled the system demand among emerging economies and the growth of the toll collection system market. Moreover, the long-term economic and safety benefits are expected to drive the market during the forecast period. The integration of advanced technology and increasing applications of ETC system services are projected to have a profound influence on the market growth in the coming years.
The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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