Global Electronic Toll Collection Market- Industry Trends & Forecast Report 2027 - PDF document

Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 Global Electronic Toll Collection Market - Industry Trends & Forecast Report 2027 Summary Global Electronic Toll Collection Market, By Technology (Automatic vehicle classification (AVC), Violation enforcement system (VES), Automatic vehicle identification (AVI), T ransaction processing), By Mean of Collection (Prepaid , Postpaid, Hybrid) By Application ( Highways and Urban Zones); By Region (North America, Europe, Asia - Pacific, Rest of the world); Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A re cent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global Electronic Toll Collection market was worth USD 6.23 [M1] billion in 2020. According to the study, the market is expected to grow at the CAGR of 1 1.86% during 2021 - 2027 (forecast period), earning revenue of around USD 13.65 [M2] billion by the end of 2027. T he ability of ETC to reduce accidents, traffic congestion, and pollution, as well as strong government policies to expedite electronic toll collection, broader acceptance of cashless payments, and growing usage of innovative mobility technology, are all co ntributing to the growth of the global Electronic Toll Collection market . Global Electronic Toll Collection Market - Industry Trends & Forecast Report 202 7 The global Electronic Toll Collection market was worth USD 6 .23 billion in 2020. According to the s tudy, the market is expected to grow at the CAGR of 11.86% during 2021 - 2027 (forecast period), earning revenue of around USD 13.86 View report Press release Sample report Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 billion by the end of 2027. Strong government regulations to streamline electronic toll collection, increased adoption of cas hless payments, and growing use of new mobility technology are all contributing to the global Electronic Toll Collection market's growth . Global Electronic Toll Collection Market Overvie w The electronic toll collection (ETC) system is a high - tech device that collects tolls automatically without the car having to stop. It employs cutting - edge technological solutions like DSRC, GPS, and GNSS toll collection and tracking solutions, and video analytics to effectively manage traff ic in congested locations, making toll collection easier . The global electronic toll collection industry is growing due to an increase in demand for transportation infrastructure that is both safe and efficient. Furthermore, technological developments in t his industry, such as the use of GNSS and GPS technology in Japan's electronic toll collecting systems, have compelled governments all over the globe to invest heavily in toll lanes, fueling the expansion of the electronic toll collection market. Furthermo re, government backing for the development of new standards and rules for the implementation of these systems and tolling has aided the industry's development . Global Electronic Toll Collection Market Forecast and Trend s Growth Driver s Effective solution to reduce traffic congestion, accidents, and environmental pollution fueling the market growt h Effective and appropriate traffic management ensures smooth traffic flow and saves time at toll booths. Escalating traffic on national highway s adds to additional congestion at toll plazas, which results in loss of fuel and time. Electronic toll collection uses technologies like RFID - enabled tags to collect tolls directly from prepaid and postpaid accounts. This scheme also simplifies the proces s of paying at toll points, resulting in less traffic congestion. Consequently, all such factors foster the growth of the global electronic toll collection market . Currently, governments of various nations face a deteriorating problem of heavy traffic cong estion in highways and urban zones. Also, to lighten road crowding, multiple approaches have been proposed, among which electronic toll collection has been reported to be operative in various areas and countries (e.g., Norway (AutoPASS 2017, Singapore (LTA 2017)). Due to the different tolls for different highways and time zones, automobiles are directed to travel through less overcrowded roads with lesser tolls to avoid congestion . Restraint s Implementation constraints in emerging nation s Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 Prior to installin g an electronic toll collection system, telecommunications technology and updated road infrastructure must be in place. The lack of necessary infrastructure and technology in economically developing countries like India has also hampered the spread of elec tronic toll collection systems. In addition, the lack of communication infrastructure, such as the internet, mobile phone penetration, and computer penetration, insufficient illiteracy, transportation, and electricity restrictions further limit foreign and domestic investment in such nations, inhibiting further development of unconventional transportation systems, like electronic toll collection. Moreover, the outbreak of the pandemic is expected to negatively affect the economies of these nations . Impact o f COVID - 19 on Global Electronic Toll Collection Marke t The global electronic toll collection market is expected to experience the impact of the coronavirus (COVID - 19) pandemic from every direction. Demand may collapse as a result of uncertainties in the gl obal economy and capital markets, just as supply systems in critical locations are disrupted by the pandemic. Besides the threat of infection, governments are also limiting movement - adding to the unpredictable nature of the crisis . The COVID - 19 pandemic is causing extensive concern and economic hardship for consumers, businesses, and communities across the world. The situation is fast - moving with varied - ranging impacts. There’s no one - size - fits - all approach to the current situation. Despite the fact that many businesses have business continuity plans, they aren't sufficient to deal with the fast - moving, unpredictable aspects of a pandemic like COVID - 19 . Electronic toll systems use various electronic devices, such as control devices, cameras, transponders, RFID chips, and so on . The COVID - 19 - induced pandemic has severely affected China and the United States, which are major raw material and component providers. Due to the closure of borders and ensuing nationwide lockdowns imposed by the governments of diffe rent countries as preventive measures, the supply chain of electronic components and devices have been directly impacted. Furthermore, strict regulations and guidelines in the transacting countries slowed the supply of raw materials to manufacturers and de layed delivery of products to integrators, causing supply chain disruptions . Global Electronic Toll Collection Market - By Technolog y In terms of technology the global electronic toll collection market is divided into automatic vehicle classification (AVC), violation enforcement system (VES), automatic vehicle identification (AVI), and transaction processing . Among these, the Automatic Vehicle Classification (AVC) segment of the electronic toll collection market was valued at USD 6.23 billion in 2020, and is likely to reach USD 13.65 billion by 2027, projecting a CAGR of 11.86%, during the forecast period. The growth has been primarily driven by the growing adoption of intelligent Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 transportation system technologies to recognize and track stolen vehicles acros s the world . Global Electronic Toll Collection Market - By Means of Collectio n In terms of the Means of Collection, the global electronic toll collection market is divided into Hybrid, Prepaid, and Postpaid . The Prepaid segment of the electronic toll colle ction market was valued at USD billion in 2020, and is likely to reach USD billion by 2027, projecting a CAGR of %, during the forecast period . The prepaid segment accounted for % of the ETC market revenue in 2020. The increased demand for hassle - free, qui ck transactions is contributing to the demand for direct payment of toll charges from savings or prepaid accounts. A hybrid lane, as the term itself suggests, is a method that allows both cash as well as electronic payments to be made. This is a cutting - ed ge electronic tolling system that includes both dedicated electronic tolling and a hybrid end - to - end solution. For a hassle - free and speedy transaction, the system uses a radio - frequency identification reader and features a seamless Commerce Clearing House connection. It comes with a remote monitoring system as well as a weight enforcement system that is simple to maintain and use . Global Electronic Toll Collection Market - By Regio n Based on region, the global Electronic Toll Collection market is segmente d into five regions, North America, Europe, the Asia - Pacific, Rest of the world . North America’s electronic toll collection market is estimated to grow from US$ billion in 2020 to US$ billion by 2027, at a CAGR of % over the forecast period . During the for ecast period, North America is expected to continue to lead the ETC market by capturing the largest market share. One of the main reasons for ETC's growth is the high number of personal vehicles in the USA and Canada, which are two of the largest nations i n North America. Furthermore, both countries have extensive networks of state and interstate highways with electronic toll collection systems at several locations and certain toll installations on roads with heavy traffic . C ompetitive Landscap e The global Electronic Toll Collection market is highly fragmented due to the presence of many local and international players in the market. The key players in the market are Analog Devices (US), Texas Instruments (US), Maxim Integrated (US), and STMicroelectronics (Switzerland), Autostrade Per L’italia SPA, Jenoptik, Q - Free ASA, Cubic Corporation, Xerox Corporation, Thales SA, Kapsch Traffic AG, Conduent Inc, Siemens AG, Quart erhill Inc, Raytheon Co, and other prominent players . Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 Recent Development s · In June 202 1 , the Jenoptik planned to expand its optics manufacturing capacities in Dresden, Germany due to the rising demand for optics and sensors for the semiconductor industry. The expansion includes 260,000 Square feet of construction of its manufacturing capacities and office comple x . · In May 2020, The Autostrade Per L’italia launched advanced haptic and sensing technology solutions for richer, immersive user experiences. Scope of the Repor t Attribut e Detail s Years considere d Historical data - 2017 - 202 0 Base Year - 202 0 Forecast - 2021 - 202 7 Facts covere d Revenue in USD B illio n [M2] Market coverag e North America(U.S., Canada and Mexico), Europe ( Germany, United Kingdom, France, and Rest of Europ e ), Asia - Pacific ( China, India, Japan, and Rest of Asia Pacifi c ), Rest of the world (Latin America , Middle - East and Africa ) Product/ Service segmentatio n B y Technology, by Mean of Collection, by Application and by regio n Key Player s Autostrade Per L’italia SPA, Jenoptik, Q - Free ASA, Cubic Corporation, Xerox Corporation, Thales SA, Kapsch Traffic AG, Conduent Inc, Siemens AG, Quarterhill Inc, Raytheon Co, a nd other prominent players . By Technolog y Ø Automatic vehicle classification (AVC ) Ø Violation enforcement system (VES ) Ø Automatic vehicle identification (AVI ) Ø Transaction processin g By Mean of Collectio n Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 Ø Prepai d Ø Postpai d Ø Hybri d By Applicatio n Ø Highway s Ø Urban Zone s By Regio n Ø North Americ a Ø Europ e Ø Asia - Pacifi c Ø Rest of the worl d FAQ s 1 . What is the current size of the global Electronic Toll Collectio n market ? Answer: The global Electronic Toll Collectio n market has reached USD 6.2 billion in 2020 . 2 . What are the major factors driving the growth of the global Electronic Toll Collectio n market ? Answer : The global electronic toll collecting industry is growing in response to rising demand for secure and e fficient transportation infrastructure . Moreover, technological advancements in this industry, such as the use of GNSS and GPS technology in Japan's digital toll collection system, have forced governments all over the world to invest heavily in toll lanes, leading to the expansion of the electronic toll collection market . 3 . Who are the key players in the global Electronic Toll Collection market ? Answer: The key players in the global Electronic Toll Collectio n market are Autostrade Per L’italia SPA, Jeno ptik, Q - Free ASA, Cubic Corporation, Xerox Corporation, Thales SA, Kapsch Traffic AG, Conduent Inc, Siemens AG, Quarterhill Inc, Raytheon Co , and other prominent players . 4 . Which technology accounted for the larger share in the global Electronic Toll C ollectio n market ? Answer: Automatic Vehicle Identification System (AVIS) is projected to grow at the highest growth rate during the forecast period. The growth has been primarily driven by the growing adoption of intelligent transportation system technolog ies to recognize and track stolen vehicles across the worl d . Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 5 . Which application segment is dominating the global Electronic Toll Collection market ? Answer: The highways application segment is estimated to hold the highest share in the electronic toll collection market in 2020 . About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027