The size of the electronic toll collection market is projected to reach $ 6,254.6 million by 2028 at a CAGR of 3.7% over the period 2022-2028

The size of the electronic toll collection market is projected to reach $ 6,254.6 million by 2028 at a CAGR of 3.7% over the period 2022-2028

BANGALORE, India , May 2, 2022 / PRNewswire / – The global Electronic toll collection market is segmented by Type (ETC systems based on Rfid, ETC systems based on Dsrc, ETC systems based on video analysis, ETC systems based on Gnss / Gps) and by application (motorway tolls, urban tolls): analysis of global opportunities and forecasts of the sector, 2022–2028. It is published in Evaluate Reports under the Computers and electronics Category.

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The size of the global electronic toll collection market is estimated to be worthwhile 5033.8 million dollars in 2022 and is expected to be a readjusted size of 6,254.6 million dollars by 2028 with a CAGR of 3.7%.

Key factors driving the growth of the electronic toll collection market:

Factors that are expected to propel the global electronic toll collection market include government initiatives for cashless transactions and increased government funds for road safety and enforcement in various countries.

Since it reduces transaction costs for government agencies and offers transparency, electronic toll collection is a cost-effective alternative to a staffed stand. This factor should boost the market for electronic toll collection.

In addition, benefits such as reduced waiting times, increased safety and improved traffic are expected to increase the adoption of electronic toll booths, pushing the market for electronic toll collection forward.

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TRENDS AFFECTING THE GROWTH OF THE ELECTRONIC TOLL COMPENSATION MARKET

The future of tolling is cashless tolling, which has already been implemented on a number of toll roads and bridges. The public can benefit from the system in various ways. Cashless tolls, in particular, enable faster, seamless journeys because drivers don’t have to slow down or stop to pay the toll at a physical stand. Fewer engine revolutions at idle, less wasted fuel and fewer tollbooth accidents are all advantages. The market for electronic toll collection is expected to grow as a result of these factors.

ETC is implemented by governments of various regions as part of their road safety and control plans. During the forecast period, this factor is expected to drive the growth of the electronic toll collection market. The increased demand for effective traffic management in toll collection centers is attributed to the increasing adoption by governments in all regions. Efficient and effective traffic management ensures a smooth flow of traffic and saves time at the toll booth. Congestion at toll booths is exacerbated by increased traffic on national motorways, resulting in a waste of time and fuel. This system allows seamless passage through toll booths, reducing traffic congestion.

ETC is convenient because it allows for ticket elimination and reduced labor costs, as well as savings resulting from reduced fuel consumption and reduced travel times. Additionally, ETC systems provide indirect benefits such as reduced air pollution and environmental effects, which result in a healthier environment and lower hygiene costs. These factors are expected to strengthen the growth of the electronic toll collection market.

ETC systems are difficult for a single stakeholder to implement; require the cooperation of a number of parties, including telecommunications operators, infrastructure providers, manufacturers, service providers, government agencies and user groups. Consequently, the public-private partnership (PPP) model can be crucial to the success of the integrated ETC system.

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ANALYSIS OF THE SHARE OF THE Electronic Toll Market:

By type, RFID-based ETC systems represent the largest segment. This is because RFID has a wider range of applications, is easier to integrate, and has lower capital and operational costs.

Based on the application, the motorway segment is expected to be the most profitable segment. The adoption of electronic toll collection for highways is leading the market, especially in developing countries. Strong government initiatives are expected to add electronic toll collection options to existing toll booths on motorways, resulting in huge growth opportunities for the ETC market for highway applications.

Depending on the region, North America it should be the most profitable region. The United States And Canada are the leading North American countries with the highest number of vehicles per person, which is one of the most important factors driving the electronic toll collection market. In addition, both countries have the world’s largest networks of interstate and state highways, with advanced toll collection systems installed in numerous locations and numerous toll installation projects underway for high-traffic lanes.

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