Electronic Toll Collection Market to hit $10 Bn by 2027; Global Market Insights Inc.

Some of the major electronic toll collection market (ETC) market players are Kapsch TrafficCom, EFKON, International Road Dynamics, Mitsubishi Heavy Industries Machinery Systems, Atlantia, Cubic Corporation, Electronic Transaction Consultants, Tecsidel, Jenoptik, FEIG ELECTRONIC GmbH, Xerox Corporation, Thales Group, and TransCore.

Selbyville, Delaware, UNITED STATES


Selbyville, Delaware, May 06, 2021 (GLOBE NEWSWIRE) --

Global Market Insights Inc. has recently added a new report on the electronic toll collection market which estimates the market valuation for ETC systems will cross US$ 10 billion by 2027. The rapid urbanization and adoption of smart transportation systems will drive the industry growth.

Electronic toll collection systems help in traffic mobility, reducing the chances of accidents and improving environmental impact. The countries worldwide are implementing electronic toll systems to address the ever-increasing problems of traffic congestion and road maintenance. In November 2020, the Japanese government announced to replace manual toll collection facilities with electronic tolling systems following the outbreak of coronavirus among toll collectors. The new toll system enables in-vehicle device to automatically pay tolls and helps to improve the operational efficiency, enhance customer experience, and also provide flexibility in moving to a new interoperability standard.

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The growing demand for mobility in urban zones has led to an increase in the adoption of intelligent traffic management solutions to improve the performance and safety of transport infrastructure. As cities and urban transportation face challenges related to traffic congestion, poor road safety, and inadequate parking spaces, the demand for ETC systems increases. The implementation of digital toll systems in the urban zones of congested cities allows to charge tolls without vehicles having to slow down. This leads to increasing toll payment processing time and significantly reduces traffic congestion.

Europe ETC market revenue is poised to witness a significant growth during the forecast period. Growth can be attributed to increased focus of the government on reducing carbon emissions and adopt digital technologies. For instance, the European government has planned to reduce greenhouse gas emission by 55% by 2030. The installation of digital toll systems helps in alleviating traffic congestion, resulting in reduced air pollution and improved public health compared to manual toll collection. The electronic toll collection system is expected to save fuel consumption of 4.1 million liters and reduce pollution emissions by 730.89 tons across a country.

Some major findings of the electronic toll collection (ETC) market report are:

  • Increase in the adoption of smart transport systems to reduce traffic congestion problems and favorable government initiatives will propel the market growth.

  • Electronic toll collection has been adopted on a large-scale across developed and developing nations. For instance, Oklahoma Turnpike Authority’s Pikepass became the first electronic toll collection system in the U.S. The system electronically debits registered car owners’ accounts without requiring them to stop. This mechanism reduces congestion near toll plazas and saves the time of drivers.

  • A Violation Enforcement System (VES) is used in electronic tolling systems to detect and monitor toll evasion by commuters. The violation enforcement cameras enable detection of fault within electronic toll collection systems.

  • Video Analytics technology is expected to gain a significant share in the market due to the increased need for safety and security of electronic toll collection systems. The integration of video analytics solutions into electronic tolling systems allows detection of vehicle entering or exiting the toll plaza. The technology plays a vital role in automatically analyzing the video, decreasing requirements for workforce as well as ensuring traffic flow on highway.

  • Some of the key players operating in the ETC market include Kapsch TrafficCom, EFKON GmbH, International Road Dynamics Inc., Mitsubishi Heavy Industries Machinery Systems, Ltd., Atlantia S.p.A., Cubic Corporation, Electronic Transaction Consultants, LLC, Tecsidel, S.A., Jenoptik AG, FEIG ELECTRONIC GmbH, Xerox Corporation, Thales Group, and TransCore.

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Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Electronic Toll Collection (ETC) industry 360º synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Technology trends

2.1.4    Type trends

2.1.5    Payment method trends

2.1.6    Application trends

Chapter 3   Electronic Toll Collection (ETC) Industry Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional outlook

3.2.2.1    North America

3.2.2.2    Europe

3.2.2.3    Asia Pacific

3.2.2.4    Latin America

3.2.2.5    MEA

3.2.3    Industry value chain

3.2.4    Competitive landscape

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Component suppliers

3.3.3    Manufacturers

3.3.4    Technology/software providers

3.3.5    System integrators

3.3.6    Service providers

3.3.7    Government agencies

3.3.8    Financial authorities

3.3.9    Vendor matrix

3.4    Technological & innovation landscape

3.4.1    Blockchain technology

3.4.2    Cloud computing

3.4.3    IoT

3.4.4    Wi-Fi connectivity

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.1.1    Increasing use of advanced technologies for transport applications in North America

3.6.1.2    Rising government support to accelerate electronic toll collection in Europe

3.6.1.3    Growing usage of RFID tags for toll collection in Asia Pacific

3.6.1.4    Need for reducing accidents and road traffic in Latin America

3.6.1.5    Demand for cashless payments in MEA

3.6.2    Industry pitfalls & challenges

3.6.2.1    Deployment in underdeveloped countries

3.6.2.2    High installation and maintenance costs

3.7    Growth potential analysis

3.8    Porter’s analysis

3.8.1    Supplier power

3.8.2    Buyer power

3.8.3    Threat of new entrants

3.8.4    Threat of substitutes

3.8.5    Internal rivalry

3.9    PESTEL analysis

3.9.1    Political

3.9.2    Economical

3.9.3    Social

3.9.4    Technological

3.9.5    Environmental

3.9.6    Legal

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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