ETC is a wireless feature that collects the use fee or toll placed on vehicles that utilise toll highways, HOV zones, toll roads, and toll tunnels. It is a more efficient choice than toll booths, which require automobiles to stop and the driver to physically deposit the toll using cash or a card. Vehicles equipped with the system typically include an automated wireless transponder module.
Overview of the Electronic Toll Collection Market:
This market study focuses into current and emerging Electronic Toll Collection Market trends. Thorough forecasting is carried out for key market categories between 2023 and 2029, including a detailed evaluation of product positioning and leading competitors within the market framework. Profiling important competitors and analysing their strategies provides a thorough understanding of the Electronic Toll Collection market's competitive landscape.
The COVID-19 epidemic has had a tremendous impact on the global Electronic Toll Collection industry, resulting in production facility suspensions and manpower scarcity. Due to travel limitations and facility closures, this has resulted in a prolonged drop in production utilisation in 2020. Despite this, the negative impact of COVID-19 on the Electronic Toll Collection market is predicted to be short-lived, with the industry expected to recoup fast by early 2021 due to robust demand for Electronic Toll Collection .
The scope of the Electronic Toll Collection market is as follows:
This analysis provides an up-to-date examination of the current Electronic Toll Collection market landscape, recent trends, and drivers, as well as an overview of the overall Electronic Toll Collection market environment. Increased demand for Electronic Toll Collection is a major driver of market expansion. The Electronic Toll Collection market research investigates technology, end-user, and type categories, as well as the regional landscape.
The Dynamics of the Electronic Toll Collection market is as follows:
Government efforts to produce congestion-free or quick freight traffic on roadways and in metropolitan areas have mostly influenced the electronic toll collection sector. To encourage the usage of ETC services, governments have created driver incentive programmes. The significant evolution of the ETC market is being driven mostly by government initiatives in emerging economies to deploy ETC systems on highways. By electronically processing toll costs, such programmes aim to increase vehicle flow and reduce lines at toll booths.
Electronic Toll Collection Market Growth Estimated:
Electronic Toll Collection Market size was valued at US$ 7.98 Bn. in 2022 and the total Electronic Toll Collection revenue is expected to grow by 7.6% from 2023 to 2029, reaching nearly US$ 13.33 Bn.
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Electronic Toll Collection Market Segmentation:
RFID technology is predicted to increase at a CAGR of 9.7% during the forecast period. Because time and performance are critical, the traditional system must be altered. RFID technology is being used to address critical issues including traffic congestion and time waste. The RFID reader on the tollgate frame scans the label on the vehicle's windscreen. The reader's object recognition sensor detects the incoming vehicle's tag, and toll withdrawal is accomplished using a prepaid card assigned to the appropriate RFID tag and stored in the user's wallet.
Key Players
• Kapsch TrafficCom
• Conduent Business Services
• EFKON GmbH
• TransCore
• Thales Group
• Raytheon Technologies Corporation
• Cubic Corporation
• Siemens
• Neology, Inc.
• VINCI
• Feig Electronic GmbH
• Toshiba Corporation
• TRMI Systems Integration
• Magnetic AutoControl
• International Road Dynamics Inc.
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Electronic Toll Collection Regional Market Insights:
The Electronic Toll Collection market analysis's geography segment contains factors impacting individual markets as well as regulatory changes affecting current and future market trends. Indicators used to estimate market scenarios include downstream and upstream value chain analysis, technology trends, porter's five forces analysis, and case studies. The analysis takes into account the presence and availability of global companies in the region, as well as the obstacles they face as a result of competition from local and domestic brands.
Key Questions Answered:
- Which segment emerged as the leading segment in the Electronic Toll Collection market?
- Who are the key players in the Electronic Toll Collection market?
- What trends are likely to emerge in the Electronic Toll Collection market in the coming years?
- What will be the Electronic Toll Collection market size by 2029?
- Which company held the largest share in the Electronic Toll Collection market in 2021?
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