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Electronic Toll Collection Market to Witness Major Growth in Coming Years

The growth of the global electronic toll collection market is driven by an upsurge in demand for safety and efficiency of transportation infrastructure. Moreover, technological advancements in this industry, such as GNSS and GPS technology adopted by Japan in their electronic toll collection systems, have enforced governments across the globe to make heavy investments on toll lanes, which fuel the market growth. Furthermore, government support in framing new standards and regulations regarding the implementation of these systems and tolling has propelled the industry growth.

Electronic Toll Collection Market by Subsystem, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global electronic toll collection market was valued at $6,855.5 million in 2017 and is projected to reach at $15,648.2 million by 2025, growing at a CAGR of 10.7% from 2018 to 2025.

Top Impacting Factors

The surge in demand for effective traffic management at the toll collection center, increase in facilities of cashless traveling, high initial installation & operational cost of ETC, an increase in adoption of ETC in the developing regions are the significant factors that affect the growth of the global electronic toll collection market. These factors are anticipated to either drive or hamper market growth.

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Key Findings of the Electronic Toll Collection Market:

  • In 2017, the RFID segment generated the highest revenue in the global electronic toll collection market.
  • In 2017, automated vehicle classification generated the highest revenue among the other subsystem types.
  • Based on application, highways dominated the market worldwide in 2017.

Major players operating in the global electronic toll collection market include Kapsch Group, Thales group, Toshiba Corporation, Raytheon, Conduent LLC, Siemens AG, TransCore LP, Cubic Transportation, Perceptics LLC, and EFKON GmbH.

Asia-Pacific is expected to be a dominant player in the global electronic toll collection market, due to increasing in demand for vehicles among citizens and rise in use of IoT in the automobile segment. Moreover, technological advancements in the automotive industry and government initiatives such as investment in R&D in electronic toll collection propel the growth of the market. For instance, on October 30, 2017, BMW Japan Corp. began installing DSRC ETC units as standard on all models sold in the country, including motorbikes. Japan witnesses the highest penetration of ETC devices across the world, with almost 60 million active units. Unlike other DSRC domains in Europe, Asia, or South America, all units are embedded into the dashboard and come with a separate receiver to ensure line of sight with the gantry.

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