It was estimated that the electronic toll collecting market sector will bring in a total of around US$11.43 billion by the end of 2022. International demand for electronic toll collection systems is anticipated to grow at a compound annual growth rate (CAGR) of 10.6% between 2023 and 2033. It is anticipated that the size of the worldwide electronic toll collection market would rise from US$12.46 billion in 2023 to US$34.26 billion by 2033.
The need for efficient and seamless toll-collection systems has grown dramatically in recent years, driving the growth of the ETC systems market. ETC systems provide autonomous toll collection without requiring manual transactions by utilising state-of-the-art technologies such as RFID-based toll systems and dedicated short-range communication.
The overall market’s expansion is hampered by the high initial set-up expenses as well as the large running and maintenance expenditures. The expansion is also limited by the absence of standardization in toll-collecting technologies and the government’s stringent regulations for approval of electronic tolling technology.
Key Takeaways from the Electronic Toll Collection Market Analysis:
- Between 2023 and 2033, the United States electronic toll collection market is forecasted to grow at an 11% annual growth rate.
- Germany is the leading country in Europe for the production of electronic toll collection devices, and the regional market could witness an 8% CAGR through 2033.
- The demand for electronic technology in the United Kingdom is growing at 7.5% CAGR, and it might continue till 2033 end.
- China’s electronic toll collection system market dominates Asia and is estimated to progress at a lucrative 9.5% CAGR from 2023 to 2033.
- India is a remarkably growing market for automated tolling collection systems and is expected to exhibit a robust 12.2% CAGR through 2033.
- Based on technology type, the electronic toll collection systems with RFID are expected to garner 28.7% of the global revenue share in 2023.
Electronic Toll Collection Market Competitive Landscape:
The overall market is fairly consolidated, as a few market layers hold a sizable portion of the global market. Numerous important developments are taking place in the ETC industry as cashless tolling systems have become more popular since the pandemic. Contactless payment for tolls is convenient, lessens traffic, improves overall road safety, and is anticipated to provide government support for the establishment of new players.
Recent Developments by the Market Players:
- The Thousand Islands Bridge Authority chose TransCore in June 2022 to create, implement, and operate its newly installed next-generation toll-collecting systems. The conventional system at this international bridge connecting New York with Wellesley was replaced with TransCore advanced toll collection devices and systems.
- At the Intelligent Transport System World Congress in October 2021, innovative electronic tolling automation was jointly introduced by AEye Incorporate and Intetra. By enhancing AEye’s 4Sight M LiDAR features, the firms made high-resolution detection possible in toll booths. The high-performance LiDAR solution provided by AEye recognizes different kinds of vehicles, their speeds, traffic, and environmental factors.
