The business analysis report titled ‘Electronic Toll Collection (ETC) Market Size By Technology (RFID, DSRC, GPS/GNSS, Video Analytics), By Type (Automatic Vehicle Classification (AVC), Violation Enforcement System (VES), Automatic Vehicle Identification System (AVIS)), By Payment Method (Prepaid, Hybrid, Postpaid), By Application (Urban Zones, Highways), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021-2027’, available with MarketStudyReport, states that electronic toll collection market is slated to amass sizable returns during 2021-2027.
 

The necessity for seamless toll collection practices and hassle-free traffic management is fueling electronic toll collection market growth. Increasing government support towards product adoption is enhancing the industry outlook.

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Notably, electronic toll collection systems play a crucial role in traffic management and congestion reduction, as well as in safeguarding the environment as they facilitate in decreasing carbon dioxide and nitrogen oxide emissions as compared to manual toll collection.

Despite the positive industry outlook, the high expense associated with the installation and maintenance of these systems may hinder growth during the forecast timeframe.

Based on technology, the market is divided into GPS/GNSS, RFID, video analytics, DSRC and others. The DSRC sub-segment is estimated to record a sizable growth over the analysis period owing to its increasing adoption across different sectors.

In terms of type, electronic toll collection industry from automatic vehicle classification (AVC) sub-segment is expected to expand considerably through the analysis timeline. This can be ascribed to the increasing popularity of the system as it facilitates a fast and accurate toll calculation by allowing toll operators to conveniently categorize the vehicle and apply changes accordingly.

Speaking of the application spectrum, highways segment is anticipated to record strong demand in the forthcoming years. Rapid development of highways across the globe is leading to an increase in the number of toll collection booths.

From a regional standpoint, the Middle East & Africa market is expected to grow substantially owing to the expanding tourism industry that will encourage the construction of smart tourism infrastructure.

The competitive framework of the electronic toll collection (ETC) market is defined by key players such as Xerox Holdings Corporation, Thales Group, Siemens AG, Toshiba Corporation, Star Systems International Limited, Jenoptik AG, Conducent Business Services LLC, Honeywell International Inc., Mitsubishi Heavy industries, Ltd, Far Eastern Electronic Toll Collection Co., Ltd., Cubic Corporation, Atlantia SpA, FEIG Electronic, EFKON GmBH, and Arya Omitalk Wireless Solutions Pvt Ltd.