According to the report published by The Brainy Insights, the global electronic toll collection market is projected to grow from USD 7.53 billion in 2021 to USD 14.56 billion by 2030, at a CAGR of 7.60% during the forecast period 2022-2030. North America emerged as the largest market for the global electronic toll collection market with a 33.6% share of the market revenue in 2021. North America currently dominates the electronic toll collection, market due to the rising need for digital payment at toll facilities. The craze of digital transactions in the region is anticipated to expand the overall development of the ETC market. Similarly, the region maintains more personal vehicles than other regions of the world, thereby offering a lucrative prospect for the entire growth of the electronic toll collection market. Likewise, regions such as Europe and Asia-pacific are also involved in the practice of digital transactions during the projection period.
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Electronic Toll Collection Market Size by Application, Technology, Radio-Frequency Identification (RFID) & Others), Type, Regions, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Conduent Business Services, LLC, Cubic Corporation, EFKON GmbH , Feig Electronic GmbH , Kapsch TrafficCom , Neology, Inc., Raytheon Technologies Corporation Siemens ,Thales Group , TransCore ,VINCI, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The application segment of electronic toll collection market is divided into urban areas & highways. The highways segment dominated the market, with a market share of around 57% in 2021. The technology segment of electronic toll collection market is divided into dedicated short-range communication (DSRC), radio-frequency identification (RFID) & others. The Radio-Frequency Identification (RFID) segment dominated the market, with a market share of around 40.2% in 2021. The type segment of electronic toll collection market is divided into transponder- or tag-based toll collection systems & other toll collection systems. Transponder- or tag-based toll collection segment dominated the market, with a market share of around 60.1% in 2021. Transponders consist of essential details, including identification number and automobile type. The vehicle identification number is connected to the consumer’s bank a/c, from which the appropriate toll amount is automatically deducted. The usage of transponder-based tolling systems has secured lower emissions from automobiles.
The world is facing a financial crisis caused by the COVID-19 outbreak. The covid has harshly impacted different industries such as construction, transportation, semiconductor, automotive, etc. Manufacturing units are hindered due to lockdowns which affect the labour or raw materials availability. Resulting in a considerable gap between demand and supply. Additionally, there is a limitation on foreign businesses due to the lockdown of global borders, distribution channels, and non-operational and different government regulations to take preventive actions for public health and security. Major suppliers of elements and raw materials are China and the United States, which are among the most impacted countries due to the pandemic. As a result, borders are closed, and severe lockdowns are executed as precautionary steps, thereby directly affecting the supply chain of electronic parts and instruments.