Electronic toll systems market worth 10.6 billion by 2028

NEW YORK, 28 October 2021 / PRNewswire / –According to Insight Partners research on “Electronic Toll Systems Market Forecast until 2028 – COVID-19 impact and global analysis – by offer, technology and application ”, the market was evaluated at US $ 5,266.5 million in 2021 and is expected to reach US $ 10.6 billion by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.

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Toll collection centers are strategically placed toll stations or collection units that are charged to pay for the collection of taxes, congestion management or the cost of maintaining public infrastructure, among other techniques. of revenue collection. As a result, the volume of traffic flow plays a crucial role in determining the location of toll plazas and requires a robust and efficient toll collection solution that will increase uptake of toll plazas. The effective deployment of ETC systems has versatile benefits such as reduced congestion and vehicle pollution, transparent transit transactions, and intelligent transportation services on highways. Thus, the long-term benefits of adopting ETC systems are expected to drive the demand for these systems in various emerging economies and provide profitable business opportunities for market players during the forecast period.

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In addition, through collaborative efforts between different public bodies to participate in common toll collection systems accepted by the largest government agencies and providing simplified toll collection for different users, the growth of the global toll collection market electronics will increase. This electronic toll collection system operates on a prepaid account-based system that various state agencies adopt for a seamless array of fright, tolls, and fines across the world. For example, North AmericaE-ZPass is a group-based, interagency electronic toll collection system that is interoperable in 17 different states in the United States. Additionally, the company boasts of being the world’s largest interoperable toll system, with over 20 million active accounts that use 34 million toll-based tags, which equates to US $ 9 billion in revenue generation for partner state agencies.

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In addition, data generated via electronic toll transponders and radio frequency identification (RFID) tags could also provide useful information on traffic patterns and congestion on various highways and highways. This information can be used to improve congestion, traffic management and other intelligent transport services. In addition, the adoption of comprehensive interoperable toll systems could apply to the payment of parking fees at airports, shopping malls, bus stations and intelligent transport services, among other innovative services. Thus, there is an increase in demand for interoperable and robust electronic tolling by government and state agencies, which is expected to fuel the need for electronic toll systems.

North America dominates the electronic toll systems market due to the growing number of government initiatives to achieve congestion-free transportation, the rapid increase in demand and production of vehicles in the region and the increasing adoption of the latest solutions technologies such as GPS and GNSS toll collection and tracking solutions. Efficient trade through the North American Free Trade Agreement (NAFTA) has ensured transportation and free trade in the United States, Canada, and Mexico. In addition, constant maintenance and connectivity through roads has increased the demand for robust toll collection across Mexico and Canada. In addition, the tendency to move from a barrier-based electronic toll to an open road toll (ORT) or free flow toll has gradually increased in the road toll industry, especially in North America as they face high traffic jams on toll roads.

Electronic Toll Systems Market: Technology Overview

Based on technology, the electronic toll systems market is segmented into hardware equipment and services. These unique signals are received at road infrastructure and used to identify the vehicle for toll purposes. RFID-based systems are widely adopted in various toll collection centers around the world, due to their early introduction and easy maintenance.

Electronic Toll Systems Market: Competitive Landscape and Key Developments

Continuum Electroproducts LLP; Conduent, Inc .; Efkon GmbH; Kapsch Trafficcom SA; Mitsubishi Heavy Industries Machinery Systems, LTD .; Neology; Qualix Information System; Skytoll; Siemens SA; and Thales Group are among the key players presented in this market study. In addition to these players, several other key market players have been studied and analyzed to get a holistic view of the global Electronic Toll Systems market and its ecosystem.

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In July 2021, Neology, Inc. announced an extended, multi-year agreement with the Norwegian Public Roads Administration (NPRA) for its traffic control solutions based on the latest ANPR mobile camera and artificial intelligence (AI) technologies to take support real-time analysis and decision-making. manufacturing. Neology’s safer community ANPR solutions deliver improved performance, creating immediate impact where other solutions fail. The dual camera system, combined with advanced AI-powered vehicle recognition technology, enables officers to detect and focus on non-compliant vehicles with enhanced vision system capabilities.

In May 2021, the Slovenian motorway company DARS and SkyToll signed a contract to develop and operate an electronic vignette system. SkyToll won the tender with an offer of € 15.7 million develop an electronic vignette payment system and provide five-year technological support to the system.

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