Electronic Toll Collection Market will observe substantial demand from 2019 to 2025

****** Electronic Toll Collection Market size is expected to witness high CAGR from 2019 to 2025 owing to increasing need for avoiding long queues at toll stations, demand for reducing the fuel consumption, and adoption of cashless driving facilities. Government authorities are allocating funds for the deployment of electronic toll collection systems at toll stations to improve road efficiency and reduce air pollution. The adoption of smart cities is improving the roadside infrastructure including toll stations that are using electronic toll collection systems to reduce traffic congestion in cities during peak traffic hours. The increasing number of passenger vehicles on the road is creating traffic congestion at toll stations. Frequent traffic congestions may lead to substantial economic losses for transportation and other related sectors. Technological advancements in the automotive sector, such as autonomous driving and connected vehicles, are also contributing significantly to electronic toll collection market growth.

The manual toll collection system is time-consuming as it involves the intervention of booth staff. ETC also helps in reducing the travel time as vehicles do not have to stop at every toll station for paying toll fees. Due to ETC systems, the emission of carbon monoxide from vehicles will reduce due to the reduction of acceleration of idle vehicles waiting at toll stations for longer periods. The reduced congestion at toll stations also helps in reducing the number of accidents near toll plazas.

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ETC facilitates quicker and efficient transactions at toll stations as there are no cash transactions involved. The toll collected directly from bank accounts of vehicle owners will reduce the chances of fraud-related cash transactions. It will also reduce the chances of excess toll collection against the decided fees from government authorities. ETC also improves data collection at toll stations. Data, such as vehicle number, vehicle count, date, and time of vehicle passing the toll station, can be used to improve the transportation system and track any missing vehicle. The initial cost for the deployment of ETC is quite high and involves high operating and maintenance cost at later stages. The lack of standardization in toll collection systems can hamper the electronic toll collection (ETC) market growth over the forecast timeline.

North America dominates the electronic toll collection market due to the development of advanced road facilities and demand for reducing traffic congestion. Government authorities in the region are implementing ETC systems across roads and bridges to improve road transportation. For instance, in June 2018, Thousand Islands Bridge Authority (TIBA), an authority that controls cross border transportation on Thousand Islands International Bridge, selected TransCore, a leading provider of traffic management system, to design, develop, and maintain the ETC system across the U.S. and Canadian border.

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APAC electronic toll collection (ETC) market is expected to show significant growth due to an increase in the development of smart cities and traffic congestion in developing countries including India and China. The increase in the number of passenger vehicles in the region is also supporting the increasing demand for ETC system deployment. According to the International Organization of Motor Vehicle Manufacturers, the passenger vehicle sales reached 24,961,948 units in China and 3,227,701 units in India in 2017. The ETC system is gaining momentum in developing countries including India and China. For instance, according to the National Payments Corporation of India (NPCI), the National Toll Collection Program processes 8.62 lakh transactions daily across 496 national/state toll plazas, which account for 25% of the total toll collection in the country.

The leading provider of the intelligent transportation system collaborated with the Swiss Federal Office for Buildings and Logistics (FOBL) and Federal Customs Administration (FCA) for upgrading roadside toll collection infrastructure. Other players operating in the market are Kapsch TrafficCom, Mitsubishi Heavy Industries, Thales Group, DENSO, Q-Free, TransCore, Conduent, Raytheon, Siemens, VINCI, EFKON, Neology, TRMI Systems Integration, Sensor Dynamics, Toll Collect GmbH, Connect East, Quarterhill, Xerox Corporation, SAIC, and Perceptics.

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