The toll collection centers are strategically placed toll plazas or collection units that are levied to fulfill tax collection, congestion management, or maintenance fees for public infrastructure, among other revenue collection techniques. However, state and central government agencies’ joint efforts for initiating a streamlined transit transaction process across toll gateways, plazas, parking systems, and traffic management have gained traction in the past few years. Also, the adoption of a complete interoperable toll collection system could have application across parking fees payment at airports, malls, bus stations, and intelligent transportation services, among other innovative services. Thus, there is an increase in demand for interoperable and robust electronic toll collection by the government and state agencies, which is projected to fuel the need for electronic toll collection systems.
Electronic Toll Collection System Market: Key Insights
According to our latest market study on “Electronic Toll Collection System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Technology, and Application,” the market was valued at US$ 5,266.4 million in 2021 and is projected to reach US$ 10,604.7 million by 2028; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.
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Electronic Toll Collection System Market: Competitive Landscape and Key Developments
The key players operating in the global electronic toll collection system market include Continuum Electroproducts LLP; Conduent, Inc.; Efkon GmbH; Kapsch Trafficcom AG; Mitsubishi Heavy Industries Machinery Systems, LTD.; Neology; Qualix Information System; Skytoll; Siemens AG; and Thales Group.
- In July 2021, Neology, Inc. announced an expanded, multi-year agreement with the Norwegian Public Roads Administration (NPRA) for its traffic enforcement solutions driven by the latest in mobile ANPR camera and artificial intelligence (AI) technology to support real-time analytics and decision making. Neology’s ANPR safer community solutions provide enhanced performance, creating immediate impact where other solutions fail. The dual-camera system, coupled 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, Slovenian Motorway Company DARS and SkyToll signed a contract to develop and operate an electronic vignette system. SkyToll won the tender with a bid of EUR 15.7 million to develop a system for the payment of electronic vignettes and provide five-year technological support to the system.
Continuous technological advancements and automation are allowing manufacturing companies to achieve greater productivity and profitability. Conduent, Inc.; Kapsch; Thales Group; Mitsubishi Heavy Industries Machinery Systems, Ltd.; and Neology are among the key companies in the electronic toll collection system market. The major stakeholders in the electronic toll collection system market include hardware & component providers, electronic toll collection system manufacturers, system/technology integrators, government agencies & regulatory bodies, and end-users. Due to the rise in the number of vehicles and issues like traffic congestion, the demand for electronic toll collection systems is also rising.
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The report segments the global Electronic Toll Collection System Market as follows:
Electronic Toll Collection System Market – by Offering
- Hardware Equipment
Electronic Toll Collection System Market – by Technology
Electronic Toll Collection System Market – by Application
- Urban Area
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