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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The toll collection systems projects constitute a public-private partnership model where government agencies or state bodies usually decide the toll pricing. Also, the objective of toll collection has a profound influence over the vehicle classification and dynamic pricing for different categories of frequent travelers. 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. Moreover, through collaborative efforts among different state bodies to participate in joint toll collection systems that are accepted by larger government agencies and offering simplified toll collection for different users will going to drive the market growth. This electronic toll collection system operates on a pre-paid account-based system that various state agencies adopt for a seamless array of fright fees, tolls, and fines across the globe.
The electronic toll collection system market has been segmented 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
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.
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