Electronic Toll Collection Market Size, Share, Trends

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Electronic Toll Collection MarketBy
Technology, Trend Analysis,2021-2027
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Industry Trends Forecast Report 2027 ?A recent
study conducted by the strategic consulting and
market research firm BlueWeave Consulting revealed
that the global Electronic Toll Collection
market was worth USD 6.23 M1 billion in 2020.
According to the study, the market is expected to
grow at the CAGR of 11.86 during 2021-2027
(forecast period), earning revenue of around
USD 13.65 M2 billion by the end of 2027. The
ability of ETC to reduce accidents, traffic
congestion, and pollution, as well as strong
government policies to expedite electronic toll
collection, broader acceptance of cashless
payments, and growing usage of innovative
mobility technology, are all contributing to the
growth of the global Electronic Toll Collection
market.
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Growth drivers Effective solution to reduce
traffic congestion, accidents, and environmental
pollution fueling the market growth Effective and
appropriate traffic management ensures smooth
traffic flow and saves time at toll booths.
Escalating traffic on national highways adds to
additional congestion at toll plazas, which
results in loss of fuel and time. Electronic toll
collection uses technologies like RFID-enabled
tags to collect tolls directly from prepaid and
postpaid accounts. This scheme also simplifies
the process of paying at toll points, resulting
in less traffic congestion. Consequently, all
such factors foster the growth of the global
electronic toll collection market.
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Restraints Implementation constraints in emerging
nations Prior to installing an electronic toll
collection system, telecommunications technology
and updated road infrastructure must be in place.
The lack of necessary infrastructure and
technology in economically developing countries
like India has also hampered the spread of
electronic toll collection systems. In addition,
the lack of communication infrastructure, such as
the internet, mobile phone penetration, and
computer penetration, insufficient illiteracy,
transportation, and electricity restrictions
further limit foreign and domestic investment in
such nations, inhibiting further development of
unconventional transportation systems, like
electronic toll collection. Moreover, the
outbreak of the pandemic is expected to
negatively affect the economies of these
nations.
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Impact of COVID-19 on Global Electronic Toll
Collection Market The global electronic toll
collection market is expected to experience the
impact of the coronavirus (COVID-19) pandemic
from every direction. Demand may collapse as a
result of uncertainties in the global economy and
capital markets, just as supply systems in
critical locations are disrupted by the pandemic.
Besides the threat of infection, governments are
also limiting movement - adding to the
unpredictable nature of the crisis. The COVID-19
pandemic is causing extensive concern and
economic hardship for consumers, businesses, and
communities across the world. The situation is
fast-moving with varied-ranging impacts.
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Global Electronic Toll Collection Market- By
Technology In terms of technology the global
electronic toll collection market is divided into
automatic vehicle classification (AVC), violation
enforcement system (VES), automatic vehicle
identification (AVI), and transaction
processing. Among these, the Automatic Vehicle
Classification (AVC) segment of the electronic
toll collection market was valued at USD 6.23
billion in 2020, and is likely to reach USD 13.65
billion by 2027, projecting a CAGR of
11.86, during the forecast period. The growth
has been primarily driven by the growing adoption
of intelligent transportation system technologies
to recognize and track stolen vehicles across the
world.
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Global Electronic Toll Collection Market- By
Region Based on region, the global Electronic
Toll Collection market is segmented into five
regions, North America, Europe, the Asia-Pacific,
Rest of the world. North Americas electronic
toll collection market is estimated to grow from
US billion in 2020 to US billion by 2027, at a
CAGR of over the forecast period. Sample Copy
of the Report https//www.blueweaveconsulting.co
m/global-electronic-toll-collection-market-report/
report-sample
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