Electronic Toll Collection (Etc) Market Is Estimated To Move Ahead At A Cagr Of 10.20% From 2024 To 2033
As per the current market research conducted by the CMI Team, the global Automotive Electronic Toll Collection (ETC)Market size is expected to record a CAGR of 10.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 12.3 billion. By 2032, the valuation is anticipated to reach USD 32.7 billion.
Automotive Electronic Toll Collection (ETC) Market: Growth Factors and Dynamics
- Government Initiatives and Regulations: Increasing government initiatives to modernize transportation infrastructure and reduce traffic congestion have fuelled the adoption of ETC systems. Regulations mandating electronic tolling in many regions have led to widespread implementation of these systems, boosting market growth.
- Efficiency and Convenience: ETC systems offer seamless and convenient toll payment experiences, reducing traffic bottlenecks and travel time for commuters. As travellers value hassle-free journeys, the demand for ETC systems has risen, leading to market expansion.
- Technological Advancements: Continuous technological advancements have enhanced ETC systems. Integration with GPS and communication technologies allows for real-time tolling, dynamic pricing, and interoperability across different toll roads, contributing to market growth.
- Urbanization and Population Growth: Rapid urbanization and increasing vehicle ownership have heightened the need for efficient toll collection methods. ETC systems cater to the growing number of vehicles on roadways, enhancing traffic management and positively impacting the market.
- Contactless and Cashless Trends: The global shift towards contactless and cashless transactions aligns with ETC systems’ nature, as they eliminate the need for physical cash transactions at toll booths. The preference for digital payments has accelerated ETC adoption, fostering market expansion.
- Environmental Concerns: ETC systems promote environmental sustainability by reducing idling time and fuel consumption at toll booths. As sustainability becomes a priority, both for governments and consumers, the adoption of ETC systems aligns with eco-friendly transportation initiatives, driving market growth.
- Interoperability and Multi-Jurisdictional Travel: The push for interoperability among different ETC systems enables seamless travel across regions with diverse tolling methods. As cross-border and multi-jurisdictional travel becomes more common, ETC systems that work across various toll networks contribute to market growth.
- Data Analytics and Insights: ETC systems generate a wealth of data regarding traffic patterns, vehicle movements, and toll collection. Leveraging data analytics offers valuable insights for transportation planning, infrastructure development, and congestion management, adding another dimension to the market’s growth potential.
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Automotive Electronic Toll Collection (ETC) Market: Partnership and Acquisitions
- Conduent Introduces First-of-Their-Kind Digital Payment Solutions: In 2023, Conduent introduces first-of-their-kind digital payment solutions for tolling and other transportation uses. Fast, secure and convenient real-time payments over the RTP ® network will allow toll road users to digitally pay bills and fund their accounts while tolling agencies will be able to send invoices and receive payment in minutes.
- Kapsch TrafficCom AG Acquires Schneider Electric’s Transportation Business: Kapsch TrafficCom AG acquired Schneider Electric’s transportation business, strengthening its portfolio in tolling and traffic management solutions. Schneider’s Transportation Business, formerly operating as the Telvent Tráfico y Transporte, offers an industry portfolio of integrated Advanced Traffic Management Software (ATMS) solutions – for urban, highway and tunnel applications as well as tolling and transit solutions.
Automotive Electronic Toll Collection (ETC) Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Automotive Electronic Toll Collection (ETC) Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Reduced Traffic and Toll Revenue: During the pandemic, lockdowns and restrictions led to decreased traffic on roads, resulting in a significant reduction in toll collection. This had a direct negative impact on the revenue generated through ETC systems.
- Operational Disruptions: The implementation of lockdowns and social distancing measures affected the maintenance and operational aspects of ETC infrastructure. Installation and maintenance activities were hindered, causing delays in system upgrades and expansions.
- Economic Recovery and Increased Mobility: As economies recover and travel restrictions ease, traffic volumes are expected to rebound. This resurgence in mobility will lead to a proportional recovery in toll collection, revitalizing the ETC market.
List of the prominent players in the Automotive Electronic Toll Collection (ETC) Market:
- Kapsch TrafficCom AG
- Conduent Incorporated
- Thales Group
- Siemens Mobility GmbH
- Cubic Transportation Systems Inc.
- Q-Free ASA
- TransCore Holdings Inc.
- Efkon AG
- Raytheon Technologies Corporation
- FERROVIAL S.A.
- Others
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