The electronic toll collection market is expected to witness substantial growth by 2027, registering a notable CAGR through the forecast period. Government agencies have been pushing the integration of electronic toll collection systems to establish a process that allows seamless toll collection and efficient traffic management, which are anticipated to facilitate market growth in the future.
Besides their advantages in traffic management and efficient congestion reduction, these systems also promise environmental benefits. Recent studies have found that deploying electronic toll collection systems could result in significantly lesser carbon dioxide and nitrogen oxide emissions than that observed with manual toll collection.
The electronic toll collection market has been segmented on the basis of technology, subsystems, payment method, application, and region. Based on technology, the market has been bifurcated further into RFID, GPS/GNSS, DSRC, video analytics, and others.
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The DSRC sub-segment is projected to witness robust growth through the forecast period owing to increasing industry-wide adoption.
Electronic toll collection systems are integrated with DSRC technology that uses microwave tags inside vehicles to identify vehicle passages from the tolled road. The increasing prominence of the technology in these systems will boost segmental adoption in the coming years.
In terms of subsystems, the automatic vehicle classification (AVC) sub-segment held a considerable market share in 2020. The integration of AVC in electronic toll collection systems allows toll operators to swiftly categorize the vehicle and apply charges accordingly. Speedy and accurate toll calculation offered by these systems is expected to improve product adoption over the assessment period.
Several industry players are working on developing more efficient and advanced AVC systems to get ahead of their competitors.
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For instance, in March 2021, leading mobility solutions provider Q-Free introduced HI-TRAC® TMU4X, its high-speed weigh-in-motion (WIM) and multimodal classification solution for automatic vehicle classification (AVC). The product, which also offers pedestrian and cyclist data counts, is likely to be launched in Asia, North America, and the Gulf regions.
Such advancements in AVC technology are projected to foster product outlook and contribute significantly to market adoption in the forecast period.
Hybrid payment methods are expected to grow at a notable CAGR through the analysis period owing to increasing demand. This payment method provides cardholders the ability to pay from multiple accounts linked to a main account. The convenience of using hybrid payment methods would aid wider product adoption, thereby fueling market growth through the assessment period.
From the perspective of application, highways are projected to amass sizable revenue by 2027 due to the increasing importance of highways for travel sectors of both established and developing regions.
Rapid development of highways in emerging economies will drive the demand for electronic toll collection system on these roadways, which is anticipated to fuel market adoption in the coming years.
In the regional landscape, the Middle East & Africa market is expected to see substantial growth driven by the booming tourism industry in the region.
The flourishing travel & tourism industry in MEA is speculated to encourage investment in electronic toll collection systems to develop smart transportation infrastructure for tourists. This will propel product adoption and foster regional market growth through the assessment period.