Electronic Toll Collection Market growth at USD 16.54 Billion with a CAGR rate of 10.3% by 2030 | Rising demand for lessening traffic congestion and fuel consumption

Electronic Toll Collection Market

The Electronic Toll Collection or the automated toll collection market is expected to surge in recent years. It is expected to have a Electronic Toll Collection Market value of USD 16.54 billion by 2030. The government is investing a large sum of money in this growing industry.

Electronic toll collection Market Dynamics

• Driving Factors of market

Accidents due to traffic are a major issue in developing and developed countries, and the physical toll contributes to it. It will also clear the route for emergencies like ambulances, fire engines etc. Since the world is also advancing and going online, it is high time for toll collection industries to update themselves.

Nowadays, the government is also interested in installing an electronic toll collection system as it reduces traffic and, simultaneously, the hazardous gases emitted by vehicles.

• Challenges faced by the market

Developing countries face the main challenge. They have to make sure their infrastructure and telecom services are proper. The cost of maintenance is also an important factor. The technical issue is another challenge faced by the electronic toll collection market. Vehicles often had tags connected incorrectly or in excess, and the faulty connection was a problem.

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• Growth Analysis

Technical advancements in GPS and GNNS are making the government invest in the electronic toll collection market. The physical toll collection system is wasting significant time for vehicle owners. Manual toll collection is also prone to errors, but electronic toll collection is error-free as passengers will do the transaction online. Thus it is better to switch to the electronic toll collection market. The market for electronic toll collection is expected to be USD 13819.3 billion by 2023.

Report Scope:

• Value Chain Analysis

With the surging population, vehicle numbers are growing day by day too. Upgradation in technology has resulted in the growth of the overall market. In developed countries, the infrastructure is designed so that electronic toll collection segments help in reducing traffic.

In-depth Market Research Report (100 Pages) on Electronic Toll Collection Market:

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Electronic toll collection Market Regional Analysis

Developed countries like North America will experience a boom in the toll collection market as passengers demand online transactions. Having a higher percentage of personal vehicles is another reason. Regions like Asia pacific and Europe are also initiating a digital change in this field.

Recent Developments

The top players in the market are launching high-security toll gates. Features like data protection, reliability, and superior read sensitivity are also included.

COVID-19 Electronic Toll Collection market analysis –

Since the pandemic has affected transportation, the toll collection market has declined slightly. The decline in the semiconductor and automotive industry has also affected the market. Because of the restrictions imposed by the government, the transportation of raw materials, like chips, processors, and cameras, has been difficult.

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Conclusion

In conclusion, the electronic toll collection market is an industry with a lot of growth potential. The United States has seen a significant increase in electronic toll collection systems use in recent years, which is expected to continue. Several factors are driving this growth, including the increasing cost of traditional toll collection methods, the benefits of electronic toll collection systems, and the increasing availability of electronic toll collection systems.

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