Description
US Electronic Toll Collection Market Research Report Forecast to 2027
Market Overview
Electronic Toll Collection (ETC) is a system that allows customers to automatically pay tolls when passing through toll gates without stopping. ETC is a technology that enables vehicles to pay road tolls electronically. Electronic Toll collection is a concept that is being promptly accepted globally. Some tags are designed to communicate with other forms of roadside readers as well, creating interstate and intrastate toll payments accessible. Toll agencies are interested in developing these tags and readers because of modifying the tolling system. The system electronically debits the accounts of registered automobile owners or identifies the vehicle plate for later asking while not requiring vehicles to stop. ETC is else to any tolled facility through varied technologies such as a Universal Product Code label pasted to the vehicle, a proximity card, a frequency electrical device mounted within the vehicle, license plate recognition, and recently, via US Positioning Systems (GPS).
The various factors attributing to the growth of the US electronic toll collection market are the increasing demand for minimizing traffic congestion and fuel consumption at toll stations, increasing government initiative towards improved road safety and infrastructure, and the growing need for transparency in revenue performance. Furthermore, the need for superior video analytics in automatic number plate recognition and classification of vehicles is expected to present lucrative opportunities for the market players during the forecast period.
the US electronic toll collection market has been growing rapidly from the past few decades and is expected to reach USD 3,286.7 million by 2027, at a CAGR of 7.3% during the forecast period 2021–2027.
Market Segmentation
The US electronic toll collection market has been segmented based on technology, means of collection, and application. Based on technology, the electronic toll collection market is segmented into Automatic Vehicle Identification (AVI), Automated Vehicle Classification (AVC), Violation Enforcement System (VES), and Toll Transaction Processing System. The toll transaction processing system segment accounted for the largest share in the overall market. At the same time, the Violation Enforcement System (VES) segment is expected to grow at the highest CAGR during the forecast period. Based on means of collection, the market is segmented into prepaid and postpaid. The postpaid segment dominated the US market in 2020 and is expected to grow with a significant CAGR during the forecast period. Based on application, the market is segmented into roads, bridges, tunnels, ferries. The roads segment is dominating the market with the highest market size of USD 1,417.5 million.
Major Players
LLC (US), ETAN Industries (US), Conduent/Xerox (Conduent bought Xerox) (US), Kapsch Aktiengesellschaft (US), Cubic Corporation (US), E-Transit, Inc. (US), Transcore (US), TRMI (US), INEX (US), Global agility (US), A-to-Be USA LLC (US), Neology (US), and Geotoll (US).
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