The North America Electronic Toll Collection Market would witness market growth of 5.3% CAGR during the forecast period (2022-2028).
Electronic toll collection is a more affordable option than a staffed booth since it delivers transparency and lowers transaction costs for government organizations. Further, advantages like shorter wait times, enhanced safety, and improved traffic are set to propel the use of electronic toll collection booths, driving the electronic toll collection market ahead.
Cashless tolling, which is already in use on a number of toll roads & bridges, is the way of the tolling future. Numerous avenues exist for the general population to gain from the system. Because cars do not have to stop or slow down in order to pay their toll at a physical booth, cashless tolling in particular makes travel speedier and more convenient. The benefits include decreased engine idling, less fuel being spent, and fewer toll plaza accidents.
The North American road system has developed over time into a sophisticated network of physical infrastructure, including bridges, roads, & overpasses, all of which are intended to handle heavy traffic. An equally complex network of human systems focused on a hierarchy of governmental agencies and their related financial backing, has established the system and continues to alter and maintain it. The development of the road network took place over several decades, in part due to changes in transportation technology and the availability of resources.
The US market dominated the North America Electronic Toll Collection Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,966.2 million by 2028. The Canada market is poised to grow at a CAGR of 7.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 6.8% during (2022 - 2028).
Based on Type, the market is segmented into Transponder-/Tag-based Tolling Systems and Other Tolling Systems. Based on Technology, the market is segmented into RFID, Dedicated Short-Range Communication (DSRC), and Others. Based on Offering, the market is segmented into Back-office & Other Services and Hardware. Based on Application, the market is segmented into Highways and Urban Areas. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Electronic Toll Collection Market is Estimated to reach $11.6 Billion by 2028, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., Raytheon Technologies Corporation, Kapsch TrafficCom AG (Datax Handels Gmbh), Conduent, Incorporated, Cubic Corporation, Siemens AG, TransCore (ST Engineering), Efkon GmbH (STRABAG SE), and FEIG ELECTRONIC GmbH.
By Type
By Technology
By Offering
By Application
By Country
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