According to a new report, published by KBV research, The Global Electronic Toll Collection Market size is expected to reach $11.6 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
The Other Tolling Systems segment is showcasing a CAGR of 8.2% during (2022 - 2028). The demand for electronic tolling system is rising as the traffic all across the world is growing continuously and the need of continuous road management is also increasing. Owing to this, the demand for ETCs in this segment is also increasing.
The RFID segment acquired maximum revenue share in the Global Electronic Toll Collection Market by Technology in 2021 thereby, achieving a market value of $7.5 billion by 2028. Vehicles with RFID tags and RFID equipment positioned overhead at toll lanes make up an RFID tolling system. RFID tags which can be active, or passive with battery assistance, are present on the toll passes. RIFD are quick to read rates, low price tag, Ideal for linking records and data, secure communication, and encryption are some features that are contributing to the demand for RFID leading to market growth.
The Hardware segment has shown the growth rate of 7.9% during (2022 - 2028). The deployment of hardware electronic toll collecting will increase as a result of technological improvement. Many electronic equipment and computerized technologies, such as an automated toll payment system, are being introduced to ensure smooth operation.
The Highways segment is leading the Global Electronic Toll Collection Market by Application in 2021 thereby, achieving a market value of $9.4 billion by 2028. Daily lives are made easier in large part by highways. They offer a crucial way to go quickly and effectively from one place to another. Safety is of utmost concern on highways designed for high-speed traffic. The more up-to-date information drivers have about the flow of traffic, the safer they are while operating a vehicle.
The North America market dominated the Global Electronic Toll Collection Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.1 billion by 2028. The Europe market is exhibiting a CAGR of 5.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 6.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/electronic-toll-collection-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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