Electronic Toll Collection Market during 2021-2027

1. Electronic Toll Collection MarketBy Technology, Trend Analysis,2021-2027

2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global Electronic Toll Collection market was worth USD 6.23 [M1] billion in 2020. According to the study, the market is expected to grow at the CAGR of 11.86% during 2021-2027 (forecast period), earning revenue of around USD 13.65 [M2] billion by the end of 2027. The ability of ETC to reduce accidents, traffic congestion, and pollution, as well as strong government policies to expedite electronic toll collection, broader acceptance of cashless payments, and growing usage of innovative mobility technology, are all contributing to the growth of the global Electronic Toll Collection market.

3. Growth drivers Effective solution to reduce traffic congestion, accidents, and environmental pollution fueling the market growth Effective and appropriate traffic management ensures smooth traffic flow and saves time at toll booths. Escalating traffic on national highways adds to additional congestion at toll plazas, which results in loss of fuel and time. Electronic toll collection uses technologies like RFID-enabled tags to collect tolls directly from prepaid and postpaid accounts. This scheme also simplifies the process of paying at toll points, resulting in less traffic congestion. Consequently, all such factors foster the growth of the global electronic toll collection market.

4. Restraints Implementation constraints in emerging nations Prior to installing an electronic toll collection system, telecommunications technology and updated road infrastructure must be in place. The lack of necessary infrastructure and technology in economically developing countries like India has also hampered the spread of electronic toll collection systems. In addition, the lack of communication infrastructure, such as the internet, mobile phone penetration, and computer penetration, insufficient illiteracy, transportation, and electricity restrictions further limit foreign and domestic investment in such nations, inhibiting further development of unconventional transportation systems, like electronic toll collection. Moreover, the outbreak of the pandemic is expected to negatively affect the economies of these nations.

5. Impact of COVID-19 on Global Electronic Toll Collection Market The global electronic toll collection market is expected to experience the impact of the coronavirus (COVID-19) pandemic from every direction. Demand may collapse as a result of uncertainties in the global economy and capital markets, just as supply systems in critical locations are disrupted by the pandemic. Besides the threat of infection, governments are also limiting movement - adding to the unpredictable nature of the crisis. The COVID-19 pandemic is causing extensive concern and economic hardship for consumers, businesses, and communities across the world. The situation is fast-moving with varied-ranging impacts.

6. Global Electronic Toll Collection Market- By Technology In terms of technology the global electronic toll collection market is divided into automatic vehicle classification (AVC), violation enforcement system (VES), automatic vehicle identification (AVI), and transaction processing. Among these, the Automatic Vehicle Classification (AVC) segment of the electronic toll collection market was valued at USD 6.23 billion in 2020, and is likely to reach USD 13.65 billion by 2027, projecting a CAGR of 11.86%, during the forecast period. The growth has been primarily driven by the growing adoption of intelligent transportation system technologies to recognize and track stolen vehicles across the world.

7. Global Electronic Toll Collection Market- By Region Based on region, the global Electronic Toll Collection market is segmented into five regions, North America, Europe, the Asia-Pacific, Rest of the world. North America’s electronic toll collection market is estimated to grow from US$ billion in 2020 to US$ billion by 2027, at a CAGR of % over the forecast period. Sample Copy of the Report : https://www.blueweaveconsulting.com/global-electronic-toll-collection-market-report/report-sample

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