Logo
Wednesday, 22 May 2024
Monday, 04 Sep 2023 12:00 am

North America Electronic Toll Collection System Market is expected to reach US$ 5.21 billion by 2030

North America Electronic Toll Collection System Market is growing at a CAGR of 13.1% to reach US$ 5.21 billion by 2030 from US$ 1.95 billion in 2022 by Offering, Technology, and Application.

By The Insight Partners

Increase in Demand for Interoperable Electronic Tolling Systems Boosts North America Electronic Toll Collection System Market Growth

According to our latest study on “North America Electronic Toll Collection System Market Forecast to 2030– COVID-19 Impact and Global Analysis – by Offering, Technology, and Application,” the North America electronic toll collection system market size was valued at US$ 1.95 billion in 2022 and is expected to reach US$ 5.21 billion by 2030; it is estimated to record a CAGR of 13.1% from 2022 to 2030.

The toll collection systems projects involve a public-private partnership model where government agencies or state bodies usually decide the toll pricing. The objective of toll collection profoundly influences vehicle classification and dynamic pricing for multiple categories of frequent travelers, thus effectively restricting the interoperability of toll collection processes across different states, administrative regions, or provinces within the countries. However, the recent joint efforts by state and central government agencies to initiate a streamlined transit transaction process across toll gateways, plazas, parking systems, and traffic management in North America have gained traction in the past few years. Also, there is an increase in collaborative efforts among different state bodies to participate in joint toll collection systems (accepted by more government agencies) and offer simplified toll collection for different users. This electronic toll collection system operates on a pre-paid account-based system, which is adopted by various state agencies for a seamless array of freight fees, tolls, and fines across the region. For instance, E-ZPass is an interagency group-based electronic toll collection system in North America that is interoperable across seventeen states in the US. Further, the system has the world's largest and most successful interoperable-based toll collection system, with over 20 million active accounts that utilize 34 million toll-based tags that amount to US$ 9 billion in revenue generation for partnered state agencies.

Electronic Toll Collection System Market – by Region, 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00025769

Source: The Insight Partners Analysis

Moreover, the data generated via electronic toll collection transponders and RFID tags can provide meaningful insights into the traffic patterns and congestion at various expressways and highways. Also, those insights can be used for improving congestion, traffic management, and other intelligent transportation services. An exhaustive interoperable toll collection system has applications across parking fee payments at airports, malls, bus stations, and intelligent transportation services. Thus, the demand for interoperable and robust electronic toll collection by the government, as well as state agencies, is fueling the North America electronic toll collection system market growth.

The North America electronic toll collection system market is segmented on the basis of offering, technology, application, and geography. Based on offering, the North America electronic toll collection system market is bifurcated into systems and services. By technology, the North America electronic toll collection system market is segmented into DSRC, ANPR, GNSS, and others. In terms of application, the North America electronic toll collection system market is bifurcated into highways and urban zones. By geography, the North America electronic toll collection system market is segmented into the US, Canada, and Mexico.

Conduent Inc., Kapsch TrafficCom AG, Thales SA, Toshiba Infrastructure Systems and Solutions Corp, TransCore LP, Magnetic Autocontrol GmbH, The Revenue Markets Inc, Sociedad Iberica de Construcciones Electricas SA, P Square Solutions LLC, Verra Mobility Corp, and Mitsubishi Heavy Industries Ltd are among the key players operating in the North America electronic toll collection system market.

Contact Us
Contact Us: The Insight Partners 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com


The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy