Global Electronic Toll Collection Market Size will Reach $8967.12 Million in 2023

Global Electronic Toll Collection Market Overview

According to Global Market Monitor, the global electronic toll collection market size will reach $8967.12 million in 2023 with a CAGR of 7.58% from 2023 to 2028.Electronic toll collection, a system for automated collection of tolls from moving or stopped vehicles through wireless technologies such as radio-frequency communication or optical scanning,is a combination of several electronic components and equipment, such as transponders, cameras, RFID chips, controllers, and processors.

North America Dominated the Electronic Toll Collection Market.

North America occupied the largest market share and led the market. Both the United States and Canada have the largest interstate highways and interstate highway networks where advanced toll collection systems have been installed in many places. The main driving force behind the growth of the electronic toll collection market is that it is an effective solution to reduce traffic congestion, accidents, and environmental pollution. Others include the government’s strong support, the greater convenience and flexibility of cashless payment, and applications of more advanced technologies in transportation infrastructure.

Car Ownership Continues to Increase and the Popularity of Mobile Payments.

Electronic toll collection can reduce the number of cars waiting for tolls at the entrance and exit. Its high performance drives government organizations, municipalities, road infrastructure developers, and consumers to use it. Cars using ETC enter and come out of the toll road and zone fast without waiting, reducing the traffic pressure in the road station. Additionally,most Chinese are used to smartphones, and they love the payment online. As lots of young people go out without cash, the ETC can avoid the situation of no cash available, which is also one of the main drivers of young people's high acceptance of electronic toll collection methods.

According to statistics from the Ministry of China Public Security, China's vehicle ownership reached 319 million in 222, increased by 5.39% over 2021. Although the sales growth rate in China has significantly decreased in recent years the total quantity of cars still increases, aggravating the burden of national traffic. ETC is a suitable solution for the government and the public.

Drivers	Relieving TrafficCongestion
	Popularization of non-cash payment
	Increasing the numberof cars
	Potential downstreamapplication
	Boom of tourism
	Improvement of living standards