Electronic Toll Collection Market – Advancements in Cashless Payment Systems Boost Electronic Toll Collection System

The adoption of Electronic Toll Collection systems is driven by the demand for streamlining toll operations, reducing financial fraud, and faster and smoother processing of payments at toll plazas.

The mounting demand for the centralized management of operations at toll plazas with the help of a unified, integrated solution has paved the way for the adoption of electronic toll collection (ETC) systems. In a new report penned by TMR Research, titled “Electronic Toll Collection Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, the accelerating demand for automating toll collecting system in various emerging and developed regions is expected to positively impact the growth of the market. The report offers valuable insights into the notable trends and emerging opportunities, major technological advancements, and recent government initiatives shaping the market dynamics in various regions. The growing popularity of cashless toll booths and a number of recent payment technologies have given a robust push to the electronic toll collection market.

The research study estimates market share and size of key segments. It takes a closer look at the major technology developments boosting the launch of electronic toll collection system in a number of emerging economies. The adoption of ETC systems is driven by the demand for streamlining toll operations, reducing financial fraud, and faster and smoother processing of payments at toll plazas. ETC systems have found to be significantly helpful in improving classification for large number of vehicles and reducing the system downtime, thereby catalyzing its demand across various developed nations.

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Several governmental initiatives in various emerging nations, such as Vietnam and India, to implement ETC system on a pilot basis across numerous highways and expressways is expected to provide a strong impetus to the market. For instance, the recent initiatives of National Payments Corporation of India (NPCI) for streamlining the collection of tools has accentuated the electronic toll collection market in India.

The launch of intuitive and user-friendly apps by private players has enabled vehicle owners to make contact-less payments at point-of-sale (PoS) terminals. A number of these applications also support technologies such as field communication (NFC) and magnetic secure transmission (MST) have simplified the modes of payments. However, the limited use of these technologies in emerging countries may hamper the market in the foreseeable future. Be that as it may, the vast benefits of MST in PoS machines will boost their uptake, thereby catalyzing the ETC system market growth in the not-so-distant future.

The convenience attributed to the automation and cashless payment through ETC has boosted its launch in developing nations and consequently improved the collection, while reducing the operational cost at toll plazas. In addition, several banks and financial institutions are offering RFID-enabled cards to encourage cashless payments, opening up lucrative avenues for market players. The limited awareness of ETC systems has hindered the market to an extent. Nevertheless, sustained government’s push to adopt ETC systems in various developing and developed nations, is expected to boost the market.

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North America is a major market for electronic toll collection systems and the substantial growth of the market is driven by the rapid adoption of ETC systems for safe, secure, and efficient toll collection. Asia Pacific is expected to offer lucrative growth avenues over the forecast period. The impressive demand in the region is propelled by robust government initiatives in various emerging countries.

Key market players operating in the market include 3M, Schneider Electric SE, Cubic Transportation Systems, Inc., Kapsch TrafficCom, Q-Free, Xerox Corporation, Toll Collect GmbH, Far Eastern Electronic Toll Collection Co., Ltd., TransCore, Transurban Limited, Raytheon Company, and VaaaN Infra Pvt Ltd.

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