Electronic Toll Collection Market Size Analysis and Top Companies
The global electronic toll collection market size is projected to surpass around USD 25.04 billion by 2033 from USD 9.23 billion in 2023, expanding at a solid CAGR of 10.50% between 2023 and 2033. The top companies in the electronic toll collection market in the electronic toll collection market are Thales Group (U.S.), TRMI Systems Integration (Japan), EFKON (Austria), Honeywell International, Inc. (U.S.), Kapsch TrafficCom AG (Austria), Mitsubishi Heavy Industries, Ltd. (Japan), Perceptics (U.S.), Q-Free (Norway), IRD (Canada), Transcore Holdings, Inc. (U.S.), and Others.
Market Report Coverage
| Report Attributes |
Details |
| Market Size by 2033 |
USD 25.04 Billion |
| Market Size in 2023 |
USD 9.23 Billion |
| Market Growth Rate from 2023 to 2033 |
CAGR of 10.50% |
| Largest Market |
North America |
| Base Year |
2023 |
| Forecast Period |
2023 to 2033 |
| Segments Covered |
Type, Technology, End-user, and Regions |
| and Regions |
North America, Europe, Asia-Pacific, Latin America and Middle East, and Africa |
Electronic Toll Collection Key Players
- Thales Group (U.S.)
- TRMI Systems Integration (Japan)
- EFKON (Austria)
- Honeywell International, Inc. (U.S.)
- Kapsch TrafficCom AG (Austria)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Perceptics (U.S.)
- Q-Free (Norway)
- IRD (Canada)
- Transcore Holdings, Inc. (U.S.)
Latest Advancements by Industry Players
- In February 2024, in India, Union Minister Nitin Gadkari announced the launch of GPS-based toll collection. The aim behind this launch was to reduce traffic congestion and charge motorists for the exact distance traveled on the highways.
Recent Developments
- In November 2024, NHAI launched the Dwarka Expressway, the first multi-lane free flow (MLFF) toll collection. The tolling system will consist of field equipment and sensors mounted on gantries, which will capture information from passing vehicles. This data will be transmitted to the electronic toll payment system to deduct the user fee.
- In April 2024, Ohio Turnpike launched a USD 250 million modernized toll collection system comprising Interstate 80, I-90, and I-76.
- In September 2024, the latest design for its FASTag was introduced by the State Bank of India (SBI), which will bring down travel time for travelers. "The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category. The advanced FASTag design enhances vehicle identification and toll collection efficiency aimed at reducing travel time for millions of commuters in India."
We have prepared a service to support you. please feel free to contact us at sales@precedenceresearch.com | +1 804 441 9344
