The Europe Electronic Toll Collection Market would witness market growth of 5.8% CAGR during the forecast period (2022-2028).
The increased adoption by governments in various locations is what is behind the growth in demand for efficient traffic management at toll collection facilities. An effective and efficient traffic management system guarantees a smooth flow of traffic and reduces wait times at toll booths. By facilitating quick and easy payment at toll booths, this technique eases traffic congestion. ETC saves money for the toll owners private or government by enabling the elimination of tickets, lowering the cost of labor, and reducing the amount of time spent traveling.
A better environment and cheaper sanitary costs are also obtained indirectly via ETC systems' reduced air pollution & other environmental consequences. These elements are anticipated to support the market for electronic toll collecting in its expansion. ETC systems require the collaboration of numerous parties, including infrastructure providers, telecom operators, manufacturers, service providers, governmental organizations, and user groups. They are challenging to execute by a single stakeholder. Therefore, the viability of the integrated ETC system may depend heavily on the public-private partnership paradigm.
With the Department of Transportation's approval of 18 new road projects, drivers could soon enjoy shorter commutes and better journeys. The first round of successful schemes have been declared by the government in September 2019 and will move on to the following round of development. The UK can compete worldwide due to its roads. They promote commerce & draw investment, making the UK a desirable location for business. Roads facilitate commercial travel. A lot of people use their cars for work. Truck drivers, who depend on safe highways to complete their deliveries, are the most noticeable of them.
The Germany market dominated the Europe Electronic Toll Collection Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $758 million by 2028. The UK market is anticipated to grow at a CAGR of 4.9% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 6.6% during (2022 - 2028).
Based on Type, the market is segmented into Transponder-/Tag-based Tolling Systems and Other Tolling Systems. Based on Technology, the market is segmented into RFID, Dedicated Short-Range Communication (DSRC), and Others. Based on Offering, the market is segmented into Back-office & Other Services and Hardware. Based on Application, the market is segmented into Highways and Urban Areas. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Electronic Toll Collection Market will Hit $11.6 Billion by 2028, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., Raytheon Technologies Corporation, Kapsch TrafficCom AG (Datax Handels Gmbh), Conduent, Incorporated, Cubic Corporation, Siemens AG, TransCore (ST Engineering), Efkon GmbH (STRABAG SE), and FEIG ELECTRONIC GmbH.
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