The Latin America, Middle East and Africa Electronic Toll Collection Market would witness market growth of 7.9% CAGR during the forecast period (2022-2028).
Direct payment of toll from prepaid or savings accounts is in high demand due to consumers' growing need for simple, quick transactions. The prepaid tag enables toll charges to be deducted automatically and permits vehicles to pass through without stopping to conduct business. The Toll Management Systems (TMS) and the Prepaid Card System are connected, allowing toll operators to choose the classes of vehicles and deduct the necessary toll costs from the prepaid card. The use of prepaid payment options in electronic toll collecting systems will be aided by the advantages of quick and cashless transactions.
Over time, tolling technology has advanced. The most recent AET available today feature multiprotocol readers that can scan many toll tag types simultaneously and high-speed video cameras that can automatically capture & process high-resolution images with a high accuracy rate. This can be predicted that this technology will advance further.
The main element promoting the construction of major infrastructure in the LAMEA region is the significant investment made in infrastructure development by the UAE and Saudi Arabia for the promotion of tourism and travel and consequent income creation. This was ascribed to the growth of numerous cities as well as the requirement for connection, which is boosting the demand for toll collection by the relevant government for their upkeep. Additionally, it is projected that the expanding population in Africa's developing nations, where big cities are forming and connecting to ports and towns, would boost the demand for better connectivity and increase the need for road maintenance.
The Brazil market dominated the LAMEA Electronic Toll Collection Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $208.2 million by 2028. The Argentina market is experiencing a CAGR of 8.5% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7.6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Electronic Toll Collection Market is Predict to reach $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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