Electronic Toll Collection Market worth $10.0 billion by 2025

According to the new market research report Electronic Toll Collection Market with COVID-19 Impact Analysis the Electronic Toll Collection Market is projected to reach USD 10.0 billion by 2025 from USD 6.9 billion in 2020; it is expected to grow at a CAGR of 7.7% during the forecast period.

The growth of the ETC market is primarily attributed to the role of ETC system as an effective solution to reduce traffic congestion, accidents, and environmental pollution; strong government support to accelerate electronic toll collection, greater convenience and flexibility of cashless payments, and increased use of advanced technologies in transportation infrastructure.

Factors such as growing utilization of blockchain technology in toll collection systems, rising number of public-private partnership agreements in the transportation sector, and increasing transition to All Electronic Tolling (AET) systems from manual or coin-based tolling systems are expected to create growth opportunities for the market.

RFID technology utilizes its radio-frequency electromagnetic fields for the identification of objects that carry RFID tags. This technology is used in electronic identification, tracking, and storing information contained on the tag. Two-way radio transmitters/receivers called interrogators or readers send a signal to the tag and read its response. RFID readers scan the tag and then send that information to the database for storing. RFID is a prominent technology used in ETC systems owing to its low operational cost.