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(IT-NEWSWIRE.COM, September 20, 2022 ) The global electronic toll collection market size was valued at USD 4,831.9 million in 2021 and registered with a CAGR of 8.4% during the forecast period 2022-28. The term "electronic toll collection" pertains to the cashless toll collection technology, which helps to address the issue of traffic congestion on numerous toll collection sites caused by the laborious process of collecting cash or plastic money. The vehicles do not need to stop at the toll booths to pay these charges. When cars stop at toll booths, these devices scan them to collect money. To let vehicles pass through the booth without transponders, they function on a cash toll system. A toll road is a public or private thoroughfare that levies a fee for use. Due to the elimination of manual operation, electronic toll collecting reduces traffic congestion.
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The Electronic Toll Collection Market Growth Factors:
The initiatives taken by different governments to implement traffic-free roadways for quick freight vehicles on highways and in metropolitan areas are the main factors driving the electronic toll collecting market. To encourage the use of electronic toll collecting services, nations are implementing a discounted scheme for drivers. To implement electronic toll collecting systems on highways, governments in emerging countries are primarily responsible for the market's significant growth. By digitally collecting toll fees, such measures hope to facilitate the free flow of traffic and prevent the problem of queues at toll plazas.
Restraining factors for The Electronic Toll Collection Market
On the other hand, it is anticipated that the implementation of strict regulatory standards across various regions will impede the growth of the electronic toll collection industry. The market for electronic toll collecting is expected to face difficulties as a result of the rise in problems related to connectivity, common standards, and toll technology choices.
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The Electronic Toll Collection Market Segmentation
The Global Electronic Toll Collection Market on the basis of system Type, the market is segregated into Transponder-/Tag-based Tolling Systems, and Other Tolling Systems. On the basis of Technology, the market is classified into Radio-frequency Identification (RFID), Dedicated Short-range Communication (DSRC), GNSS & GPS. On the basis of Payment Method, the market is categorized into Prepaid, Postpaid), Application (Highways, Urban Areas)
The Electronic Toll Collection Market Regional Analysis:
Due to the vast number of vehicles, extensive interstate and state highway networks, installation of cutting-edge toll collection systems, and several ongoing toll installation projects, North America now holds a monopoly on the electronic toll collection market. Because of the rising demand for these systems in developing economies and the acceleration of urbanization, Asia-Pacific is anticipated to have substantial expansion during the forecast period.
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