Report : Asia Pacific Electronic Toll Collection System Market Forecast to 2030 - Regional Analysis - by Offering (Systems and Services), Technology (RFID, DSRC, ANPR, GNSS, and Others), and Application (Highways and Urban Zones)
At 11.6% CAGR, Asia Pacific Electronic Toll Collection System Market is Speculated to be Worth US$ 2,960.65 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific electronic toll collection system market was valued at US$ 1,227.46 million in 2022 and is expected to reach US$ 2,960.65 million by 2030, registering a CAGR of 11.6% from 2022 to 2030. Increasing demand for interoperable electronic tolling systems and government focus on transportation infrastructure are among the critical factors attributed to the Asia Pacific electronic toll collection system market expansion.
The toll collection systems projects involve a public-private partnership model where government agencies or state bodies usually decide the toll pricing. The objective of toll collection profoundly influences vehicle classification and dynamic pricing for multiple categories of frequent travelers. Thus, effectively restricting the interoperability of toll-collection processes across different states, administrative regions, or provinces within the country. Also, there is an increase in collaborative efforts among different state bodies to participate in joint toll collection systems (accepted by more government agencies) and offer simplified toll collection for different users. This electronic toll collection system operates on a pre-paid account-based system, which various state agencies adopt for a seamless array of freight fees, tolls, and fines across the region.
The data generated via electronic toll collection transponders and RFID tags can provide meaningful insights into the traffic patterns and congestion at various expressways and highways. Also, those insights can be used for improving congestion, traffic management, and other intelligent transportation services. An exhaustive interoperable toll collection system has applications across parking fee payments at airports, malls, bus stations, and intelligent transportation services, among other innovative services. Thus, the demand for interoperable and robust electronic toll collection by the government, as well as state agencies, is fueling the demand for electronic toll collection systems.
On the contrary, leakage and high CapEx and OpEx costs hamper the growth of Asia Pacific electronic toll collection system market.
Based on offering, the Asia Pacific electronic toll collection system market is bifurcated into systems and services. The systems segment held 70.5% market share in 2022, amassing US$ 865.68 million. It is projected to garner US$ 2,166.93 million by 2030 to expand at 12.2% CAGR during 2022-2030.
In terms of technology, the Asia Pacific electronic toll collection system market is categorized into RFID, DSRC, ANPR, GNSS, and others. The RFID segment held 81.2% market share in 2022, amassing US$ 997.14 million. It is projected to garner US$ 2,410.64 million by 2030 to expand at 11.7% CAGR during 2022-2030.
By application, the Asia Pacific electronic toll collection system market is bifurcated into highways and urban zones. The highways segment held 79.1% market share in 2022, amassing US$ 970.40 million. It is projected to garner US$ 2,376.79 million by 2030 to expand at 11.8% CAGR during 2022-2030.
Based on country, the Asia Pacific electronic toll collection system market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.7% share of Asia Pacific electronic toll collection system market in 2022. It was assessed at US$ 401.62 million in 2022 and is likely to hit US$ 1,072.93 million by 2030, exhibiting a CAGR of 13.1% during 2022-2030.
Key players operating in the Asia Pacific electronic toll collection system market are Conduent Inc, Kapsch TrafficCom AG, Thales SA, Toshiba Infrastructure Systems and Solutions Corp, Magnetic Autocontrol GmbH, P Square Solutions LLC, Sociedad Iberica de Construcciones Electricas SA, Verra Mobility Corp, Mitsubishi Heavy Industries Ltd., Mitsubishi Heavy Industries Machinery Systems Ltd, Cubic Transportation Systems Inc, and Q-Free ASA, among others.
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