Growing Popularity of Road User Charging, Urgent Need to Prevent Vehicular Congestion at Toll Plazas & Reduce Transaction Costs to Spur Growth in the Electronic Toll Collection (ETC) Systems Market
The global Electronic Toll Collection (ETC) Systems market is projected to reach US$11 billion by 2024 , driven by the growing popularity of road user charging, need to prevent congestion, and reduce environmental pollution and transactional costs at toll plazas. Tolls are important constituents of a nation’s economy, since these generate huge revenues for the government, which invests the same in expanding existing roads and highways network, undertaking repairs of roads and highways, and improving operational efficiency of transport sector. The market for electronic toll collection (ETC) systems market is expected to benefit significant from efforts to increase tolling as a measure to deal with rising traffic congestion and resultant environmental pollution. ETC systems are also an economical alternative to staffed booths, as they cut down transactional costs. Designed to transform traditional toll collection procedures, ETC systems are enabling significant time/cost savings an...