V2X-based toll payment potential revenue source for OEMs
Although tolls cannot be avoided, there is room for improvement in the payment process, and innovations like V2X-based toll payment can make it more convenient, and this can open new revenue opportunities for OEMs.
The global market for electronic toll collection (ETC) systems has grown significantly in the past years. According to forecasts, this will continue for years to come. Global Market Insights predicts 11% annual growth between 2021 and 2027 and identifies urbanization and traffic congestion as one of the major driving forces behind the increasing demand for ETC systems.
Authorities usually build toll stations with multiple gates to identify vehicles. This is quite expensive and also slows down traffic, since each vehicle has to get in their respective lanes. These ETC systems typically use cameras combined with transponders to enforce payment. It’s far from an optimal solution.
The ETC market is fragmented, and because of this, long-haul trucks, delivery vehicles, and everyone else travelling through state lines or even countries has to carry that many more transponders.
There’s an excellent opportunity for state-of-the-art solutions built on global V2X standards.
Here at Commsignia, we are working to make V2X-based tolling happen. From drivers, to operators and service providers, ETC systems based on standard V2X messaging and security are convenient for everyone.
In fact, carmakers have already started implementing V2X solutions into their vehicles, so drivers won’t have to buy and install various toll tags. This aligns with the trends in the automotive industry where connectivity is considered to be one of the major revenue drivers for OEMs. Carmakers will be able to offer V2X-based tolling as a comfortable option to car owners.
Last, but certainly not least, V2X roadside units are capable of running a number of V2X applications besides tolling. This allows for a more efficient traffic management so road operators can reduce congestion and increase safety.
Let us know how we can help you with your V2X implementation. We’d love to her about your projects, thoughts, and questions!