The automatic tolling system market size is projected to reach US$ 12.66 billion by 2031 from US$ 7.62 billion in 2023. The market is expected to register a CAGR of 6.6% during 2023–2031. The rise in digitalization of toll collection and long-term economic and safety benefits are likely to be the key drivers and trends of the market.
The automatic tolling system market is experiencing significant growth globally. This growth is attributed to factors such as the rise in digitalization of toll collection and long-term economic and safety benefits. Moreover, the surging demand for effective toll management systems in emerging economies and the emergence of new technologies to make highly advanced tolling systems are anticipated to drive the market in the coming years.
Electronic toll collection (ETC) systems charge a toll to users without the need for any action or stopping by the driver. The system debits the accounts of registered car owners or identifies the license plate for later billing without requiring vehicles to stop. ETC lanes improve the speed and efficiency of traffic flow and save driver’s time.
A rise in digitalization in toll collection can indeed be a driver for the automatic tolling system market. It offers improved efficiency and convenience, reduced operational costs, enhanced accuracy and security, seamless integration with other systems, data collection and analysis, user convenience and satisfaction, increasing government initiatives and regulations and environmental benefits. Digitalization streamlines the toll collection process, reducing the requirement for manual toll systems and allowing transactions at a fast pace. Moreover, several digital toll systems have various payment methods, such as mobile payment and electronic wallets, enhancing user convenience.
Government focus on transportation infrastructure is indeed driving the automatic toll collection market globally. According to the US Census Bureau, the US resident population increased by 0.4% in 2022 compared to 2021. There is a rise in the population in North America, which has encouraged government bodies to invest in building efficient infrastructure to handle a growing population and sustain economic growth. The rising focus on rebuilding the aging infrastructure and the inclusion of smart solutions a key factor fueling the adoption of automatic toll-collection systems in the region. Thus, considering the above parameters, the government's focus on transportation infrastructure is fueling the automatic toll-collection market.
Key segments that contributed to the derivation of the automatic tolling system market analysis are offering and type.
The geographic scope of the automatic tolling system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the automatic tolling system market. High technology adoption trends in various industries in the North American region have fuelled the growth of the automatic tolling system market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American automatic tolling system market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of automatic tolling system market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the automatic tolling system market.
The regional trends and factors influencing the Automatic Tolling System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automatic Tolling System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.62 Billion |
| Market Size by 2031 | US$ 12.66 Billion |
| Global CAGR (2023 - 2031) | 6.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automatic Tolling System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automatic Tolling System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automatic tolling system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automatic tolling system market are listed below:
The “Automatic Tolling System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the automatic tolling system market is 6.6%.
The global automatic tolling system market is expected to reach US$ 12.66 billion by 2031.
The emergence of new technologies to make highly advanced tolling systems is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global automatic tolling system market are Conduent Business Services, LLC, Efkon GmbH, Feig Electronic, Mitsubishi Heavy Industries Machinery Systems, Ltd., Neology, Inc, Raytheon Technologies Corporation, Siemens Mobility, STMicroelectronics, Thales Group, Transcore.
The rise in digitalization of toll collection and long-term economic and safety benefits are some of the factors driving the automatic tolling system market.
North America is anticipated to dominate the automatic tolling system market in 2023.