Automatic tolling system Market Revenue to Cross US$ 11,065.6 million by 2028 | Research By The Insight Partners

Automatic tolling systems combine multiple electronic components and devices, such as transponders, cameras, RFID chips, controllers, and processors.

PUNE, MAHARASHTRA, INDIA, February 14, 2022 /EINPresswire.com/ -- "The global automatic tolling system market is expected to grow from US$ 7,678.8 million in 2021 to US$ 11,065.6 million by 2028; it is estimated to grow at a CAGR of 5.4% during 2021-2028.

Automatic tolling system Market is one of the major solutions for seamless transportation and mobility in major roadways. The adoption of automatic tolling systems in high density roadways and highways helps in alleviating traffic congestion, improving commute times and increasing safety and efficiencies for road transportation. Automatic tolling system adopts the use of several components to complete a transaction. The major important components are vehicle recognition and account identification. For vehicle recognition, the system may use in-road and overhead sensors, camera, vehicle-to-roadside communication or a combination of these. The account identification component uses a relational database to map vehicle ID to a user account.

Since these systems significantly reduce the operating costs for various departments of transportation across the world, there is a rising demand in the global market. Several benefits of the automatic tolling system over traditional tolling, such as improved speed and efficiency of traffic flow, decongestion, and reduced accident rates, are leading to the growth of global automatic tolling system market. With the growing number of vehicles in developing countries, like India and China, and a dedicated focus on transportation infrastructure development, there is an exponential rise in the demand for tolling solutions in these regions. European countries have been the pioneers in implementation of automatic tolling systems in the world, with Norway being the first to implement the technology in 1986 and Italy adopting a country-wide adoption of full electronic toll collection system in 1989.

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Major players operating in the global automatic tolling system machine market include Raytheon Technologies Corporation, Automated Tooling Systems India Private Limited (ATS India), STMicroelectronics N.V., Thales Group, and Indra Sistemas S.A.

The automatic tolling system market is segmented based on offering, type, and geography. Based on offering, the automatic tolling system market is segmented into hardware and services. The services segment represented a larger share of the overall market in 2020. In terms of type, the automatic tolling system market is segmented into unmanned self-service automated toll booth collection system, unmanned automated toll booth collection system, and unmanned wireless automatic toll booth collection system. In 2020, the Unmanned Automated Toll Booth Collection System accounted for a substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Europe accounted for the significant share in the global market.

Impact of COVID-19

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.

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The worldwide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities. Further, there is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety.

Automatic tolling systems combine multiple electronic components and devices, such as transponders, cameras, RFID chips, controllers, and processors. Major suppliers of parts and raw materials are from countries such as China and the US, which are among the worst affected countries due to COVID-19. As a result of the pandemic, strict lockdowns are enforced as preventive measures, thereby directly impacting the supply chain of electronic components and devices. Thus, the delay in the supply of raw materials to manufacturers who meet the requirements of tolling system integrators is expected to cause sequential effects in the year 2020. However, in 2021, with the uplifting of lockdowns and vaccination process, the shipment of raw materials has started again. Therefore, this factor is helping in creating a positive scenario in the growth of global automatic tolling system market.

The overall automatic tolling system machine market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the automatic tolling system machine market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automatic tolling system machine market.

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