The Global Toll Management Systems Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of 7.12% during the forecast period.
Global Toll Management Systems Market Dynamics
Increasing ownership of vehicles to drive the market
The ownership of private vehicles has been increasing due to the increasing population worldwide. With the increasing number of vehicles, traffic congestion and accidents have been increasing day by day. According to the report, every day approximately 37000 people are lost their lives in road accidents across the globe. However, at the manual toll plaza, the drivers have to stop their vehicles and stand in a queue in engine start condition to pay the tax, which increases air pollution and carbon emission in the environment.
The toll management system enables toll plaza to collect the toll without the help of human beings by using various technologies such as RFID, DSRC, video analytics, etc. The stringent regulations of the government to reduce the traffic jams on the roads and reduce accidents and air pollutions are expected to boost the toll management systems market. However, governments of various countries have been installing electronic toll management systems in the existing toll booths for the automation of the toll collecting process and save time, reduce fuel consumption, and maintain the traffic congestions on the highway.
High cost of maintenance to restrain the market
The maintenance cost of the toll management system is too high and due to the poor traffic management in some developing countries, the automation for the toll collection is not practicable. As result, these factors are expected to restrain the growth of the global toll management systems.
Global Toll Management Systems Market Segment Analysis
Global Toll Management Systems Market
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RFID technology type is expected to witness the highest growth throughout the forecast period due to the increasing adoption of RFID tags in toll management. The RFID readers identify, track, and store the information of the RFID tags. The RFID tags are installed in the vehicle to collect toll automatically. When the vehicles reach to toll plaza the RFID reader at the toll gate scans the RFID tag and sends the unique identification number to the database, and deducts the money accordingly. It saves time during the travelling as the drivers don’t have to stop the vehicle to pay the tax.
Global Toll Management Systems Market 1
According to the report, toll management systems on highways are expected to hold the largest market share of XX% by 2026. The system allows operators to recover the cost on road projects, constructions, maintenance of roads by the private organization to reduce the travel time and enhance the level of service. Government initiatives to install the electronic toll collection system on the highway to reduce traffic and air pollution is expected to boost the market in the highway application segment.
Global Toll Management Systems Regional Insights
Global Toll Management Systems Market 2
North America is expected to witness the highest growth during the forecast period
North America is expected to lead the global market with the highest CAGR of XX% during the forecast period due to the increasing adoption of toll management systems in the countries like US and Canada. The countries in North America consist of a huge amount of vehicles per person, the travelling people or a transportation department don’t want to stop or slow down vehicles to pay the tax at the toll plaza. However, the most global key players of the toll management system are based in the US, which is expected to boost the market in North America.
The Asia Pacific is expected to grow at a rapid pace during the forecast period due to the stringent regulations of the government for the installation of RFID tags in the vehicles and the process automation of toll collection. Governments are replacing manual toll booths with electronic toll collection in the countries like India and China. The growing urbanization in the region and the public-private partnership for the development of transportation services, road constructions are expected to create many lucrative opportunities for the market in the Asia Pacific.
The objective of the report is to present a comprehensive analysis of the global toll management systems market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global toll management systems market dynamic, structure by analyzing the market segments and project global toll management systems market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global toll management systems market make the report investor’s guide.
Global Toll Management Systems Market Scope: Inquire before buying
Global Toll Management Systems Market 3
Global Toll Management Systems Market, by Region
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
Global Toll Management Systems Market Key Players
• Kapsch Group
• Thales Group
• Toshiba Corporation
• Conduent LLC
• Siemens AG
• TransCore LP
• Cubic Transportation
• Perceptics LLC
• EFKON GmbH
• Transcore
• Indra
• Ascom
• Cubic
• T-Systems International
• GMV
• Rieter
• DENSO
• International Road Dynamics
• Neology
• Direct Debit
• Watchdata
• Telemetric
• Trackunit
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