Market Size of North America Vehicle Tolling System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Vehicle Tolling System Market Analysis
The vehicle toll collection and access systems market is expected to witness the CAGR of over 7%, during the forecast period (2020-2025).
- Some of the major factors driving the growth of the market are the increasing construction of roads and highways in the region, vehicle theft detection, fuel efficiency and limited traffic congestion. However, limited awareness about new technology in developing countries may hinder the growth of the market.
- North America and Europe are in the forefront of Tolling System Market. The toll collection system incorporates the entire manufacturing and installation of hardware and software components. The market is dominated by North America, followed by Europe and Asia-Pacific. However, the inability of major projects such as Pocahontas Parkway near Richmond and 90-mile-long SH-130 near Austin, Texas to generate revenues to cover up the project cost due to low traffic volume is hindering the market growth.
- Road tolls are levied traditionally for specific access or infrastructure purposes. However, the evolution of technology has made it possible to implement tolling policies based on a multitude of usage concepts. The charging concepts are currently based on suiting different requirements, regarding the purpose of the charge, charging policy, the infrastructural network, etc.
North America Vehicle Tolling System Industry Segmentation
The North America Vehicle Tolling System Market covers the latest trends and technological development in the North America Vehicle Tolling System Market, demand of the toll collection type, by application type, geography and market share of Tolling System manufacturers across North America.
| Toll Collection Type | |
| Barrier Toll Collection | |
| Entry/ExiT Toll Collection | |
| Electronic Toll Collection |
| Application Type | |
| Bridges | |
| Roads | |
| Tunnels |
| Geography | |||||
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North America Vehicle Tolling System Market Size Summary
The North America vehicle tolling system market is experiencing significant growth, driven by factors such as the expansion of road and highway infrastructure, advancements in vehicle theft detection, and the need for improved fuel efficiency and reduced traffic congestion. The region, particularly North America, leads the market, followed by Europe and Asia-Pacific. The market encompasses the comprehensive manufacturing and installation of both hardware and software components necessary for toll collection systems. Despite the technological advancements and the shift towards electronic toll collection methods, such as Dedicated Short Range Communications (DSRC) and Automatic Number Plate Recognition (ANPR), challenges remain. These include limited awareness of new technologies in developing regions and the inability of certain major projects to generate sufficient revenue due to low traffic volumes.
The evolution of tolling policies, supported by technological advancements, has enabled the implementation of various usage-based charging concepts, which cater to different infrastructural and policy requirements. Electronic toll collection systems, which reduce traffic at toll booths by allowing cashless transactions without stopping vehicles, are becoming increasingly popular. These systems offer benefits such as fuel savings and reduced emissions by minimizing vehicle deceleration and acceleration. The market is highly competitive, with key players like Thales Group, Siemens AG, and Transcore actively participating. Despite the challenges, ongoing infrastructure projects in the United States and Canada, such as the High Desert Freeway project and the Greater Toronto Area West Highway Corridor, indicate a robust demand for tolling systems, further fueling market growth.
North America Vehicle Tolling System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Toll Collection Type
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2.1.1 Barrier Toll Collection
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2.1.2 Entry/ExiT Toll Collection
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2.1.3 Electronic Toll Collection
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2.2 Application Type
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2.2.1 Bridges
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2.2.2 Roads
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2.2.3 Tunnels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States Of America
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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North America Vehicle Tolling System Market Size FAQs
What is the current North America Vehicle Tolling System Market size?
The North America Vehicle Tolling System Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in North America Vehicle Tolling System Market?
Thales Group, Magnetic Autocontrol GmbH, TransCore Atlantic LLC, International Road Dynamics Inc. and Emovis GmbH are the major companies operating in the North America Vehicle Tolling System Market.
