Asia Pacific Automatic Tolling System Market
APAC comprises the largest and most dynamic economies such as China, India, Japan, Australia, and South Korea. The automatic tolling system is equipped with advanced technologies for managing the traffic and reducing traffic at toll plazas. These systems have already gained massive acceptance in developed economies, resulting in increasing demand for automatic tolling systems. Further, developing countries such as China and India are witnessing rapid urbanization, which is boosting the demand for well-connected road network between cities and towns. Also, the region is adopting technologies such as radio frequency identification, dedicated short range communications, and GNSS. Among these, RFID is being used significantly due to low operational costs. Further, in January 2021, the Ministry of Road Transport and Highways of India, issued a notification for promotion of digital and IT based payment of fees through FASTags. There were also restrictions on international trade as lockdowns were imposed on the borders of countries. All these restrictions reduced transportation and road travel, which has limited the growth of the market in the region. However, as the lockdown restrictions were lifted and vaccination process began, the shipment of raw materials has started again, and the construction of highways has started as well. This will lead to the growth of the automatic tolling system market in the region.
The COVID-19 that emerged in China has affected several neighboring countries such as India, South Korea, and Japan, among others. The impact of COVID-19 has significantly affected the automatic tolling system market in 2020. The imposition of a ban on commercial activities has disrupted the industrial supply chains in APAC region, leading to raw material shortages. As the automatic tolling system includes various semiconductor components such as cameras, and most of these components are produced in China and other countries of APAC which were badly affected by the pandemic. There are also restrictions on international trade as lockdowns are imposed on the borders of countries. All these have limited the transportation and travelling on road which has limited the growth of the market in the region in year 2020. However, in 2021, with the uplifting of lockdowns and vaccination process, the shipment of raw materials has started again, and the highways has also started constructing. Therefore, this will lead the growth of automatic tolling system market in the region.
Strategic insights for the Asia Pacific Automatic Tolling System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,856.27 Million |
| Market Size by 2028 | US$ 2,958.20 Million |
| Global CAGR (2021 - 2028) | 6.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Automatic Tolling System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The automatic tolling system market in APAC is expected to grow from US$ 1,856.27 million in 2021 to US$ 2,958.20 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The FASTags will be mandatory for all four-wheelers including old vehicles. Similarly, in March 2021, China announced plans to extend the total length of its national expressway system by 47% by 2035 to support regional economies. Expressways under the view of the central government totaled 108,600 km by the end of 2019, the plans are to increase this to 160,000 km, according to the transport ministry. Thus, with the increase in highways, more tolling systems will be needed. Therefore, installation of advanced technologies and increase in highways will drive the automatic tolling system market in the region.
The APAC automatic tolling system market is segmented into offering and type. Based on offering, the APAC automatic tolling system market is segmented into hardware and services. The services segment held the largest market share in 2020. Based on 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 automated toll booth collection system. The unmanned automated toll booth collection system segment led the automated tolling system market in 2020.
A few major primary and secondary sources referred to for preparing this report on the automatic tolling system market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Conduent Business Services, LLC; EFKON GmbH; Feig Electronic; IBI Group; Indra Sistemas, S.A.; Mitsubishi Heavy Industries Machinery Systems, LTD; Raytheon Technologies Corporation; Siemens Mobility; STMicroelectronics N.V.; Tecsidel, S.A.; and Thales Group.
The Asia Pacific Automatic Tolling System Market is valued at US$ 1,856.27 Million in 2021, it is projected to reach US$ 2,958.20 Million by 2028.
As per our report Asia Pacific Automatic Tolling System Market, the market size is valued at US$ 1,856.27 Million in 2021, projecting it to reach US$ 2,958.20 Million by 2028. This translates to a CAGR of approximately 6.9% during the forecast period.
The Asia Pacific Automatic Tolling System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automatic Tolling System Market report:
The Asia Pacific Automatic Tolling System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Automatic Tolling System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Automatic Tolling System Market value chain can benefit from the information contained in a comprehensive market report.
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