North America Automatic Tolling System Market
The North American region includes countries such as the US, Canada, and Mexico. The road and transportation construction industry in North America is growing significantly due to increase in state and local spending, as well as rise in federal funding for highways. Also, external factors such as cyclical growth and dispersal of nonresidential construction activity stimulate the demand for the installation of transportation infrastructure, such as airport runways, private roads, and streets. This, in turn, is boosting the industry demand. Thus, with the increasing road and transportation construction activities, the developments of toll booths are also observed in the region. These factors are influencing the growth of automatic tolling system market.
Further, according to the annual economic forecast by the American Road & Transportation Builders Association (ARTBA) in 2020, the US transportation infrastructure is expected to grow by at least 5% in 2021, Additionally, the construction work on private highways, bridges, parking lots and driveways increased from US$ 69.1 billion in 2019 to US$ 71.8 billion in 2020, and it will continue to grow over the next five years as market activity increases in those sectors. Thus, rise in number of vehicles in the region and increase in pace in constructing public & private highway, streets, bridges & tunnels, and airport runways & terminals, will see a rise in toll booths, thereby influencing the demand for automatic tolling systems in the region.
North America is among the worst-hit regions by the COVID-19 pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. COVID-19 outbreak has negatively impacted manufacturing and construction businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering, as well as the transportation sector also affected due to the non-movement of vehicles. There has been a disruption in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities. The outbreak of COVID-19 has brought effects on many aspects, such as flight cancellations; lockdown & restrictions imposed, travel bans. As a result of all these travel bans and restrictions, there have been extraordinary changes in traffic volumes, transits, and toll collection revenues. As a result of less toll collection, the upgradation of older toll systems to advanced tolling system is at halt, impacting the growth of North America automatic tolling system market. However, in 2021, with the uplifting of lockdown restrictions and vaccination processes, the road and highway construction and developments has started again, helps in creating a positive scenario for the automatic tolling system market growth.
Strategic insights for the North America 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$ 2,228.71 Million |
| Market Size by 2028 | US$ 3,045.86 Million |
| Global CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 2,228.71 million in 2021 to US$ 3,045.86 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. North America is one of the technologically advanced regions. The developed countries in the region are known for adopting advanced technologies, high standards of living, and developed infrastructure. Thus, with the increase in adoption of RFID technology and GPS, the region is implementing different Offerings of toll booths such as unmanned automated toll booth collection systems and unmanned wireless automated toll booth collection systems. This is also influencing the growth of automatic tolling system market in the region.
The North America automatic tolling system market is segmented into offering and type. Based on offering, the North America 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 North America 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; Feig Electronic; IBI Group; Indra Sistemas, S.A.; Iteris, Inc.; Neology Inc.; Raytheon Technologies Corporation; Siemens Mobility; STMicroelectronics N.V.; Tecsidel, S.A.; Thales Group; and
The North America Automatic Tolling System Market is valued at US$ 2,228.71 Million in 2021, it is projected to reach US$ 3,045.86 Million by 2028.
As per our report North America Automatic Tolling System Market, the market size is valued at US$ 2,228.71 Million in 2021, projecting it to reach US$ 3,045.86 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The North America 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 North America Automatic Tolling System Market report:
The North America Automatic Tolling System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automatic Tolling System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automatic Tolling System Market value chain can benefit from the information contained in a comprehensive market report.
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