Market Introduction
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.
Market Overview and Dynamics
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.
Key Market Segments
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.
Major Sources and Companies Listed
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.
Reasons to buy report
APAC Automatic Tolling System Market Segmentation
APAC Automatic Tolling System Market - By Offering
APAC Automatic Tolling System Market - By Type
APAC Automatic Tolling System Market - By Country
APAC Automatic Tolling System Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,856.27 Million |
| Market Size by 2028 | US$ 2,958.20 Million |
| 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 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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