Market Introduction
Europe region comprises Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe consists of Sweden, Switzerland, Spain, Austria, Ireland, Hungary, and Belgium, among other countries. Well-established transportation and logistics sectors are positively influencing the demand for electronic tolling collection systems on roads and highways of Europe. Further, the European Commission is funding various projects to improve smart transportation systems in the region. For instance, Pilot on Interoperable Systems for Tolling Applications (PISTA) is a project that aims at implementing and monitoring the electronic fee collection (EFC) system across Europe.
The region is looking to adopt new technologies for a smoother flow of vehicles. For instance, Toll4Europe's toll system offers a range of smart value-added services. The company is providing European electronic tolling service (EETS) tolling system. Further, the company has entered into a joint venture comprising T-Systems, Daimler, and DKV Euro Service to offer advanced technology in tolling system. The EETS system has linked two main technologies – global navigation satellite system (GNSS) and dedicated short range communication (DSRC). Moreover, the European Commission has recognized the need for technological innovation, which is increasing the demand for automatic tolling systems in the region.
In Europe, the France is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries. Additionally, with the outbreak of another variant of COVID-19 in the UK, has affected the installation of automatic tolling system across the Europe region. Further, the businesses in the region (such as manufacturing and road & highway construction industries) faces severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Moreover, the automatic tolling systems are a combination of several electronic components and devices, such as transponders, cameras, RFID chips, controllers, and processors. As a result, borders are sealed, and strict lockdowns are enforced as preventive measures, thereby having a direct impact on the supply chain of electronic components and devices. Anticipated delay in supply of raw materials to manufacturers who meet the requirements of tolling system integrators, as well as delay in delivery of products, leading to the supply chain disruptions in 2020. But now in 2021, with the uplifting of lockdowns and vaccination process, the road and highway construction activities have started again, and the raw material are easily available. Thus, this will lead the growth of automatic tolling system market in the region.
Market Overview and Dynamics
The automatic tolling system market in Europe is expected to grow from US$ 2,486.94 million in 2021 to US$ 3,647.29 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. Europe led the Europe automatic tolling system market with a revenue share of 32.3% in 2020. The new advanced technologies in toll collection for smoother flow of vehicles are widely adopted in Europe. For instance, Toll4Europe provides European electronic tolling service (EETS) tolling system and offers a range of smart value-added services. The EETS system has linked two main technologies—Europe navigation satellite-based system and dedicated short-range communication. Further, The Siemens Mobility & Logistics company is implementing GNSS Tolling Solution in countries such as France, Austria, and Slovakia. EFKON GmbH, FEIG ELECTRONIC GmbH, Siemens Mobility GmbH, STMicroelectronics, Thales Group, and Indra Sistemas SA are among the other prominent players of automatic tolling system in Europe.
Key Market Segments
The Europe automatic tolling system market is segmented into offering and type. Based on offering, the Europe 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 Europe 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.; Neology Inc.; Raytheon Technologies Corporation; Siemens Mobility; STMicroelectronics N.V.; Tecsidel, S.A.; Thales Group; and TransCore, LP.
Reasons to buy report
Europe Automatic Tolling System Market Segmentation
Europe Automatic Tolling System Market - By Offering
Europe Automatic Tolling System Market - By Type
Europe Automatic Tolling System Market - By Country
Europe Automatic Tolling System Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,486.94 Million |
| Market Size by 2028 | US$ 3,647.29 Million |
| CAGR (2021 - 2028) | 5.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Automatic Tolling System Market is valued at US$ 2,486.94 Million in 2021, it is projected to reach US$ 3,647.29 Million by 2028.
As per our report Europe Automatic Tolling System Market, the market size is valued at US$ 2,486.94 Million in 2021, projecting it to reach US$ 3,647.29 Million by 2028. This translates to a CAGR of approximately 5.6% during the forecast period.
The Europe 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 Europe Automatic Tolling System Market report:
The Europe Automatic Tolling System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Automatic Tolling System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Automatic Tolling System Market value chain can benefit from the information contained in a comprehensive market report.
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