Market Introduction
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.
Market Overview and Dynamics
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.
Key Market Segments
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.
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 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 TransCore, LP.
Reasons to buy report
North America Automatic Tolling System Market Segmentation
North America Automatic Tolling System Market - By Offering
North America Automatic Tolling System Market - By Type
North America Automatic Tolling System Market - By Country
North America Automatic Tolling System Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,228.71 Million |
| Market Size by 2028 | US$ 3,045.86 Million |
| 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 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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