Vehicle Toll Collection and Access System Market - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4663601
  • Report
  • 113 pages
  • Mordor Intelligence
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until Dec 31st 2018
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Vehicle Toll Collection and Access Systems

The global vehicle toll collection and access systems market was valued at USD 6.26 billion in 2017, and is expected to register CAGR of 8.40%, during the forecast period (2018 - 2023).
The increasing construction of roads and highways in the developing countries and numerous other benefits, such as vehicle theft detection, fuel efficiency, and limited traffic congestion, are expected to drive the market growth.

The North American region is expected to continue to capture a major share in the market during the forecast period, owing to the implementation of technologically advanced toll collection systems; and with the inclusion of new tolls roads in 6 new states in the United States, along with the construction of new highways in Mexico, which in turn is expected to boost the market.

However, the Asia-Pacific region, is expected to witness the highest CAGR of 10.51% during the forecast period, owing to the growing vehicle toll collection market in countries, such as India, and with the availability of numerous and untapped opportunities available in countries, such as Vietnam, the Philippines, Indonesia, and other developing countries in the region, as majority of the roads in these countries are unpaved, which will act as a budding opportunities for both construction companies and tolling technology providers.
Increase in the Construction of Roadways and Highways

Tolls play a major part in the economy, as they aid in generating revenue for the public budget for improving the efficiency of transport, repairing of roads and highways, and expansion of roads and highways.

Government across the world are aware that an underdeveloped road network is associated with sub-optimal economic performance and quality of life. Thus, governments are constantly looking for ways to develop their road networks and other transport links to meet their economic, political, and social needs, which involved development of brand new roads, and focusing on refurbishing, widening, and extending existing roads.

The nature of road projects varies considerably from project to project and is driven by the local, national or even international factors that make the project a necessity. New roads are expensive and governments are often unable or unwilling to commit fiscal spending to roads. This is an area where project financing and BOT projects are becoming more and more common.

Countries across the world are increasing the construction of roads and highways to reduce the traffic congestion and to aid logistic industry in smooth transportation of goods. For instance, in China, government under its 13th five year plan (2016-2020), is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. Additionally, the number of high bridge constructions in China surpasses the rest of the world. On an average, the Chinese government is constructing 50 high bridges a year, and the remaining countries across the globe combined construct for about 10 every years. In 2017, the Mexican construction industry successfully completed 85% of its infrastructure plan, with the construction of 80 roads and 50 highways. The overall capacity of Mexico’s ports has also increased rapidly in recent years. Ports, like Lázaro Cárdenas in Michoacan and Guaymas in Sonora, are some of the examples. In India, in May, 2018, the road ministry has drawn up a list of 416 ongoing projects worth INR 3.26 lakh crore that are being implemented by the National Highways Authority of India. Out of them, ~200 projects are close to completion by mid-2019.

Thus, an increase in the construction and expansion of roadways and highways across the world, are expected to boost the demand for and usage of vehicle toll collection systems, in turn propelling the growth of the market.

Entry/Exit Toll Collection to Dominate the Market

The market for entry/exit toll collection is expected to reach USD 4.56 billion by 2023. The demand for modern highways is growing as technology is becoming a essential part of road/highway construction. Currently, modern toll roads often use a combination of the three, with various entry and exit tolls supplemented by occasional mainline tolls.

Governments across the globe are using technologies on highways for making them safer to travel. Also, entry/exit toll fee varies even when vehicle is running around same province or area, as the charge is mainly based on the distance travelled by the vehicle.

The countries are reworking on existing entry/exit tolls on highways to divert the growing traffic congestion. For instance, with the expansion of I-95 express highway the government of South Florida is incorporating new set of entrance and exit options, as well as some tweaks to existing ingress and egress points.

The overall market of entry/exit collection is anticipated to rise over the forecast period as governments are expanding the length of expressways with more lane dividers to accommodate sufficient entry/exit points in between the intermediate cities and states.

Key Developments

April, 2018: Maryland explores changing tolls to electronic

Competitive Landscape

The Global Vehicle toll market is being tapped by many players, resulting in a highly competitive market environment.
Some of the significant players in the market are Thales Group, Conduent, Kapsch TrafficCom, Siemens AG, Transcore, Magnetic Autocontrol Gmbh,etc. Of the existing players, Thales Group occupied 15% share of the overall market.

Companies like Magnetic Autocontrol Gmbh, Transcore, Siemens AG, etc also own a partly share in the vastly fragmented market

Reasons to Purchase This Report

Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
Detailed analysis on the segment that is expected to register the highest growth rate
Study on the country that is expected to dominate the market
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate Sheet (in Excel)

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1. INTRODUCTION
1.1 Scope of the Market
1.2 Executive Summary

2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases

3. MARKET OVERVIEW AND TRENDS
3.1 Current Market Scenario
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition

4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increase in the Construction of Roadways and Highways
4.1.2 Other Advantages
4.2 Restraints
4.2.1 New Technology is still not Reachable to Developing Countries
4.3 Opportunities
4.3.1 Poor Road Infrastructure in Developing Countries, Opportunities for the Market

5. MARKET SEGMENTATION AND ANALYSIS – BY TOLL COLLECTION TYPE
5.1 Barrier Toll Collection
5.2 Entry/Exit Toll Collection
5.3 Electronic Toll Collection

6. MARKET SEGMENTATION AND ANALYSIS – BY APPLICATION TYPE
6.1 Bridges
6.2 Roads
6.3 Tunnels

7. MARKET SEGMENTATION AND ANALYSIS – BY GEOGRAPHY
7.1 North America
7.1.1 United States
7.1.2 Canada
7.1.3 Mexico
7.2 Europe
7.2.1 United Kingdom
7.2.2 France
7.2.3 Germany
7.2.4 Italy
7.2.5 Rest of Europe
7.3 Asia-Pacific
7.3.1 China
7.3.2 India
7.3.3 Japan
7.3.4 South Korea
7.3.5 Rest of Asia-Pacific
7.4 Rest of the World
7.4.1 Brazil
7.4.2 South Africa
7.4.3 Other Countries

8. COMPETITIVE LANDSCAPE
8.1 Introduction
8.2 Market Share Analysis

9. COMPANY PROFILES
9.1 Magnetic AutoControl
9.2 Nedap NV
9.3 Mitsubishi Heavy Industries Mechatronics Systems, Ltd.
9.4 Feig Electronics
9.5 Automatic Systems
9.6 TRMI Systems Integration
9.7 Schneider Electric
9.8 TransCore Holdings
9.9 Xerox Corp.
9.10 Siemens AG
9.11 Denso Corp.
9.12 Thales Group

10. FUTURE OF THE MARKET

11. DISCLAIMER
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