North America Automatic Tolling System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering, and Type

Services Segment to Dominate North America Automatic Tolling System Market during 2020-2028

According to a new market research study on “North America Automatic Tolling System Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Offering and Type” is expected to reach US$ 3,045.86 million by 2028 from 2,228.71 US$ million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the North America automatic tolling system market along with the drivers and restraints pertaining to the market growth. Benefits to the economy and public safety in the long run is the major factor driving the growth of the North America automatic tolling system market. However, the issue associated with chances of leakage and huge CapEx & OpEx costs hinders the growth of North America automatic tolling system market.

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. Based on country, the North America automatic tolling system market is segmented into US, Canada, and Mexico.

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.

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 are among the leading companies in the North America automatic tolling system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, IBI Group has been assigned by the Mackinac Bridge Authority (MBA) to provide a turnkey toll system to replace the existing system at the Mackinac Bridge in Northern Michigan

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