U.S. & Europe Automatic Toll Payment Machine Market

U.S. & Europe Automatic Toll Payment Machine Market Statistics - 2027

The U.S. & Europe automatic toll payment machine market size was valued at $63.9 million in 2019 and is projected to reach$101.5 million by 2027, registering a CAGR of 5.7% from 2020 to 2027. U.S.accounted for the highest share in the U.S. & Europe automatic toll payment machine market in 2019, in terms of revenue, and Europe is anticipated to exhibit remarkable growth rate during the automatic toll payment machine market forecast. 

Automatic toll payment machine is installed at the tool booth centers that enables customers to pay via cash or card depending on the class or type of the vehicle. This is a new concept, which provides automation and cost optimization of operations at the toll booths. These automatic toll payment machines accept all types of payments in both closed and open systems, and are declinable as required. In addition, the build-in lane controller interfaces with all lane peripherals such as traffic signals, pre-classification system, and barriers, and stores the transaction data and communicates with the plaza computer system.

Increase in demand for efficient traffic management at toll collection centers is a key factor that drives the growth of the U.S. & Europe automatic toll payment machine market. In addition, improvement in parking infrastructure is anticipated to propel the growth of market. However, high installation and operational cost of automatic toll payment machine hinders the growth of market. On the contrary, surge in adoption of automatic toll payment machines in developing countries is anticipated to provide lucrative growth opportunity for players operating in the automatic toll payment machine market.

The U.S. & Europe automatic toll payment machine market is segmented into component and application. Depending on component, market is categorized into hardware, software, and service. The applications covered in the study include tollink, transportation, parking, kiosk, and others.

Key players profiled in the report include A-to-Be, Tecsidel, Indra, ASELSAN A.?., KapschTrafficCom, SICE, Sigma, G.E.A, VITRONIC, and others.

Increase in demand for efficient traffic management at toll collection centers

Proper and effective traffic management ensures smooth traffic flow and saves time at toll booths. Increase in traffic on national highways leads to congestion at toll plazas, which, in turn, results in loss of time and fuel. Automatic toll payment machine provides choice of toll rates on the basis of vehicle type and class that is paid by the driver via card or cash. In addition, the new range of automatic toll payment machines can interface with the existing equipment at lanes, and provide revenue capture and accounting information for cash and card transactions. Furthermore, these machines are equipped with LED/LCD screen and consist of user-friendly menu for user instruction, which, in turn, saves time of the user and reduce traffic congestion. Thus, increase in demand for efficient traffic management at toll collection centers significantly contributes toward the growth of the U.S. & Europe automatic toll payment machine market.
 
Rise in need for improvement in parking infrastructure

Parking infrastructure in the U.S. and Europe is improving remarkably, owing to increase in urbanization and exponential population growth. Moreover, the need for parking infrastructure in central business districts (CBD) is increasing, due to rise in construction of apartments & office buildings, malls, and restaurants. In addition, segments such as hospitals, academics institutions & hospitals, and airports are creating significant need for parking infrastructure, which, in turn, is boosting the growth of the automatic toll payment machine market. Automatic toll payment machines are installed in parking spaces, which is used to charge for parking depending on the time and vehicle type, thus enabling smooth and efficient operation in parking spaces without human interference. Thus, rise in need parking infrastructure in U.S. and Europe is anticipated to propel the growth of the automatic toll payment market.

High installation and operational cost of automatic toll payment machines

The automatic toll payment machine is one of the complex and latest methods of collecting tolls. Although it has been in use for number of years, automatic toll payment machines continue to evolve with software and hardware updates. The cost of deploying an automatic toll payment machines varies depending on the scope of the project, making it difficult and expensive. In addition, the price depends on whether the system is old or upgraded. Furthermore, the price range is anticipated to change on the basis of the level of customized software required for business rules, back-office operation, project location, and necessary signage. Thus, the deployment of automatic toll payment machine involves high installation and operational cost, which is anticipated to hinder the growth or market.

Adoption of automatic toll payment machines in developing countries

The U.S. & Europe automatic toll payment machine market is anticipated to show lucrative growth, owing to increase in urbanization and rise in need for efficient solutions for traffic management at toll collection centers. Furthermore, the market is witnessed to exhibit significant growth in the developing countries in Europe such as Ukraine, Belarus, and Serbia, owing to increase in urbanization and surge in population. 

In addition, technological advancements in hardware and software of automatic toll payment machine are anticipated to provide remunerative opportunity for the expansion of the market. Thus, rise in adoption of automatic toll payment machines in developing countries is anticipated to provide lucrative growth opportunity for key players operating in the market. 

Key Benefits For Stakeholders

• This study presents the analytical depiction of the U.S. & Europe automatic toll payment machine market analysis along with the current trends and future estimations to depict the imminent investment pockets.

• The overall automatic toll payment machine market opportunity is determined by understanding the profitable trends to gain a stronger foothold.

• The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.

• The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.

• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the automatic toll payment machine industry.

 U.S. & Europe Automatic Toll Payment Machine Market Report Highlights