Share
U.S. and Europe Automatic Toll Payment Machine Market - By System Type{Ticket Vending Machine (TVM),Ticket Office Machine(TOM), Fare Gates and IC Cards}; By Technology Type{Smart Card, Magnetic Stripe,Near Field Communication (NFC) and Optical Character Recognition (OCR)}; By Component(Hardware, Software and Services); By Application(Tollink, Transportation, Parking, Kiosk and Others); and Regional Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
U.S. and Europe's automatic toll payment machine market is expected to exceed USD 101,500 million by 2030 from USD 63,900 million in 2019 at a CAGR of 6.2% throughout the forecast period i.e. 2020-2030.
Automatic toll payment machines (ATPM) are the machines that are mounted on the entry or exit of the substructure to offer toll payment alternatives to customers without the intervention of human operatives and to decrease traffic jamming at toll collection stands. The automatic toll payment machines are stocked with LCD/LED display screen and comprise the menu for user commands. Apart from this, these machines can verify and display separate toll charges based on the time of the day. Additionally, they allow transactions through cash or card, and display enables a choice of tolls depending on category and type of automobile.
The market is anticipated to grow on the back of rising government support for the building of automatic toll booths across the region.The urgency for traffic jamming solutions, cashless transaction services, less waiting time, rising finance from the government in the urban areas, and managing environmental pollution are some of the key aspects driving the automatic toll payment machine market across the U.S. and Europe. Moreover, the decline in manpower owing to improved properties of the programs has further boosted the market growth. Nevertheless, aspects like high functioning, maintenance, and setting up costs, rules, and regulations for authorization procedures together with standardization of the automatic toll payment machines are placing limitations on the growth of the U.S. and Europe toll payment machine market.
U.S. and Europe automatic toll payment machine market are segmented by System Type into Ticket Vending Machines (TVM), Ticket Office Machines (TOM), Fare Gates and IC Cards. Among these, the fare gates segment is estimated to hold the largest market share of xx% in 2019, on the basis of rising utilization of fare gates in verifying fare evaders in railways, transit openings, and metro stations. As fare gates eradicate the need for manual functioning, their demand is predicted to grow in the speedily mounting public transit networks in developing regions of U.S. and Europe.
U.S. and Europe automatic toll payment machine market are segmented by Technology Type into Smart Card, Magnetic Stripe, Near Field Communication (NFC) and Optical Character Recognition (OCR). Among these, the smart card segment is witnessed to hold the largest market share of xx% in the year 2019, owing to its improved functioning elasticity and faster handling speed than magnetic stripe cards. Smart cards enable fare combination across different transportation modes and allow service suppliers to handle distinguished distance- and time-based fare arrangements. Magnetic stripe technology-based tickets were the preferred kind of ticketing in the 1970s and 1980s. Nonetheless, this technology has been slowly substituted by smart cards.
The U.S. and Europe's automatic toll payment machine market are segmented by Component into Hardware, Software, and Services. Among these, the hardware segment is witnessed to hold the largest market share of xx% in the year 2019, based on the raised number of placements of new AFC systems by governments across the region for offering greater public transportation services. These programs usually comprise of a Central Computer System (CCS), Station Computer System (SCS), and Station Equipment.
U.S. and Europe's automatic toll payment machine market are segmented by Application into Tallink, Transportation, Parking, Kiosk, and Others. Among these, the parking segment is witnessed to hold the largest market share of xx% in the year 2019. Parking infrastructure in the U.S. and Europe is improving extraordinarily, based on the rise in urbanization and exponential population growth. Also, the requirement for parking infrastructure in central business districts (CBD) is growing, owing to an increase in the construction of apartments & office buildings, malls, and restaurants. Moreover, segments such as hospitals, academic institutions & hospitals, and airports are generating substantial demand for parking infrastructure, which, as a result, is fueling the growth of the automatic toll payment machine market across the region.
Strong Government Support to Accelerate Automatic Toll Payment
The Automatic Toll Payment Machine market is majorly pushed by the steps carried out by several governments to achieve congestion-free or rapid cargo shipment on highways and urban areas. To boost the utilization of Automatic Toll Payment Machine services, the region is carrying out concessional outlines for drivers. The substantial growth of the market is majorly boosted by the government initiatives in building countries for the adoption of Automatic Toll Payment systems on highways. Such initiatives concentrate on allowing the smooth movement of automobiles and solve the issue of queues at toll plazas by assembling toll charges electronically.
Increasing Number of Public-Private Partnership Agreements in the Transportation Sector
Automatic Toll Payment systems are not simple to place by a single investor; it needs the partnership of several companies, involving telecom operators, infrastructure providers, producers, service providers, public sector, and user groups. Hence, the Public-Private Partnership (PPP) model can be a source of the positive adoption of the incorporated Automatic Toll Payment system.
In November 2019, new toll booths on an 8-mile area of Interstate 395 in Northern Virginia, US, a road operator company that manages and develops urban toll road networks started operations enhancing the state’s rising network of toll tracks. Such developments in the US are witnessed as some of the recent add-ons to the rising tendency in the region for PPP, generating growth prospects for the Automatic Toll Payment Machine market.
Adoption Restraints in Developing Regions
Road infrastructure and telecommunication technology are among the basic components that require to be on top for the placement of an Automatic Toll Payment Machine. Economically emerging regions lack appropriate infrastructure, together with the lack of needed technology, impacting the diffusion of Automatic Toll Payment Machines in these markets. Low communication infrastructure such as lack of mobile diffusion, internet, and computer; insufficient transportation; illiteracy; restrictions on electricity supply; and shortage of other important sources are some of the aspects that limit domestic and foreign spending in such regions, which further hinders the growth of progressive transportation systems, such as Automatic Toll Payment Machine, in such regions. Moreover, the occurrence of the Covid-19 epidemic is also estimated to have a substantial adverse effect on the economic circumstances of these regions.
Problems Associated with Interoperability, Common Standards, as well as Selection of Toll Technology
Present problems for adopting Automatic Toll Payment Machine are associated with interoperability and technology assortment. Though some toll services at specific locations are presently interoperable (that is, one tag can be used at all toll services), there is an absence of interoperability norms with other states and with toll services at border crossings of the regions. The requirement for interoperability between border crossings and toll roads will keep on rising, particularly for the toll roads that are built near the border. Moreover, technology selection directly affects interoperability.
Europe to surge at the highest CAGR of xx% during 2020-2030
Regionally, the market for automatic toll payment machines across U.S. and Europe is segmented into United States (U.S.) and Europe. Among these, the developing areas in Europe like Ukraine, Belarus, and Serbia are witnessed to hold the largest market share of xx% in the year 2019, based on rising urbanization and growth in population. Also, technological innovations in hardware and software of automatic toll payment machines are expected to offer remunerative prospects for the growth of the market. Therefore, an increase in the implementation of automatic toll payment machines in the region is projected to offer beneficial growth prospects for key players functioning in the market.
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