According to a recent report published by Allied Market Research, titled, “U.S. & Europe Automatic Toll Payment Machine Market by Component, and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” 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.
By region, U.S. dominates the market presently, followed by Europe. Europe is anticipated to exhibit a remarkable growth during the forecast period.
Automatic toll payment machines are the machines that are installed on the entry or exit of the infrastructure which allows the customer to make toll payment without any need of other staff. This automatic toll payment machine offers both card and cash mode of payment. The machine consist of LCD/LED display screen and buttons for input from the customer. In addition, the user can enter the vehicle model and other required fields and the machine displays the calculated toll. Further, the automatic toll payment machine reduce the time lag and thus helps to carry out the payment operation at the toll booth efficiently.
Hardware plays a key role in automatic toll payment machine, which is accountable for displaying content to users, accepting cash, and printing receipt. Companies operating in the market are focusing on development of advanced hardware for automatic toll payment machines, owing to rise in demand for these machines, which, in turn, is creating lucrative growth opportunities for players operating in the automatic toll payment machine market. In addition, Software equipped in the automatic toll payment machines are responsible for toll calculations, depending on the type or class of the vehicle, and maintain the track of toll collected. Software in automatic toll payment machines plays an important role for toll calculation and operation of machine. In addition, the demand for automatic toll payment machine for various applications such as tollink, transportation, and parking is increasing, which, in turn, drives the growth of the automatic toll payment machine market for software.
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Automatic toll payment machines that are installed on highways for toll collection are considered under this segment. These machines are witnessing increased demand for controlling traffic congestion on highways, thereby reducing time of toll collection and providing smooth operation. This factor significantly contributes toward the growth of the automatic toll payment machine market. Toll collection done by human operators is time consuming, and it becomes difficult to keep a track of revenue collected by human operators as compared to automatic toll payment systems. The automatic toll payment system makes the process of toll collection faster, tracks the transactions done by cash or card, thus driving the growth of the market.
Automatic toll payment machines that are installed on metros, bus, or other stations for passengers are considered under this segment. These machines allow passengers to book tickets at the station for desired location, thus reducing the time and increasing the efficiency of operation. Adoption of automatic toll payment machines at metro and bus stations provides smooth and effective operations at stations with any congestion, which, in turn, drives the adoption of automatic toll payment machines for transportation. In addition, Increase in urbanization and surge in pollution are the key factors that boost the need for improved parking infrastructure, which, in turn, is driving the growth of automatic toll payment machine market, and provides potential growth opportunity for the players operating in the market.
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Key Findings Of The Study
- On the basis of component, the service segment is anticipated to exhibit a remarkable growth during the forecast period.
- By application, the transportation segment was the highest contributor to the global market in terms of revenue in 2019.
- Region wise, Europe is anticipated to register the highest growth rate, followed by U.S. from 2020 to 2027.
The key players analyzed in this U.S. and Europe automatic toll payment machine report are A-to-Be, Tecsidel, Indra, ASELSAN A.Ş., KapschTraffic Com, SICE, Sigma, G.E.A, and VITRONIC.
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