Market Size of North America Vehicle Tolling System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Vehicle Tolling System Market Analysis
The vehicle toll collection and access systems market is expected to witness the CAGR of over 7%, during the forecast period (2020-2025).
- Some of the major factors driving the growth of the market are the increasing construction of roads and highways in the region, vehicle theft detection, fuel efficiency and limited traffic congestion. However, limited awareness about new technology in developing countries may hinder the growth of the market.
- North America and Europe are in the forefront of Tolling System Market. The toll collection system incorporates the entire manufacturing and installation of hardware and software components. The market is dominated by North America, followed by Europe and Asia-Pacific. However, the inability of major projects such as Pocahontas Parkway near Richmond and 90-mile-long SH-130 near Austin, Texas to generate revenues to cover up the project cost due to low traffic volume is hindering the market growth.
- Road tolls are levied traditionally for specific access or infrastructure purposes. However, the evolution of technology has made it possible to implement tolling policies based on a multitude of usage concepts. The charging concepts are currently based on suiting different requirements, regarding the purpose of the charge, charging policy, the infrastructural network, etc.
