Market Research

U.S. & Europe Automatic Toll Payment Machine Market Growth, Trends, and Forecast 2020-2027

Jul 20, 2020 10:01 AM ET

iCrowd Newswire – Jul 20, 2020

The U.S. & Europe Automatic Toll Payment Machine Market is estimated to grow at a CAGR of 5.7% during the forecast period 2020-2027. As per the detailed market study, the U.S. & Europe Automatic Toll Payment Machine industry was valued $63.9 million in the year 2019 and is anticipated to reach $101.5 million by the end of the year 2027.

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Automatic toll payment machines offer toll payment option to customers without human interference to enhance the speed of collection booth operation by reducing traffic congestion. The machines are equipped with LED/LCD display screens for user instructions and payment details on the basis of type and class of vehicle. The payment option may include cash, card, coins, apple watches or digital wallets to securely automate the payment process.

The U.S. & Europe automatic toll payment machine market is driven by various growth factors such as increasing adoption of automatic toll payment machines in developing regions, rise in demand for efficient traffic management systems at collection centres and surge in demand for improvement of parking infrastructure. Whereas, high operational and installation cost of automatic toll payment machines hinders the market growth over the forecast period. On the other hand, increasing adoption of automatic toll payment machines in developing regions and technological advancements create lucrative opportunities for the market players operating in the U.S. & Europe automatic toll payment machine industry.

Segmentation Overview of the U.S. & Europe Automatic Toll Payment Machine Market

The U.S. & Europe Automatic Toll Payment Machine Market is categorised on the basis of various market segments such as component and application. These major market segments are further categorized into various sub-segments to study the market in detail considering market determinants and various geographical dynamics.

The Component Segment of the U.S. & Europe Automatic Toll Payment Machine Market is Sub-Segmented into:

  • Hardware
  • Software
  • Service

The Application Segment of the U.S. & Europe Automatic Toll Payment Machine Market is Sub-Segmented into:

  • Kiosk
  • Tollink
  • Parking
  • Transportation
  • Others

Competitive Insights of the U.S. & Europe Automatic Toll Payment Machine Market

Vitronic, G.E.A., Sigma S.P.A., Sice, Kapsch Trafficcom, Aselsan A.?., Indra Sistemas, S.A., Eltra. Tecsidel, S.A. and A-to-BE are some major players included in the research study of the U.S. & Europe automatic toll payment machine market. The market players are adopting various competitive strategies to acquire majority of the market share in the regional marketplace. The majority of market players are focusing to increase their research & development expenditure that covers the machine advancements. Also, product innovation, business expansion, partnership, merger and acquisition and collaboration among other strategies are key developments considered by key companies to cater maximum customers.

Geographical Overview of the U.S. & Europe Automatic Toll Payment Machine Market

As per the regional studies, the U.S. automatic toll payment machine market dominated the regional automatic toll payment machine market in the year 2019 with ~2/3rd of the market share. On the other hand, the Europe automatic toll payment machine market is estimated to grow at the fastest growth rate with a CAGR of 7.3% during the forecast period 2020-2027.

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Keywords:    U.S. & Europe Automatic Toll Payment Machine Market