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Vehicle Tolling System Market Size

Report ID: GMI11747
Published Date: Oct 2024
Report Format: PDF

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Vehicle Tolling System Market Size

The global vehicle tolling system market size was valued at USD 12.8 billion in 2023 and is estimated to register a CAGR of 11.2% between 2024 and 2032. The increasing need for efficient traffic management and the rise in road infrastructure development accelerates the demand for advanced tolling solutions. This complexity spurs demand for vehicle tolling system providers who offer integrated and comprehensive traffic management services. They utilize advanced technologies and strategic oversight to streamline operations, ensure compliance with regional regulations, and enhance overall efficiency.

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As a result, governments and private operators are increasingly turning to advanced vehicle tolling system providers to navigate the challenges of urban congestion and optimize their road infrastructure performance. For instance, in June 2024, Indian Highways Management Co. Ltd (IHMCL) called for Expressions of Interest (EOI) to develop and implement a Global Navigation Satellite System (GNSS)-based electronic toll collection system. This strategic move is aimed at enhancing tolling efficiency and transparency for National Highway users in India.

Vehicle Tolling System Market Report Attributes
Report Attribute	Details
Base Year:	2023
Vehicle Tolling System Market Size in 2023:	USD 12.8 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	11.2%
2024 – 2032 Value Projection:	USD 32.7 Billion
Historical Data for:	2021 – 2023
No. of Pages:	265
Tables, Charts & Figures:	190
Segments covered:	System, Technology, Tolling Method, Payment Method, Application, End user
Growth Drivers:	Increasing urbanization and traffic congestion Government initiatives for smart city development Growing demand for electronic toll collection systems Advancements in technology such as RFID, GNSS, AI
Pitfalls & Challenges:	Privacy concerns related to vehicle tracking Interoperability issues between different tolling systems

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In addition, the continuous expansion of toll roads and the increasing adoption of electronic toll collection systems such as FASTag are driving the growth of toll revenue. This trend reflects the need for efficient tolling solutions to manage growing traffic volumes and optimize revenue collection, particularly in emerging economies with rapidly expanding road networks.

As per data released by the National Highways Authority of India (NHAI), toll collection revenue on national highways across India was valued at more than 648 billion Indian rupees in the financial year 2023-24. This increase is attributed to the expanding length of roads under tolling and the introduction of FASTag which highlights the direct correlation between infrastructure development, digital tolling systems, and the rise in toll revenue, underscoring the importance of adopting advanced tolling technologies in growing markets.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of vehicle tolling system reached USD 12.8 billion in 2023 and is estimated to grow at an 11.2% CAGR from 2024 to 2032, driven by the increasing need for efficient traffic management and road infrastructure development.

The RFID segment is anticipated to register a CAGR of over 12% from 2024 to 2032, led by the need for faster and more efficient toll collection methods that reduce traffic congestion.

North America dominated the market with a major share of over 40% in 2023, supported by substantial investments from the U.S. government to enhance road infrastructure and tolling system capabilities.

The industry features key players such as AECOM, Conduent, Cubic Corporation, Kapsch TrafficCom, Mitsubishi Heavy Industries, Perceptics, Siemens, Toshiba, TransCore, and Verra Mobility.