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Vehicle Tolling System Market Trends

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

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Vehicle Tolling System Market Trends

The emergence of technologies such as artificial intelligence, data analytics, and cloud computing are transforming the vehicle tolling industry. The tolling system providers leverage these advancements to offer data-driven insights and optimize traffic flow performance. Governments and private operators are shifting towards efficient and streamlined tolling systems to enhance productivity and reduce congestion.

For instance, in January 2024, a joint venture between Kapsch TrafficCom and the Swiss company LOSTnFOUND AG was awarded a contract by the Swiss Federal Office for Customs and Border Security (BAZG) to supply hardware and services for the national truck tolling system. This project includes the delivery of GNSS-capable on-board units for vehicles subject to toll collection, the recording of GPS data registered by the units, their transmission to the federal office responsible for toll collection, as well as customer service.

Moreover, transportation authorities are increasingly focusing on optimizing their road infrastructure and outsourcing their tolling operations to specialized providers. To fulfill these requirements, companies are focused on developing strategies to mitigate risks, including implementing real-time monitoring systems, improving data security, and enhancing system reliability.

An emerging opportunity in the vehicle tolling system market lies in the integration of blockchain technology to enhance toll transaction transparency and security. As governments and toll operators look for more reliable and tamper-proof systems, blockchain can offer decentralized transaction validation, ensuring that toll payments are accurately recorded and reducing fraud risks. Additionally, this technology can streamline cross-border toll collection for international freight, providing seamless payment across different jurisdictions.

The vehicle tolling system market faces numerous challenges such as interoperability issues between different tolling systems and privacy concerns related to vehicle tracking. The collection and use of vehicle data raises privacy concerns among users, potentially leading to resistance in adoption. Additionally, interoperability issues between different tolling systems across regions or countries can also hinder market growth, as it can lead to inconvenience for users and complicated revenue collection processes.

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.