Global Vehicle Toll Collection and Access System Market to Reflect Impressive Growth Rate of 14% by 2023 - 3M, Schneider Electric, Trmi, Feig Electronics, Magnetic Auto Control

Every construction and road needs maintenance and recovery. The cost of maintenance and recovery of highways, roads, bridges, and tunnels is collected directly or indirectly from public. This is known as toll collection. The practicability of this tax collection was first raised in the European market and then later moved to the North American market. With the APAC and African road infrastructure market still in the developing phase, the vehicle toll collection and access system market is expected to grow at a CAGR of around 14% by the end of 2023. The major vendors around the world supporting this technology are 3M, Schneider Electric, TRMI, Feig Electronics, and Magnetic Auto Control.

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The Developed Market

The market is primarily driven by the advancement in the toll collection systems of various geographies, especially North America and Europe. The toll collection system incorporates the entire manufacturing and installation of hardware and software components. The scope of the report also includes the vehicle access systems involved in the tolling collection process in toll booths (primarily the access gate).

Road tolls are levied traditionally for a specific access or infrastructure only. 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. Road tolls were primarily introduced in Europe only to finance the construction of motorway networks and specific transport infrastructure such as bridges and tunnels, driven by Italy when it charged motorway tolls, on a 50 km motorway section near Milan in 1924. France, Greece, Spain, and Portugal followed Italy, getting involved in building motorways, making way for the rapid development of infrastructure without much state debt. It is from then on that road tolls have been introduced in a majority of the EU Member States.

Key Developments:

April, 2018: Maryland explores changing tolls to electronic

Major Players: 3M, SCHNEIDER ELECTRIC, TRMI, FEIG ELECTRONICS, MAGNETIC AUTO CONTROL, amongst others.

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The Working of Modern Toll Gates

The introduction of magnetic stripe swipe cards and contactless Radio Frequency Identification (RFID) badges in the early eighties has initiated the birth of vehicle access control tolling industry. The predominant technology used in vehicle access is the microwave technology - 2.45 GHz readers are used to identify cars and other vehicles that are equipped with semi-active or active badges. The RFID readers mounted at toll booths, interpret, and read the prepaid RFID tags attached to a vehicle’s windshield with the help of this technology, and the respective amount gets automatically deducted. When the tags are removed from the windshield, cameras fixed at two sites at toll plazas take photographs of the front and back number plates. The toll can be deducted automatically from the bank account. The electronic toll collection system significantly helps to reduce delays caused on toll roads by providing easy and quick access to drivers. Advancements in the toll collection systems are based on latest technology and help eliminate congestion on highways and in urban areas.

Market Technologies

The video analytics technology helps to identify and record violations. Also, it uses special cameras to take photographs of the violating vehicle’s license plate. Automatic Vehicle Identification (AVI) and RFID technology introduced a new aspect in vehicle access and tolling industry. Automatic Vehicle Identification (AVI) helps to determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer. It is used in applications like toll collection, vehicle management, traffic management, and safety and law enforcement. These advances in toll collection help in eliminating traffic on highways in urban areas. Depending on application, the toll collection and vehicle access system market is segmented into highway and urban bridges.

The toll collection systems market will generate the maximum revenue from roads, followed by the revenue generated from bridges. In addition, the magnetic highway barriers are expected to see the highest growth rate among all the tollgates due to their greater functional scope, additional extensibility, and increasing application.

North America and Europe have the largest market for toll collection and vehicle access systems. Several developed and developing countries across the world adopt new technology, driving the market. It is expected that this growth rate will double in these countries during forecast period. An increase in automotive sales in the Indian and Chinese markets, along with the development of roadways and highway paves the way for increased growth of the vehicle toll collection and access system market in the forecasted period.

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This release was published on openPR.