The U.S. & Europe Automatic Toll Payment Machine Market to Reach $101.5 Million, by 2027 Allied Market Research
Surge in demand for efficient traffic management at toll collection centers, and increase in need for improvement in parking infrastructure drive the growth of the U.S. & Europe automatic toll payment machine market.
Portland, OR, May 19, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the U.S. & Europe automatic toll payment machine industry was estimated at $63.9 million in 2019 and is expected to hit $101.5 million by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Rise in demand for efficient traffic management at toll collection centers, and increase in need for improvement in parking infrastructure drive the growth of the U.S. & Europe automatic toll payment machine market. On the other hand, the high installation and operational cost of automatic toll payment machines hampers the growth of the market. Nevertheless, the adoption of automatic toll payment machines in developing countries is expected to create lucrative opportunities in the near future.
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- Due to the COVID outbreak, the industry has witnessed a decline in consumer demands. In addition, owing to the government restrictions the manufacturing industry has been disrupted.
- The retail chain, on the other hand, has been impacted due to the precautionary measures taken against the Covid-19 pandemic.
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Based on component, the hardware segment contributed to nearly three-fifths of the U.S. & Europe automatic toll payment machine market revenue in 2019 and is expected to retain its dominance by the end of 2027. On the other hand, the service segment would register the fastest CAGR of 7.9% throughout the forecast period. The report also analyzes the software segment.
Based on application, the transportation segment accounted for nearly four-fifths of the U.S. & Europe automatic toll payment machine market share in 2019 and is anticipated to rule the roost during the study period. On the other hand, the kiosk segment is anticipated to manifest the fastest CAGR of 7.7% from 2020 to 2027. The report also analyzes tollink, parking, and other segments.
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Based on region, U.S held the largest share in 2019, garnering nearly two-thirds of the U.S. & Europe automatic toll payment machine market. However, the Europe region is projected to manifest the fastest CAGR of 7.3% by 2027.
Key Market Players analyzed in this report include Indra, ASELSAN A., KapschTrafficCom, SICE, Sigma, G.E.A, VITRONIC, A -to-Be, Tecsidel, and others.
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