The US Tolling Market: Size, Trends and Forecasts (2019-2023)
Scope of the Report
The report entitled “The US Tolling Market: Size, Trends and Forecasts (2019-2023)”, provides an in depth analysis of the US tolling market by value, by toll road mileage, by vehicle share, etc.
Moreover, The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall US tolling market has also been forecasted for the period 2019-2023, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Verra Mobility Corporation, KAPSCH (KAPSCH TrafficCom), Roper Technologies, Inc. (TransCore), Abertis (Emovis) and Sociedad Ibérica de Construcciones Eléctricas (Sice Inc.) are some of the key players operating in the US tolling market, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the companies are provided.
Verra Mobility Corporation
KAPSCH (KAPSCH TrafficCom)
Roper Technologies, Inc. (TransCore)
Sociedad Ibérica de Construcciones Eléctricas (Sice Inc.)
Tolling is normally defined as a mode of expenditure or charge which is extracted by the state, the local authorities, etc., for some right or privilege, as for track along a road or over a bridge. Thus in layman terms, tolling is the process of collecting money from each and every passenger passing the toll roads. A toll road is a chargeable public/private road, along with bridges and tunnels. Different amount is charged for different passing vehicle such as generally motorbikes are charged with least amount while trucks and busses are charged with maximum amount. At present, toll road are mostly controlled-access highway.
There are usually two tolling elements: charging methods and collecting methods. Charging methods includes three types: Time Based Charges and Access Fees, Motorway and other Infrastructure Tolling and Distance or Area Charging. Whereas, collection method is classified into three categories namely, open toll system, closed toll system and open road/electronic toll system.
Electronic toll collection system is the most used format by the US toll roads. In this, the electronic toll system first conclude whether the passing vehicle is registered or not, then automatically charge the passing vehicles via a transponder attached in the vehicle. The signals emitted from transponder is collected by the antenna and then the vehicle information is passed to the main server. The main resolution of ETC method is that it facilitate the vehicles to pass through a toll road facility, avoiding certain actions such as stopping by the driver.
Electronic toll collection system is composed of three major components. First RFID (RFID tag, or transponder, consists of a chip and an antenna), second is reader and third is in-lane computer. RFID tag emits the information/identification data through antenna to the reader. Reader transmits the data to central database and facilitate with full information of the owner. Lastly, in-lane computer generates the appropriate toll charge of the vehicle and slip the information in the customers prepaid account.
The US tolling market has increased at a significant CAGR during the years 2014-2018 and projections are made that the market would rise in the next four years i.e. 2019-2023 tremendously. The US tolling market market is expected to increase due many growth drivers such as Escalating Rental Car Industry, Approaching New Projects, Truck Only Tolls, Modification in Electronic Toll Collection System, etc. Yet the market faces some challenges such as Economic Risk For The Tolling Business, Struggle to increase interoperability, etc.
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