U.S. Electronic Toll Collection Market is expected to grow with the CAGR of 9.9% in the forecast period of 2021 to 2028. The years considered for study are as mentioned below.
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U.S. electronic toll collection market is a fragmented market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.
The major players dealing in U.S. electronic toll collection market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio.
For instance,
- In January 2020, II-VI Incorporated announced the launch of its high-speed vertical cavity surface-emitting lasers (VCSELs). The new product is based on the company’s vertically integrated 150 mm gallium arsenide (GaAs) technology platform and the new product offered high suitability for the use in optical high-definition multimedia interface (optical HDMI) cables to be used in consumer electronics. The new product increased the product portfolio of the company.
Raytheon Company (a subsidiary of Raytheon Technologies Corporation) is the dominating player in U.S. electronic toll collection market. The other key players existing in the market includes Cubic Corporation, The Revenue Markets Inc., GeoToll, Thales Group, Siemens, MITSUBISHI HEAVY INDUSTRIES MACHINERY SYSTEMS, LTD. (a subsidiary of MITSUBISHI HEAVY INDUSTRIES, LTD.), Toshiba Infrastructure Systems & Solutions Corporation, International Road Dynamics Inc. (a subsidiary of Quarterhill Inc.), Perceptics, LLC among others.
Raytheon Company (a subsidiary of Raytheon Technologies Corporation)
Raytheon Company (a subsidiary of Raytheon Technologies Corporation) is headquartered in Virginia, U.S. The company is engaged in communications, sensors, and command control technologies for providing solutions to transportation and tolling. The product categories of the company include Advanced Tech, Air Dominance, Command & control, Communications, Transportation & Technology, Communication & Navigation out of which Transportation Technology and Tolling are market focused segment. For instance,
- In August 2014, Raytheon Company (a subsidiary of Raytheon Technologies Corporation) was awarded with a contract of USD 130.00 million by Massachusetts Department of Transportation for providing All Electronic Tolling System (AETS). Raytheon Company replaced all manual cash and electronic toll collection systems with an advanced system that helped in automatic tolling of vehicles. The vehicles equipped with E-ZPass transponders worked on the new AETS. The new contract helped the company to increase sales of the company
The company has presence in North America, Europe, and Asia. In addition to it, the company also generates its revenue from the various subsidiary companies such as Raytheon Missiles & Defense (U.S.), Forcepoint (U.S.), Raytheon-Ebasco Indonesia Ltd (Indonesia), Applied Signal Technology (U.S.) and among others.
Cubic Corporation
Cubic Corporation is headquartered in California, U.S. and it was established in year 1951. The company is engaged in offering technology solutions such as road user charging, mobile suite, and others for defense & transportation applications. Some of the business segment include Cubic Transportation Systems (CTS), Cubic Mission Solutions (CMS) and Cubic Global Defense Systems (CDS) and the market focused business segment is Cubic Transportation System (CTS). The solutions category includes C4ISR, Transportation System out of which Transportation is the market focused solutions category. For instance,
- In November 2015, Cubic Corporation was awarded with a contract of USD 52.00 million for the period of 5.5 years by New Hampshire Department of Transportation (NHDOT). As per the contract, Cubic Corporation provided with new back office for the E-ZPass system supporting the state’s toll roads. The new solution helped the company in moving towards its NextCity vision to provide payment and information solutions for addressing multiple modes of transportation.
The company has presence in North America, Asia-Pacific, and Europe. In addition to it, the company also generates its revenue from the various subsidiary companies such as Cubic Transportation Systems (U.S.), Delerrok Inc. (U.S.), Teralogics (U.S.), Motion DSP (U.S.), GATR Technologies Inc., (U.S.) and among others
Siemens
Siemens is headquartered in Munich, Germany and which was founded in 1847. The company is engaged in providing smart mobility solutions for rail and road transport, intelligent infrastructure for buildings and automation and digitalization out of which the market focused category is Mobility. Some of the product categories include building technology, Drive technology, energy, financing, healthcare, industrial automation, mobility, services, software out of which mobility is the market focused product category. For instance,
- In May 2012, Siemens was awarded with a contract of USD 63.00 million by Eurotoll and Total for supplying toll collection system in France. The new equipment comprised of vehicles detection system and introduced mileage-based taxation for trucks weighing 3.5 tons and more. The new contract increased the geographical presence of the company.
The company has global presence in North America, Europe, Asia-Pacific, Middle East, and Africa. In addition, company also generates revenue through the subsidiary such as Siemens Helathineers (Germany), Gamesa Corporacion Technologic (Spain), Siemens India (India), Siemens Mobility (Germany) and Mendix (U.S.) and among others.
