The automated barriers and bollards market will register a CAGR of over 4% by 2023
NEW YORK, Feb. 27, 2019 /PRNewswire/ -- About this market
Automatic tolling systems or electronic toll collection (ETC) systems are designed to minimize the waiting time on tollways, highways, and bridges by automating the process of toll collection and eliminating the need for cash transactions. An automated barrier is one of the key components of the automatic tolling system. Automatic tolling systems are connected to automated barriers used at tolling booths. Automatic tolling systems are used for tolling in paid vehicle parking spaces. The increasing adoption of automatic tolling systems will increase the demand for automated barriers and bollards during the forecast period. Automatic tolling systems are widely used in many developed countries across the world, including the US, Japan, and several countries in Europe. However, they are gradually gaining acceptance in developing countries. Technavio's analysts have predicted that the automated barriers and bollards market will register a CAGR of over 4% by 2023.
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Market Overview
Investments in road and highway infrastructure projects
Development roads and the increasing investments in transportation and highway infrastructure projects drive the global automated barriers and bollards market. Automated barriers and bollards are used at tolls and other secured areas along the highway.
Competition from low- quality manufacturing businesses
Low pricing strategy adopted by many automated barrier and bollard system manufacturers, especially low-quality manufacturing businesses, to increase product sales negatively impacts the profit margins of vendors operating in the industry. The availability of sub-standard barriers and bollards has forced major automated barrier and bollard manufacturers to reduce prices to remain competitive, which, in turn has adversely affected profit margins.
For the detailed list of factors that will drive and challenge the growth of the automated barriers and bollards market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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