The Global Automotive Pay As You Go (PAYG) Road Charging Market was valued at USD 7.83 billion in 2019 and is estimated to garner USD 15.98 billion by 2030, at a CAGR of 6.7% during the forecast period, from 2020 to 2030.
Automotive Pay As You Go (PAYG) Road Charging is a form of tax levied to the vehicle owners for the sole purpose of infrastructure maintenance. It also depends on vehicle fuel type as there has been a rising inclination towards hybrid & electric vehicles, which has further led to construction of charging points for the vehicles. It is a network of vehicle charging points across the state, country or region.
Market Dynamics and Trends
The growth of the automotive pay as you go (PAYG) road charging market is attributed to improvement and modernization of infrastructure with the incorporation of advanced technologies, increasing demand for hybrid and electric vehicles and fluctuations in fuel prices. Moreover, rise in disposable income, growth in population leading to the high demand for vehicles and increase in environmental concerns are expected to boost the automotive pay as you go (PAYG) road charging market growth.
However, high cost of maintenance and lack of skilled workforce are expected to hamper the market growth. On the other hand, increase in R&D, rise in implementation of government regulations are expected to create opportunities for the market during the forecast period.
Geographical Analysis
North America is expected to hold a major share of the global market during the forecast period owing to the increase in adoption of automotive PAYG road charging, developing infrastructure, technological advancements and increasing fuel prices.
The market in Asia Pacific is expected to grow in developing countries owing to the rise in disposable income, growth in environmental concerns, increase in inclination towards hybrid & electric vehicles, and rapid growth of the automotive industry.
Competitive Landscape
Key players in the global Automotive Pay As You Go (PAYG) Road Charging Market include Kapsch, Q Free ASA, Siemens AG., Far Eastern Electronic Toll Collection Co, Toll Collect GmbH., Schneider Electric, International Road Dynamics, G.E.A., Thales Group, and Transcore Holding Inc.
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