The weigh-in-motion system market is projected to reach USD 1.8 billion by 2027 from USD 1.1 billion in 2022, at a CAGR of 10.0% during the forecast period. Increasing traffic congestion, and increasing government initiatives towards intelligent transportation systems and public-private partnerships (PPPs) are the major factors driving the growth of the weigh-in-motion system market.
With the increase in vehicle sales globally, traffic congestion has become a major concern, especially at the toll plaza. According to USDOT, congestion costs have been growing by 8% annually in the US. According to the report published by transport analytics company, Inrix in 2021, drivers in London spent an average of 148 hours waiting in traffic; Paris followed with 140 hours, while Brussels and Moscow lost 134 and 108 hours, respectively. On average, congestion costs in New York City were USD 8.3 billion; costs were higher in Chicago at USD 5.8 billion. The total London vehicle commuters’ cost was USD 12.2 billion, and USD 7.5 billion in Berlin.
There is a rise in costs with the growing population and urbanization. The WIM system provides a solution to the traffic congestion problem. Many countries, such as the US, the UK, India, China, Japan, and Germany, have installed WIM systems in roadways to reduce congestion. As of 2021 in the US, California installed about 110 WIM systems, North Dakota had about 16 WIM systems, and Nevada had six permanent WIM stations. WIM systems have helped all these states manage traffic and ensure efficient weight-based toll collection. The deployment of WIM systems and onboard weighing systems significantly and directly impacts congestion reduction, as vehicles are not required to halt for weight measurement at toll gates.
Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=242065043
In South Korea, as of 2021, it was found that in cities with ITS, the average vehicle speed increased by 20%, and the delay time at critical roadways decreased by 39%. Similarly, in Singapore, the congestion management system is used to monitor traffic speed, which increases traffic flow efficiency by 90%. According to DAC&CITIES news published in January 2014, the first congestion charging system in the world was implemented in Singapore in 1975. The system improved over the years, from a low-tech manual system to a high-tech digital system.
In the coming years, WIM systems are expected to be used for enforcement, monitoring, and predicting factors responsible for congestion. WIM offers traffic projection solutions, analytics and decision support, advisory services, travel information systems, ticketing, and toll collection systems. Modern tools such as roadside sensors, radio frequency tags, and global positioning systems are also being incorporated to monitor and manage traffic effectively. Hence, the adoption rate of WIM systems will increase to cater to the growing traffic congestion and traffic management.
The highway toll & road safety segment is estimated to dominate the weigh-in-motion market based on the end-use industry in 2022. High demand for weigh-in-motion systems to collect vehicle-related information such as vehicle profiling, axle counting, and traffic data collection, apart from traditional weight-based toll collection, is expected to drive the highway toll & road safety segment of Weigh-In Motion market during the forecast period of 2022-2027.
The onboard segment is expected to be the fastest-growing segment during the forecast period. The C-ITS/V2X technologies for wireless data exchange between onboard WIM systems and TMS/ITS are expected to boost the demand for these systems, combined with the lower cost incurred by authorities and governments to build a TMS ecosystem around onboard WIM systems. The wireless communication facility for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, such as dedicated short-range communication (DSRC), are currently being tested and implemented on the industrial weighing scale for onboard WIM systems for truck tracking, axle and truck load measurement, and others. Many companies are implementing V2V communication technologies in onboard WIM systems for seamless data sharing with TMS/ITS systems to gain a first-mover advantage in this fastest-growing segment of the weigh-in motion market.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=242065043
High-speed systems are widely used in highway toll applications to monitor and record the weight of high-speed vehicles and ease traffic congestion. Furthermore, it is anticipated that low-speed weigh-in-motion systems would need to be replaced in the upcoming years due to the growing traffic congestion on national and international highways.
Europe is projected to be the largest weigh-in-motion market because its highway tolls are mostly installed with high-speed systems. This is a result of the free trade agreements between the EU countries, leading to increased traffic in highway tolls. The high demand for high-speed weigh-in-motion systems in Europe is ascribed to strict road laws citing the highest average speeds on the road. According to IMF, in May 2022, among the top 10 countries with the highest average speed of vehicles on roads, four countries belonged to the European region. Furthermore, the European region has an approximate mean speed score of 90–100 as of 2022. Hence, on European highways, speed and weight enforcement is a top priority for the authorities to maintain the health of road infrastructure and the safety of passengers on the roads further increasing the expected market share of the region in the weigh-in motion market.
Related Reports:
Automotive Lighting Market – Global Forecast to 2027
Automotive Engineering Services Market – Global Forecast to 2028
Sensor Fusion Market for Automotive – Global Forecast to 2030
