6.6.6.3Vertical
State & Regional Toll Authorities
Public authorities managing state and regional toll road systems.
Market snapshot
These figures describe Toll Road & Highway Operations (6.6.6), the segment that State & Regional Toll Authorities sits within — not State & Regional Toll Authorities on its own.
- Market size
- ~$5B
- Growth
- ~7.9%CAGR (2017–22, nominal)
- Companies
- ~3,900
FragmentationConsolidatingEstimate
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 488490 (other support activities for road transportation) — includes toll and highway operations; most U.S. highways are publicly operated and outside this figure.
Business model & economics
Revenue model
Toll revenue and concession/operations contracts
Key economics
- Recurring revenue
- High
- EBITDA margin
- Strong
- Capex intensity
- High
recurring toll and concession revenue
long-life concession economics
Characteristics
- Global concessionaires (Transurban, Cintra, Abertis).
- Congestion pricing and managed/express lanes growing.
- P3/concession model brings private capital to roads.
M&A deal context
Deal activityHigh
Who’s acquiring
- Toll-road concessionaires
- Infrastructure funds & investors
- Tolling-technology providers
What’s driving deals
- Concession and P3 privatization of roads.
- Congestion pricing and express-lane growth.
- All-electronic tolling technology.
Find State & Regional Toll Authorities acquisition targets
Search Acquisera’s index for companies classified under State & Regional Toll Authorities (6.6.6.3) and build a targeted deal pipeline.
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