Summary of our market study

The French motorway concession market is worth around €11.6 billion

The global motorway concession market, and France in particular, has seen several important trends and challenges since 2020. The market slowed down in 2020 due to the economic impact of the COVID-19 pandemic, resulting in near-stagnation in traffic and a drop in sector sales of around €2 billion.

Despite this downturn, the market continued to grow, driven by demand for electronic toll collection subscriptions and toll price increases in line with the consumer price index.

France, where three major players - Vinci, Eiffage and Abertis - dominate the market, has had to contend with macroeconomic factors such as the elasticity of motorway traffic to GDP, with a long-term variation of 1.2% to 1.7% for a corresponding variation of 1% in GDP.

The increase in toll rates in 2022 was a response to the high inflation rates of 2022-2023, and although a real increase in toll ratesage is not expected before 2025, regulatory guidelines have been put in place to ensure that toll changes do not exceed specified limits.

Freeway concessionaires have faced major environmental and technological challenges. They have invested in solutions such as plant-based biosphalt and the construction of ecoponts.

Electronic toll collection saw a growth in subscriptions, with Liber-t for light vehicles and Tis-pl for heavy goods vehicles.

The static national car fleet and changing consumer preferences towards alternative, environmentally-friendly modes of travel.

With a significant part of the French motorway network under concession, and the imminent expiry of the main concessions in the 2030s, the market is at a crossroads that could see major change and the possibility of nationalization similar to that in Spain.

Dynamics of the French freeway concession market

The French freeway concession market has seen a sharp decline in its main source of revenue, motorway traffic. The slowdown in 2020 was marked by a sharp drop of almost 2 billion euros in the sector's overall sales.

After this period, the market rebounded. This recovery was fueled by strong demand for electronic toll collection subscriptions and an increase in toll prices.

The market is segmented: business customers mainly belong to the CI 3 and CI 4 vehicle categories, while private customers use lighter vehicles in the CI 1, CI 2 and CI 5 categories.light vehicles dominate freeway use, outnumbering heavy vehicles by around five to one.

Despite higher tolls for commercial vehicles, passenger vehicles contribute a greater share of revenues, accounting for between 7 and 8 billion euros, or around 66% of sales, compared with 3 to 4 billion euros for heavy vehicles.

Demand is closely linked to the country's economic health, with the long-term elasticity of motorway traffic to GDP estimated at between 1.2% and 1.7% for a 1% variation in GDP. This sensitivity is more pronounced for heavy goods vehicle traffic, which is directly influenced by economic fluctuations and changes in toll rates.

Fuel prices also play a key role, with a 1% increase in oil prices resulting in a 0.33% decrease in vehicle volume per kilometer.

Seasonal trends have a considerable impact on the market, with a marked increase in traffic during the summer vacations.

Technological advances have brought a new dynamic to the market, with electronic toll booths replacing traditional toll booths.

In France, 3 behemoths - Vinci, Eiffage and Abertis - dominate the market.

  • Vinci: market leader
  • Eiffage: France's second-largest player
  • Abertis: international player and its French subsidiary Sanef
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Summary and extracts

1 Market overview

1.1 Definition and scope of study

The announcement of the 2024 budget by current Economy and Finance Minister Bruno Le Maire has created a climate ofa climate of concern in the motorway concession marketwho will see their excess profits heavily taxed. With a large number of motorway concessions due to expire in the 2030s, a showdown between the French government and the SCAs (Sociétés Concessionnaires d'Autoroutes), recently decried for their excessive profitability, seems inevitable recently criticized for their excessive profitability.

This study covers the various stages in the value chain, i.e. the segments of constructionconstructionfreeway maintenance/operationas well as the electronic toll subscriptionsall of which are subject to dominated by private motorway concessionaireswhich control over 90% of the French market.

The global market, which is not conducive to dynamic competition, contrasts with a domestic market where public and private players coexist, marked by strong growth for the three incumbent companies marked by strong growth for the sector's three vinci, Eiffage and Abertis. This is a market at risk of saturation, but one in which the imminent expiry of the main concessions could reshuffle the cards.

This particularly polluting market must also face up to environmental and technological challenges environmental and technological challengesbut also to a demand whose many determinants point to an unstable future unstable future for the three dealers, who currently enjoy relatively stable revenues.

1.2 A relatively landlocked global market

In the absence of data on the size of the global freeway market, statistics on the maintenance and construction markets for roads and freeways worldwide will be presented by default.

Trends in the size of the global road and freeway construction and maintenance market France, ****, in billions of $ Source: ****

The specificity ...

1.3 A European market dominated by French dealers

Top ** countries in terms of motorway network length European Union, ****, in km Source: ****

With the exception of Turkey, which would be in *th position in this ranking, the countries of the European Unionricher than the rest of Europe, with a few exceptions, dominate the ranking european countries in terms of motorway ...

1.4 Domestic market

Growth in the size of the motorway concession market France, ****, € billion Source: ****

The motorway sector has not escaped the economic economic consequences of Covid-**its main source of revenue being directly linked to motorway traffic, which came to a virtual standstill for part of ****, marked by a fall of almost * billion ...

2 Demand analysis

2.1 Typology of demand

TheTransport Regulation Authority (***) defines the different classes of vehicle corresponding to a given tariff in the following way:

Class CI *: Light vehicles Class CI *: Commercial vehicles and motor homes Class CI *: Two-axle trucks and coaches Class CI *: Other trucks and coaches Class CI *: Motorcycles

Toll rates are progressive, with the exception ...

2.2 Demand affected by macroeconomic factors

In a report commissioned by the ASFA, Associés en Finance identifies * major risks determining demand and weighing on dealers.

Elasticity of demand to French economic health.

Source: ****

By aggregating these statistics at national level, we obtain a long-term variation in motorway traffic of *.*% to *.*% per *% variation in GDP. These variations ...

2.3 Seasonality of demand

Percentage of French people who went on summer vacation who stayed in France. France, ****, in Source: ****

Despite very high freeway traffic levels during the summer vacations, the downward trendhowever, this was offset by a **% increase in international arrivals, according to the same study. The holiday remains a reliable source of revenue ...

3 Market structure

3.1 Value chain

Source: ****

3.2 Workforce and production processes

Workforce trends for the three main players in the motorway concession market France, ****, in number of employees Source: ****

Motorway construction sites have a nomadic componentby definition, part of employment will be determined by the peaks in activity of the companies that win their tenders. This is the case for Eiffage: this ...

3.3 A national market conducive to concentrated competition

Share of French motorway network under concession France, ****, in Source: ****

With concession rights for three-quarters of France's freeways, SCAs enjoy one of the most lucrative markets in the countryone of the most lucrative national marketsthis easily explains France's third place in the European ranking of countries with the most developed motorway ...

4 Offer analysis

4.1 Offer typology

Typology of electronic toll subscription prices for the top three dealerships (***). Each major dealer also offers a Liber-t vacances service, enabling customers to top up their accounts with vacation vouchers. It's important to point out that electronic toll badges have a queue-breaking value, in addition to offering certain other advantages, but ...

4.2 Toll rate increases

Annual change in toll rates France, ****, in Source: ****

The sharp rise in toll rates is a reaction to the high inflation high inflation in ****-****after a drop in prices caused by Covid-**.

Despite this, on November **, the government announced an increase in motorway tolls, scheduled for February *, ****, with a rise ...

4.3 The technological challenge

With the arrival of electronic toll collection in France in **** a whole new market has opened up a whole new market for motorway concessionaires, who are taking advantage of motorists' desire not to have to wait and pay at the counter to invest in this sector. At the same time, this ...

4.4 The environmental challenge

The intense pollution caused by construction and maintenance work, as well as by the passage of cars on the freeways, means that the sector finds itself at the at the heart of ecological issues.

Environmental expenditure generated by motorway concession operators France, ****, € million Source: ****

Faced with the problem of bitumen emissions, ...

5 Regulations

5.1 Motorway regulations and tariffs

TheWorld Road Association (***) lays the foundations for a regulated definition of a freeway:

"A road specially designed and built exclusively for automobile traffic, which does not serve neighboring properties and which :

Except at singular points or on a temporary basis, has separate carriageways for both directions of traffic, separated from ...

6 Positioning the players

6.1 Positioning the players

Source: ****

  • ASF Autoroutes (Vinci Groupe)
  • APRR
  • Cofiroute (Vinci Groupe)
  • ESCOTA (Vinci Groupe)
  • ATMB

List of charts presented in this market study

  • Trends in the size of the motorway concession market
  • Average daily motorway traffic
  • Top 10 countries by length of motorway network
  • Trends in the size of the global road and highway construction and maintenance market
  • Top 10 countries by length of motorway network
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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

ASF Autoroutes (Vinci Groupe)
Cofiroute (Vinci Groupe)
ESCOTA (Vinci Groupe)

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