As per this study the Global Automated Fare Collection System Market was valued at USD 9.67 BN (by revenue) in 2021 and is anticipated to reach USD 22.2 BN by 2028 with a CAGR of 12.6%.
The automated fare collection system is an advanced technology that integrates various functionalities of process control, control to stations, monitors passenger flow as well as manage tariff policies of transport tickets. The main purpose of this system is to implement “Automatic Fare Collection” based on smart card technology. Technically, it replaces public transportation tickets printed on paper with electronic tickets, it calculates the fare that the customer must pay based on the time of service (time-based) or the points of entrance and exit of the system (distance-based).
Market Dynamics
The automated fare collection (AFC) system market is estimated to grow mainly due to the rise in the adoption of cashless fare collection system for transportation modes across all the developed and developing regions. Further, growing intelligence in the transportation sector along with rising investment by government in order to improve the infrastructure of the transport system is again propelling the market growth. Whereas, high installation cost and slow growth in the developing and underdeveloped region is the only major factor that can limit the market growth in the next six years.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of automated fare collection system.
Market Segmentation
The broad automated fare collection system market has been sub-grouped into technology and component. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Technology
- Smart Card
- Magnetic Strip
- Optical Character Recognition (OCR)
- Near Field Communication (NFC)
By Component
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for automated fare collection system in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Automated Fare Collection System Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the automated fare collection system market include Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, NXP Semiconductors, Omron Corporation, Scheidt & Bachmann GmbH, ST Electronics, Thales Group, Trapeze Group and Vix Technology. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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