Global Automatic Fare Collection System Market, By Component (Hardware, Software), Application (Bus, Toll, Car Rental, Train), Technology Platform (Smart Card, NFC, Optical Character Recognition, Magnetic Strip, Barcodes), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights Global Automatic Fare Collection System Market
Data Bridge Market Research analyses that the automatic fare collection system market will exhibit a CAGR of 13.88% for the forecast period of 2022-2022 and is expected to reach the market value of USD 118.14 billion by 2029.
Automatic fare collection system are like ticket vending machine, automatic gate machine and ticket checking machine. It is an advanced fare collection method in public transport system.
The Improvement in the transport infrastructure and security system is the major factor accelerating the growth of the automatic fare collection system market. Furthermore, popularity of contactless open payment, their ability to enhance efficiency & decrease fraud rates, flexible fare plans, rising government initiatives and rising prevalence of smartphones are also expected to drive the growth of the automatic fare collection system market. However, high installation and maintenance cost will restrains the automatic fare collection system market, whereas, risk associated with the technical error will challenge market growth.
In addition, technology advancement will create ample opportunities for the automatic fare collection system market.
This automatic fare collection system market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on automatic fare collection system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Automatic Fare Collection System Market Scope and Market Size
The automatic fare collection system market is segmented on the basis of component, application and technology platform. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of component, the automatic fare collection system market is segmented into hardware and software.
- The application segment of the automatic fare collection system market is divided into toll, bus, car rental and train.
- Based on technology, the automatic fare collection system market is segmented into smart card, NFC, optical character recognition, magnetic strip and barcodes.
Automatic Fare Collection System Market Country Level Analysis
The automatic fare collection system market is segmented on the basis of component, application and technology platform.
The countries covered in the automatic fare collection system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the automatic fare collection system market and will continue to flourish its trend of dominance during the forecast period due to increasing investment in transportation sector. North America will however, register the highest CAGR for this period due to the increasing metro development project and advancement in railway infrastructure in the region.
The country section of the automatic fare collection system market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Automatic Fare Collection System Market Share Analysis
The automatic fare collection system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points are only related to the companies’ focus on the automatic fare collection system market.
The major players operating in the automatic fare collection system market report are Thales Group, NIPPON SIGNAL CO.,LTD., OMRON Corporation, Vix Technology, Scheidt & Bachmann GmbH, Indra Sistemas, S.A., GMV INNOVATING SOLUTIONS SL, Siemens, Advanced Card Systems Ltd., NXP Semiconductors, Atos SE, Cubic Corporation, LG CNS, Sony Corporation, Singapore Technologies Engineering Ltd, Masabi Ltd, LECIP HOLDINGS CORPORATION, Trapeze Group among other.
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