Automated Fare Collection System Market

The global automated fare collection (AFC) system market refers to the market for technology solutions and systems used to automate the process of fare collection and ticketing in public transportation networks. AFC systems are designed to streamline the payment process, improve operational efficiency, and enhance the passenger experience in various modes of transportation, including buses, trains, trams, and metros.

Global automated fare collection system market is segmented based on system component, application, End-use Industry, type, and region. Based on the System Component, the market is further segmented into Hardware. On the basis of application, the global automated fare collection market is segmented into Bus Rapid Transit, Light Rail Transit, Train, and Others. On the basis of End-use Industry, the market is segmented into Public Transport Authority and Private Transport Authority.

Market Dynamics:

The growth of the global automated fare collection system market during the forecast period is driven by factors such as the increasing population and the widespread adoption of the Internet of Things (IoT) in everyday life. The growing population puts pressure on public transportation systems, making it increasingly challenging to handle ticket distribution, checking, and related activities solely through human operators. The adoption of automated fare collection systems (AFC) can alleviate a significant workload by automating these processes.

Furthermore, the integration of IoT into daily life simplifies the adoption of public transport-related apps. Instead of purchasing physical tickets, consumers prefer to use apps or scan Quick Response (QR) codes to buy tickets, as reported by a study from Coherent Market Insights. The use of mobile apps and other IoT technologies accelerates the adoption of the global automated fare collection system market.

The Automated Fare Collection System manufacturers are constantly adopting advanced technologies such as 5G, and Wi-Fi 6, to provide high-quality products to the consumers.

Key features of the study:

• This report provides in-depth analysis of the global automated fare collection system market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global automated fare collection system market based on the following parameters– company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include TSC Auto ID Technology Co., Ltd., Toshiba TEC Corporation, Honeywell International Inc., Bixolon Co., Ltd., Citizen Holdings Co., Ltd., Star Micronics Co., Ltd., Seiko Epson Corporation, SATO Holdings Corporation, Brother International Corporation
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global Automated Fare Collection System market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global automated fare collection system market

Detailed Segmentation:

• Global Automated Fare Collection System Market, By System Component:
  • Direct Hardware
  • Software
  • Services
• Global Automated Fare Collection System Market, By Application:
  • Bus Rapid transit
  • Light Rail Transit
  • Train
  • Others
• Global Automated Fare Collection System Market, By End-use Industry:
  • Public Transport Authority
  • Private Transport Authority
• Global Automated Fare Collection System Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Cubic Corporation
  • TSC Auto ID Technology Co., Ltd
  • TEC Corporation
  • Bixolon Co., Ltd
  • Citizen Holdings Co., Ltd.
  • Star Micronics Co., Ltd
  • Seiko Epson Corporation
  • SATO Holdings Corporation
  • Brother International Corporation
  • Others