PORTLAND, OREGAON, UNITED STATES, April 10, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Automated Fare Collection System Market by Application, Component and Technology Platform: Opportunity Analysis and Industry Forecast, 2020–2027,” The global automated fare collection system market size was valued at $6.64 billion in 2019, and is projected to reach $12.75 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/1401
Presently, the U.S. dominates the market, followed by Canada and Mexico in North America. However, Mexico is expected to grow at a higher CAGR during the forecast period. In addition, in 2019, China led the market in the Asia-Pacific region followed by Japan, India, South Korea, and rest of Asia-Pacific countries.
Increase in the use of high-speed public transport and high-speed metro trains & monorails are expected to foster the growth of the market, thereby enabling high revenue generation for operators. Tickets are issued as paper tickets or electronic tickets, which can be bought either in advance or at the time of the ride, which is expected to create ample number of opportunities for the key players operating in the global automated fare collection system market.
Technology payment is the type of fare media, such as cash, token, paper ticket, or mobile ticketing and equipment, which is used to collect fares. Organizations are increasingly setting a broad range of payment options to offer an easy payment method to commuters. In addition, many organizations offer one or more than one mode of multiple-ride passes and discounted multi-ride options such as 4-6 months, weekly, and daily passes. Mobile ticketing model is preferred over other modes of payment. This model comprises a registered mobile subscription, which can be either prepaid or postpaid. Traveler's identity is known by scanning his/her mobile number at the entrance or exit of a vehicle and then the amount is deducted from the balance in the mobile as per the distance travelled by the passenger, as a result of which the considerable use of smartphones offers a convenient fare payment method which is opportunistic for the market expansion.
The global interoperability feature of smartcards fosters the growth of the automated fare collection system market. It includes a single card that can be used for many modes of transport including taxis, cars, buses, ferries, and others, globally. Octopus Cards Ltd. (OCL) and Shenzhentong Co. Ltd. (SZT) launched Hu Tong Xing card that is compatible with Hong Kong readers as well as Shenzhen card readers. This two-in-one card provides greater convenience to residents of both the regions. The global acceptance of Hu Tong Xing type of cards is expected to increase the adoption of AFC systems.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automated-fare-collection-system-market/purchase-options
The installation of automated fare collection system incurs high cost. The installation of AFCS in transport companies include installing payment collection equipment and checking devices, setting of communication network (wired networks), and installing network equipment (all kinds of networks), fixing the installed system hardware, fine-tuning and testing system hardware, and interaction between system components. This increases overall installation cost, which hinders the stated growth.
The high cost of turnstile and fare boxes results in high maintenance cost of automated fare collection systems. In magnetic fare cards, magnetic stripes can be unintentionally erased or damaged using objects such as refrigerator magnet. Moreover, large number of high skilled maintenance people result in high maintenance cost of AFC systems, which hampers the market growth.
Automated ticketing systems allow operators to execute variable and flexible fare plans based on time or means of travel or type of commuter. In addition, it allows operators to cater to the demands of passengers by customizing travel fare options, including unlimited ride passes, free inter-modal transfers, and discounted passes during off-peak periods or a particular mode. Thereby, it drives the growth of the automated face collection system market.
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲
By application, the train segment generated the highest revenue in the automated fare collection market analysis in 2019.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period while considering automated fare collection market growth.
Latin America leads the market in the LAMEA region.
The leading companies listed in the automated fare collection system market report expect high revenue from automated fare collection system market returns.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/1401
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
Atos SE,
Ubic Transportation Systems, Inc.,
Dormakaba Holding,
LECIP Holdings Corporation,
LG CNS,
NXP Semiconductors,
Omron Corporation,
Samsung SDS,
Scheidt & Bacchhan Gmbh,
Thales Group.
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David Correa
Allied Market Research
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