Automated Fare Collection System Market Will Reach $12.9 Million By 2024, Says Esticast Research & Consulting
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As per the report “Automated Fare Collection System Market By application (Bus, Toll, Train and Car rental), by component (Software & Services, hardware) by technology platform (Smart card, NFC, OCR, and Others), by geography (North America, Europe, Asia Pacific and Rest of World), Global Opportunity Analysis and Industry Forecast, (2016–2024),” The global Automated Fare Collection market was valued at $4.81 billion in 2016, and is projected to reach $12.9 billion by 2024, growing at a CAGR of 13.3% from 2017 to 2024.
By application type, Bus segment, generated the highest revenue share of $1.28 billion in 2016, growing at a CAGR of 13.6% in the global AFC market. Among major regions, North America AFC market was the highest revenue generating market valued at $1.6 billion in 2016.
“The Asia Pacific region is going to witness the highest growth in terms of Automated Fare Collection Market. This is the result of developing and emerging countries concentrated in the region. Countries like India and China are focusing on various public transportation projects like trams, subways and BRT services, which are eventually assisting in the market growth”
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North America generated the highest revenue in 2016, in terms of Automatic Fare Collection Market
North America led the AFC market by generating a revenue of $1.6 billion in 2016 and is expected to grow at a CAGR of 12.5% during the forecast period of (2017-2024). Being a developed region, the automated fare collection technology is used nearly everywhere in the public transport services of U.S. However, Asia Pacific is supposed to witness the highest CAGR of 14.7%, as the number of developing countries is much larger in this region as compared to other parts of the world.
Automated Bus Fare Collection system lead the market by holding approx. 27% of the market share.
The Automated bus fare collection segment generated a revenue of $1.28 billion in 2016. Bus transportation services are flourishing in metropolitan cities. New technologies like Bus Rapid Transit (BRT) are using AFC technology. However the automated toll fare collection will witness the highest CAGR of 13.9% as a result of an increase in the construction of new expressways and highways.
The AFC market growth is influenced by the growth of technological advancements
The growth of AFC market is directly proportional to the growth of technology. The rapidly increasing demand of contactless open payment solutions is driving the growth of the AFC market. Reduction in fraud rates, flexible fare plans, and traffic congestion are driving the market growth. Improvised and enhanced transport infrastructure in developed and developing economies are the major factors that will push the market growth. Moreover, reduction in the waiting time in queues, and easy & quick transactions are likely to stimulate the market growth throughout the forecast period. The software and service component type lead the market by holding a revenue share of nearly 55% of the global Automated Fare Collection market, in 2016.
Revenue generated by major regions, 2016
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Automated Fare Collection System Market Key Findings
• North America leads the AFC market by generating a revenue of $1.6 billion in 2016 and is expected to grow at a CAGR of 12.5% during the forecast period of (2017-2024)
• The Automated bus fare collection segment generated a revenue of $1.28 billion in 2016.
• The rapidly increasing demand for contactless open payment solutions is driving the growth of the AFC market.
• Asia Pacific region is going to witness the highest growth, having a CAGR of 14.7% during the forecast period.
• Automated toll fare collection market will witness the highest CAGR of 13.9% during the forecast period.
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The leading players in the automated fare collection market have adopted major strategies such as collaborations, product launch, and agreement and acquisition to expand their market presence. The major players of the market are Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, LG CNS, NXP Semiconductors, Omron Corp., Samsung SDS, Scheidt & Bachmann, Thales Group, LECIP Group.