Automated Fare Collection Market Expected to Grow at a CAGR of 13.7% During the Forecast Period 2023-2032

Automated Fare Collection Market: Ride on a Technology

Did you know that an increasing number of cities in both developed and developing countries rely on automated systems to collect public conveyance fares and verify payment? Automated Fare Collection (AFC) is not a trick; rather, it has many advantages that can assist operators, planners of transportation, municipal governments, and commuters in general. Well, what makes these systems so effective? And are they a perfect fit for every city? Let’s dive in!

Industry Analysis:

According to the research report, the global automated fare collection market was valued at USD 10.88 billion in 2022 and is expected to reach USD 39.15 billion by 2032, to grow at a CAGR of 13.7% during the forecast period.

How Does the Automatic Fare Collection System Work?

At its core, an automated fare collection machine is a mixture of software and hardware features that operate together to deliver a speedy and user-friendly fare service to riders. Riders can use different verification media to access the public transit network. These consist of contactless EMV cards, smart cards, smart wearables, mobile ticketing apps, and one-time tickets, among other things. Validation can be accomplished by the use of a particular electronic validator, which is often located on board the vehicle, or by going through a fare gate (for train stations, metro stations, etc.). As a result, AFC systems have become an appealing option to traditional ticketing systems, propelling the automated fare collection market.

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Report Overview:

Polaris Market Research has recently published its latest report titled Automated fare collection Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By Technology; By System; By Application; By Region; Segment Forecast, 2023 – 2032. The research study gives an in-depth analysis of the market, assessing all the major aspects businesses need to know. It tracks all the major trends in the industry and their impact on the overall market. Also, it assesses the market dynamics and covers the key demand and price indicators in the industry. Besides, it covers research data of several market key players, gross margin, and benefits through pictorial representations like tables, charts, and graphs.

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The research study includes a thorough examination of the revenue generated by various segments across different regions worldwide. To help stakeholders gain an in-depth understanding of the Automated Fare Collection Market, the study taps hard-to-find information on aspects such as supply chain optimization, distribution channels, and technology advancements. Furthermore, the report includes Porter’s Five Forces to analyze the prominence of several features in the industry.

Competitive Landscape:

This section of the report sheds light on the competitive landscape in the industry. It provides an in-depth examination of the Automated Fare Collection Market key players, covering their market share, production capacity, and plant turnarounds. The study also details all the major strategic developments, such as mergers, acquisitions, and collaborations, in the industry.

Top Key Players:

  • Advanced Card Systems Ltd.
  • Atos SE
  • Cubic Transportation Systems
  • GMV
  • Indra Sistemas SA
  • LECIP Holdings Corporation
  • LG Corporation
  • Siemens AG
  • Thales Group
  • Omron Corporation
  • Masabi Ltd.
  • Nippon Signal
  • Scheidt & Bachmann GmbH
  • Samsung SDS Co. Ltd

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Growth Drivers:

  • Key trends: The research study covers all the key trends and opportunities that are anticipated to drive the growth of the market.
  • Strategic developments: The report includes all the major strategic developments that are projected to drive the Automated Fare Collection Market demand.
  • Government rules and policies: All the favorable governmental rules, regulations, and initiatives are detailed in the report.

Segmental Analysis:

The research report for the Automated Fare Collection Market has been primarily segmented by type, application, end-use, and region. It offers an in-depth analysis of each of these segments and lists the top segments that are projected to witness the fastest growth. Besides, a thorough overview of various sub-segments is included in the report.

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Regional Overview:

This section of the report offers an in-depth analysis of the regional markets in the industry. It evaluates the regional markets by analyzing the pricing of products compared to the revenue generated. Besides, other important aspects such as production capacity, supply and demand, logistics, and past performance of the Automated Fare Collection Market in the given region are also covered.

The major regions and sub-regions covered in the study are:

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Research Methodology:

The research report has been prepared by using industry-standard methodologies to provide an accurate and reliable analysis of the market. It involves the collection of data by expert analysts only to have it filtered to offer significant predictions about the market. Also, it includes interviews with industry experts to keep the research relevant and practical. Along with primary and secondary data approaches, the study considers publicly available sources to provide an insightful market understanding.

Key Highlights of the Report:

  • Includes strategically important information to help businesses formulate effective R&D strategies.
  • Tracks all the recent innovations and major events in the Automated Fare Collection Market.
  • Uses a number of analytical tools to accurately study and assess the data of key vendors in the industry.
  • Closely examines new partners or clients in the target demographic.
  • It helps you make strategic decisions and business plans.
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The Report Answers the Following Questions:

  • What is the current size and projected value for the Automated Fare Collection Market?
  • What are the major trends in the industry?
  • Where will strategic developments take the industry in the short and long term?
  • At what CAGR is the market anticipated to grow?
  • Which segments are projected to account for the highest Automated Fare Collection Market share?
  • What are the major opportunities industry players can capitalize on?

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