Automated Fare Collection Afc System Market 2022
Global Market for Automated Fare Collection Systems will be Valued at US$ 11.8 Bn by 2024-end.
The global Automated Fare Collection Afc System Market is slated to grow on a remarkable note in the next 10 years. With an ever-increasing adoption of IoT, AI, and 5G, the demand for semiconductors is expected to rise exorbitantly in the upcoming period. One semiconductor fab is capable of producing close to 1 TWh of energy/year along with 2-4 Mn gallons of ultra-pure water every single day. Thus, various water recycling applications could also be catered to with these sustainability measures. The semiconductors vertical would look like this going forward.
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The need to improve driving experience goes in hand with the necessitation of deploying advanced regulatory systems for traffic and transportation. Automated fare collection (AFC) systems are becoming more popular across transportation authorities as an ideal solution for ticketing passengers. By improving the efficiency of ticketing systems and streamlining the fare transaction process, automated fare collection systems will soon be observed as an enhanced service arranged by transportation authorities. Persistence Market Research’s latest report projects that the global market for automated fare collection systems will surpass US$ 11.8 Bn revenues towards the end of 2024.
The report, titled “Automated Fare Collection Systems Market: Global Industry Analysis and Forecast, 2016-2024,” illustrates that the global automated fare collection systems market, which is presently valued at US$ 4.7 Bn will surge at 11.1% CAGR during the eight-year forecast period. Factors such as easy installation, low-cost maintenance and compatibility to technological advancements are observed to drive the demand for automated fare collection systems across the globe.
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The market is expected to witness surplus revenue growth on the account of advancements instated in automated fare collection systems. Companies manufacturing such systems are providing additional features that further enhance the user experience, and continue to propel in accordance with transportation authorities.
Cubic Corporation, Thales Group, Xerox Corporation, Eurotech SPA, Nippon Signal Co. Ltd., Advantech Co. Ltd., NEC Corporation, Advanced Card Systems Holdings Limited, Omron Corporation and Scheidt & Bachman GmbH are profiled in the report as leading manufacturers of automated fare collection systems in the world.
Rising adoption of automated fare collection systems is also associated with growing need for advanced transportation solutions. Traffic authorities continue to struggle with old-fashioned transit systems and end up suffering losses worth millions of dollars. Through automated fare collection systems, these authorities will be at an advantage in terms of operational fluency and controlling expenditure budget.
A majority of automated fare collection systems are availed in the form of hardware. Revenues amassed from sales of AFC hardware have been projected to account for more than 40% share throughout the forecast period. Demand for AFC software will also gain traction, while services will continue to procure consistent share on global market value between 2017 and 2024.
The report reveals nearly half of automated fare collection systems sold across the globe will be installed for buses and light trail transit systems. Train services will be observed as the largest application, with a little over 40% share on global revenues by 2024-end. Likewise, public transport will remain the largest end-user industry for automated fare collection systems in the world, accounting for over three-fourth of global revenues at any point during the forecast tenure. Revenues from sales of automated fare collection systems in private transport circuits will grow at a steadfast CAGR of 11.9%.
The report further reveals that North America and Europe will remain at the forefront, dominating with a collective global revenue share of more than 55%. The Asia-Pacific automated fare collection systems market, on the other hand, is anticipated to showcase a robust value CAGR of 12.4% during the forecast period.
Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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