Overview and Scope
The automatic fare collection (AFC) system refers to a comprehensive set of components used in public transportation networks to collect fares from passengers in a convenient and efficient manner. These systems typically use electronic payment methods such as smart cards, mobile payments, or contactless payment systems to automate fare collection processes, eliminating the need for cash transactions.
Sizing and Forecast
The automatic fare collection system market size has grown rapidly in recent years. It will grow from $9.47 billion in 2023 to $10.75 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to efficiency and speed of boarding, reducing revenue leakage and fare evasion, enhancing passenger convenience, integration with multi-modal transportation, and data collection for operational insights.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/automatic-fare-collection-system-global-market-report
Segmentation & Regional Insights
The automatic fare collection system market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Technology: Smart Card, Magnetic Stripe, Near-Field Communication (NFC), Optical Character Recognition (OCR)
3) By Application: Railways And Transportation, Parking, Entertainment, Other Applications
Top 5 Major Players:
- Sony Corporation
- Siemens AG
- Thales Group
- NXP Semiconductors
- Atos SE
Asia-Pacific was the largest region in the automatic fare collection (AFC) system market in 2023. The regions covered in the automatic fare collection system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13807&type=smp
Major Driver Impacting Market Growth
Increasing smartphone penetration is expected to propel the growth of the automatic fare collection system market going forward. A smartphone is a mobile device that combines the functions of a traditional cell phone with those of a computer. Smartphones are used in automatic fare collection (AFC) systems to facilitate cashless and contactless transactions and enhance the efficiency, convenience, and user experience of public transportation. For instance, in March 2023, according to a report published by Cybercrew, a UK-based developer and provider of cybersecurity solutions, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 93.8% in 2026. Therefore, the increasing smartphone penetration is driving the growth of the automatic fare collection system market.
Key Industry Players
Major companies operating in the automatic fare collection system market report are Sony Corporation, Siemens AG, Thales Group, NXP Semiconductors, Atos SE, Seiko Epson Corporation, Singapore Technologies Engineering Ltd, OMRON Corporation, Gaoxin Modern , KML Technology Group Ltd , Indra Sistemas, S.A, Chinasoft International Ltd, Cubic Corporation, SATO Holdings Corporation, NIPPON SIGNAL CO LTD, Dormakaba Holding AG, TSC Auto ID Technology Co., Ltd, Star Micronics Co., Ltd, Vix Technology, Scheidt & Bachmann GmbH, LECIP HOLDINGS CORPORATION , Trapeze Group, Leadway Tech, GRGBanking, Masabi Ltd , Advanced Card Systems Ltd
The automatic fare collection system market report table of contents includes:
1. Executive Summary
2. Automatic Fare Collection System Market Characteristics
3. Automatic Fare Collection System Market Trends And Strategies
4. Automatic Fare Collection System Market – Macro Economic Scenario
5. Global Automatic Fare Collection System Market Size and Growth
….
32. Global Automatic Fare Collection System Market Competitive Benchmarking
33. Global Automatic Fare Collection System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automatic Fare Collection System Market
35. Automatic Fare Collection System Market Future Outlook and Potential Analysis
36. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Automatic Fare Collection System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Automatic Fare Collection System Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Automatic Fare Collection System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Sony Corporation Financial Performance
Table 75: Siemens AG Financial Performance
Table 76: Thales Group Financial Performance
Table 77: NXP Semiconductors Financial Performance
Table 78: Atos SE Financial Performance
Explore the trending research reports from TBRC:
https://topprnews.com/uv-disinfection-equipment-market-size/
https://topprnews.com/gene-synthesis-market-size/
https://topprnews.com/self-healing-grid-market-overview/
https://goodprnews.com/uv-disinfection-equipment-market-growth/
https://goodprnews.com/gene-synthesis-market-size/
https://goodprnews.com/self-healing-grid-market-size/
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
