Automated Fare Collection (AFC) System Market to Rise at 14.6% CAGR to Hit US$ 45.1 Billion by 2024 | Fact.MR
Increase in Hassle-free Payment and Reduction in Wait Time Improving the Automated Fare Collection (AFC) System Market Growth
Rockville, Jan. 01, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global *Automated Fare Collection (AFC) System Market* is estimated to be worth *US$ 11,601.2 million* in 2024. The market is projected to register a healthy growth of *14.6%* through 2034. Due to the advancement in smart cards and mobile ticket applications, the market is projected to surpass a valuation of *US$ 45,156.3 million* by 2034.
Innovative systems have revolutionized the way people pay for transportation services, making it more convenient and efficient for commuters to travel. By using AFC systems, commuters can easily pay for their fares through various payment options such as smart cards, mobile phones, and contactless payment methods, among others.
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*Key Segments of **Automated Fare Collection (AFC) System **Industry Research Report *
*By Application* *By End User* *By Region*
· Bus Rapid Transit
· Light Rail Transit
· Train
· Others
· Public Transport Authority
· Private Transport Authority
· North America
· Europe
· Latin America
· East Asia
· South Asia & Oceania
· Middle East & AfricaThe availability of standalone smartphone applications for bus and train travel has made purchasing tickets more convenient and hassle-free, thus supporting the expansion of the market. The adoption of automated fare collection systems is expected to increase in the transportation sector due to their convenience and time-saving benefits. By eliminating the need for ticket counters and simplifying the process of ticket distribution and checking, these systems can lead to improved operational efficiency and cost reduction for transport authorities.
“Advancements in AFC technologies to offer cost-effective solutions and provide additional data collection options are likely to drive the market growth. Therefore, development toward enhanced security features in transit that offer frictionless solutions may generate significant opportunity for key players.” says a Fact.MR analyst.* *
*Key Takeaways from the Market Study*
· The global automated fare collection (AFC) system is projected to expand at a CAGR of 14.6% from 2024 to 2034.
· The North America automated fare collection (AFC) system is expected to evolve at a CAGR of 13.7% from 2024 to 2034.
· The market is expected to register a CAGR of 13.4% in the United States over the forecast period.
· The automated fare collection (AFC) system industry in China is expected to rise at a CAGR of 15.2% through 2034.
· Based on application type, train leads the market, with an expected market share of 31.5% in 2024.
*Competitive Landscape*
The market for automated fare collection systems is continually growing, with new players entering and existing ones increasing their capabilities. Companies provide a variety of products and services, such as contactless smart cards, mobile ticketing systems, and automatic gates. The industry is also experiencing an increase in the number of partnerships and collaborations between competitors to provide integrated solutions.
Overall, the automated fare collection system market is extremely competitive, with competitors competing to provide creative and cost-effective solutions to fulfill the transportation industry's increasing needs.
Some of the prominent companies in the market are Nippon Signal, Scheidt & Bachmann GmbH, Samsung SDS Co. Ltd., Advanced Card Systems Ltd., Atos SE, and Cubic Transportation Systems.
In 2022, Masabi Ltd and the Roaring Fork Transportation Authority (RFTA) announced the official launch of the RFTA ticket mobile app, which provides increased ticket purchasing flexibility and ensures time, location, and platform flexibility.
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*Report Attribute* *Details*
Value Projection (2034) USD 45,156.3 Million
Growth Rate (2024-2034) 14.6% CAGR
No. of pages 170 Pages
No. of Tables 32 Tables
No. of Figures 108 Figures
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*Alongside the increasing number of sales in different areas, the automated fare collection system has attracted a sizable customer base, especially in North America and East Asia. Market research indicates that North America will have a strong Compound Annual Growth Rate (CAGR) of 13.7% from 2024 to 2034, putting it in a strong position to own 30.7% of the worldwide market share in 2024. It is anticipated that North America's market share would reach 26.5% by the conclusion of this time.
By 2024, East Asia will account for 26.5% of the market, which is still a sizable portion. Over the course of the projection period, the region is expected to grow at a promising rate of 15.8%, with a projected market share of 28.4% at the conclusion of the period.
*Increasing Demand for Improved Operational Efficiency and Elevated Passenger Transportation Experience*
The private transport authority sector is projected to hold a dominant 77.3% market share by product type in 2024, with a forecasted Compound Annual Growth Rate (CAGR) of 14.2%.
Anticipated growth in the private transport authority segment within the automated fare collection system market is on the horizon. This growth is fueled by a rising trend among private transport authorities to adopt automated fare collection systems, driven by the imperative to enhance operational efficiency and elevate the overall transportation experience for passengers. These systems empower private transport authorities to streamline ticketing processes, curtail operating costs, and enhance revenue collection.
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