"Smart Strategies, Giving Speed to your Growth Trajectory"

Automatic Fare Collection (AFC) Systems Market Size, Share & Industry Analysis, By Component (Hardware, Software), By Application (Bus, Train, Car Rentals, Toll, Others), By Type (Ticket Vending Machine (TVM), Ticket Office Machine (TOM)), By Technology(Optical Character Recognition (OCR),Near Field Communications, Smart Cards), By End User (Logistics, Transportation, Retail) And Regional Forecast 2022-2029

Region : Global | Report ID: FBI105947 | Status : Ongoing

 

KEY MARKET INSIGHTS

Automatic fare collection (AFC) is a system that automates the ticketing system or fare collection in industries that need AFC systems. This solution further improves the efficiency of transaction rate and ticketing system. The implementation of these solutions offers enhanced services to end users. The integration of advanced such as smart cards, electronic payment and contactless technology with automatic fare collection helps in reducing the cost associated with manual ticketing system.


The outbreak of COVID 19 has significantly impacted the automatic fare collection system market. Due to COVID 19 majority of countries were under restrictions that has resulted in restrictions on public and private transport that led to low consumption of automatic fare collection system. Further, the media & entertainment industry were among the major industries to adopt these system but due to the outbreak of COVID 19 there were less events that has led to the downfall the AFC market. Additionally, the penetration for digital technologies such as automated and contactless payments is anticipated to drive the growth of automatic fare collection (AFC) market in near future.


Key Market Driver -

• Increasing cashless travel facility to drive the growth of AFC market. • Increasing shift towards open road tolling is anticipated to drive automatic fare collection market

Key Market Restraint -

• High installation cost of automatic fare collection (AFC) to hinder the market growth. • Lack of standardization among automated fare collection AFC products to is anticipated to restrict the market growth.


Key Players Covered:


Major market players operating in the automatic fare collection (AFC) system market are Thales Group, Scheidt & Bacchhan GmbH, OMRON Corporation, NXP Semiconductor, LG CNS, Samsung SDS, LECIP Group, Atos SE, Cubic Corporation and Atos SE among others.


Key players operating in automatic fare collection (AFC) system market are using various organic and inorganic methods such as partnership, collaborations, mergers, acquisitions, and new product launch among others to enhance their market presence. For instance, in August 2018, Cubic Corporation announced that its Cubic Transportation Systems (CTS) has entered investment agreement with Dellork Inc. This will help Cubic to implement Dellork’s TouchPass Solution in its Transit Management as as Service (TMaaS) platform that would help the company to provide real time information solution and comprehensive payment to its customers.


Regional Analysis:  


North America is anticipated to have significant growth in the market owing to the vast transportation network and adoption of latest smart technologies in transportation. Technologies such as AI-augmented mobility, integrated frictionless travel, digital identity and customer experience that would create demand for automatic fare collection systems in the region and would further help in the market growth. Additionally, the presence of leading AFC manufacturers such as Cubic Corporation headquartered in California, United States are working on deployment and development of latest solution that are further helping in driving the market growth.


Asia Pacific is also expected to drive the AFC market due rise in government investment, expansion of highways, metro projects for intra-city and inter-city travel and rapid rise in development of railway infrastructure that widely use automatic fare collection systems. Additionally, the rapid adoption of digital payments are expected to boost the growth of the market in the region.


Europe is also expected to witness significant growth in automatic fare collection system market due to the digitization of public transit and sustainable transportation polices. Further, many cities in South America are also deploying advanced fare collection systems for public transport such as contactless smart ticketing/smart cards that is also anticipated to drive the market growth in the region. For instance, Buenos Aires launched a fare wallet “TAG wallet”. The wallet provide the sticker that be pasted on wallets, mobiles, or any other objects can further can be used to pay fare through near field communication (NFC) technology.


Furthermore, Middle East and Africa mainly use two types of ticketing options paper/magnetic-stripe ticket and smart ticketing/smart cards for all the public transport in the region, this would create high demand for automatic fare collection systems and would help in market growth.


To gain extensive insights into the market, Request for Customization


Segmentation


































  ATTRIBUTE


  DETAILS

By Component




  • Hardware

  • Software



By Application




  • Bus

  • Train

  • Car Rentals

  • Toll

  • Others 



By Type




  • Ticket Vending Machine (TVM)

  • Ticket Office Machine (TOM)

  • IC Cards

  • Fare Gates

  • Others



By Technology




  • Optical Character Recognition (OCR)

  • Near Field Communications

  • Smart Cards

  • Barcodes & Magnetic Strips

  • Others



By  End User




  • Logistics

  • Transportation

  • Retail

  • Media and Entertainment

  • Others (Parking, Railways, etc.)



By Region




  • North America (United States, Canada, and Mexico)

  • South America (Brazil, Argentina, and Rest of South America)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, and Rest of Europe)

  • Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, and Rest of the Middle East & Africa)

  • Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, and Rest of Asia Pacific)



Key Industry Developments



  • February 2021 – Cubic announced its Cubic Transportation System (CTS) business division signed the contract with New York Metropolitan Transportation Authority to freely upgrade contactless fare payment system for Long Island Railroad and Metro North Railroad.

  • July 2020 - Thales Group delivered the automatic fare collection (AFC) system across Bangkok’s MRT’s blue line 19 stations.


  • Ongoing
  • 2021
  • 2018-2020

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Google
Samsung
Dell
Go daddy
Fujitsu

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X