The global Automated Fare Collection (AFC) Market is expected to display higher growth rate over the next seven years. Rapid surge in the automated fare collection industry is credited to the growing need for hassle free and efficient transportation systems. An automated fare collection (AFC) system comprises of several components, which are used to perform automated ticket collection. The automated fare ticketing system is majorly utilized for public transportation network that is also termed as an automated version of manual fare collection. The automated fare collection (AFC) systems are based on integrated ticketing phenomenon.
Globally, automated fare collection market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the AFC market. Automated fare collections systems are increasingly used for local public transport, railways, taxi services and rental cars. Other applications of automated fare collection include vehicle charging station and airports. Strong economic growth and increasing infrastructure investment, particularly in the Asia Pacific region is expected to fuel market growth over the forecast period. In addition, implementation of several infrastructure development project in the public sector and civil developments in the developing economies across the globe is expected to offer lucrative growth opportunities for industry participants in the upcoming years.
Rise in research & development activities coupled with vertical integration among system providers and transit agencies are anticipated to pave a way for market growth in the near future. Substantial increase in number of transit agencies such as airports, railways and parking are fostering market growth of automated fare collection over the coming years.
Furthermore, declined cost and cheaper operation rates is estimated to stimulate the growth of automated fare collection (AFC) industry over the forecast period. Familiarity with new technology such as smart card, contactless technology and electronic payment is predicted to positively affect market performance across the globe.
Request free sample to get a complete analysis @ https://www.millioninsights.com/industry-reports/automated-fare-collection-afc-market/request-sample
Automated fare collection (AFC) market is broadly categorized into four major segments based on the system technology type such as ticket vending machine, ticket office machine, fare gates and IC cards. The ticket vending machine segment is growing rapidly in the automated fare collection industry with substantial revenue generation in the last few years.
Growing popularity of the ticket vending machine segment is attributed to the higher market penetration and improved cost efficiency. The fare gates segment has also witnessed substantial growth owing to the check fare evaders in railways, transit avenues and metro stations. The automated fare collection market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in transportation sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is estimated to hold major market share in automated fare collection with massive growth in forecast period. Countries such as Japan, South Korea, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising disposable income, growing infrastructure spending by local governments, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automated fare collection (AFC) industry are Cubic Systems Corp., Omron Corp., Thales Group, Inc., Advance Cards Systems Ltd., Atos SE, Fare Logistics Corp., LG Corp., NXP Semiconductor N.V., and Samsung SDS.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment