Automated Fare Collection (AFC) Market Insights:
The Automated Fare Collection (AFC) Market size was valued at USD 12.45 Billion in 2022, expecting a CAGR of 6.9% during the forecast period (2023-2030), and the market is projected to be worth USD 21.23 Billion by 2030.
The increased adoption of Automated Fare Collection (AFC) in the Automotive & Transportation industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Automated Fare Collection (AFC) also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Automated Fare Collection (AFC) in many sectors also boosts the market growth during the forecast period.
Automated Fare Collection (AFC) is a system that allows for the automated collection of fares for public transportation, such as buses, trains, and subways. AFC systems typically use electronic payment methods, such as smart cards or mobile payments, to enable passengers to pay for their trips without the need for cash. The system is designed to increase the efficiency of fare collection, reduce fraud and revenue leakage, and improve the overall passenger experience.
Automated Fare Collection (AFC) Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Technology (Near Field Communication (NFC), Radio-frequency Identification (RFID), Optical Character Recognition (OCR), Others), By Application (Off-Board, On-Board), and companies (Cubic Systems, Omron Corporation, Thales Group, Advance Cards Systems, Atos SE, Fare Logistics, LG Corporation, NXP Semiconductor, Samsung SDS), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 6.9%, over the forecast period of 2023–2030.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||21.23 Billion|
|By Technology||Near Field Communication (NFC), Radio-frequency Identification (RFID), Optical Character Recognition (OCR), Others|
|By Application||Off-Board, On-Board|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Cubic Systems, Omron Corporation, Thales Group, Advance Cards Systems, Atos SE, Fare Logistics, LG Corporation, NXP Semiconductor, Samsung SDS|
The COVID-19 pandemic has had a substantial negative influence on the Automated Fare Collection (AFC) market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Cubic Systems, Omron Corporation, Thales Group, Advance Cards Systems, Atos SE, Fare Logistics, LG Corporation, NXP Semiconductor, Samsung SDS
Market Segment Analysis:
- Near Field Communication (NFC)
- Radio-frequency Identification (RFID)
- Optical Character Recognition (OCR)
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2022, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Automated Fare Collection (AFC) industries in the region.
Key Automated Fare Collection (AFC) Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Automated Fare Collection (AFC) Market segments.
– Largest Market Share Held by Industry to Industry for Automated Fare Collection (AFC)
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Automated Fare Collection (AFC) Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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