The Automated
Fare Collection (AFC) Market report
discusses the primary market growth drivers and challenges that the vendors and
the market as a whole face and provides an overview of the key trends emerging
in the market. It also talks about the market size of different segments and
their growth aspects along with key leading countries in Americas,
Asia-Pacific, Europe, the Middle East, and Africa regions.
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.
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Some of the
major objectives of this report:
1. To provide
detailed analysis of the market structure along with forecast of the various
segments and sub-segments of the global Automated Fare Collection (AFC) Market.
2. To provide
insights about factors affecting the market growth. To analyze the Automated
Fare Collection (AFC) Market based on various factors- price analysis, supply
chain analysis, porter five force analysis etc.
3. To provide
historical and forecast revenue of the Automated Fare Collection (AFC) Market
segments and sub-segments with respect to four main geographies and their
countries- North America, Europe, Asia, and Rest of the World.
4. Country
level analysis of the market with respect to the current market size and future
prospective.
5. To provide
country level analysis of the market for segment by application, product type
and sub-segments.
6. To provide
strategic profiling of key players in the market, comprehensively analyzing
their core competencies, and drawing a competitive landscape for the market.
7. Track and
analyze competitive developments such as joint ventures, strategic alliances,
mergers and acquisitions, new product developments, and research and
developments in the global Automated Fare Collection (AFC) Market.
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.
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.
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