Visiongain Publishes Automated Fare Collection (AFC) Market Report to 2031
12 May 2021
Visiongain has published a new report on Automated Fare Collection (AFC) Market Report to 2031: Forecasts by component (Hardware, Software), by technology (Near Field Communication (NFC), Radio-frequency Identification (RFID), Optical Character Recognition (OCR), Others), by industry vertical (Media & Entertainment, Government, Transportation & Logistics, Retail, Others). PLUS Profiles of Leading Automated Fare Collection Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Automated fare collection market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Automated fare collection (AFC) system is designed to replace public transportation tickets printed on paper with electronic tickets. In addition, it engages in easy fare collection by automatically logging transactions, and helps in optimization of services in the market. Moreover, AFC system involves in micro-payment operations which is a stored value-based, contactless smart card application and augmented with the mobile ticketing application.
Increased need to reduce air pollution & safeguard public health and surge in automobile production are some of the major factors driving the market growth. On the contrary, burgeoning innovations in automotive catalysts and government initiatives regarding emission control acts a major opportunistic factors to the market in the upcoming years.
COVID-19 Impact on Automated Fare Collection Market
The spread of COVID-19 has affected production activities globally and automated fare collection has experienced massive decline in revenue. As government & regulators have declared lockdowns & closed several public sector areas including transportation, theatres, and others. Therefore, the automated fare collection system has affected severely and is expected to regain by the third quarter of 2022.
Surge in usage of online payment
Due to increased awareness towards online & instant payment services, massive usage of smartphones, and increased internet penetration, consumers are largely preferring online payment mode. Therefore, due to these major factors, the automated fare collection market is experiencing higher growth and is expected to maintain its dominance during forecast period.
Advance options & benefits provided by automated fair collection system
Instant self-service options, no waiting time for consumers, faster validation of transactions which further allows the staff to generate fare tokens and tickets quickly. Therefore, due to these multiple benefits & advantages offered by automated fare collection, which therefore driving the market growth.
Growing shift towards open road tolling
With this shift towards open road tolling system which enables free-flow tolling & avoids the necessity of toll booths across all toll plazas in the respective countries. In addition, it helps in reducing infrastructure & labour cost and therefore, this is becoming major opportunistic factors to the key players in the market.
Development & expansion of public infrastructure in developing countries
Developing countries such as India, Japan, China, Malaysia, among others are expanding & developing their public infrastructure. As government in these countries are emerging into business partnerships & acquisition across fare collection system. Therefore, in order to stimulate & adopt automated fare collections system across several end use verticals, the developing countries are expected to boost the market growth in the upcoming years.
Some of the companies profiled in the report include Advantech Co., Ltd., ATOS, Cubic Corporation, GMV, Indra Sistemas, LECIP Holdings Corporation, NEC Corporation, ST Electronics, Thales, and Vix Technology.
In January 2020, Thales Group, which is a French multinational company that designs & builds electrical systems has successfully delivered ticketing system for Bangkok blue line, which is set to enhance 800,000 passenger journeys as section 3 kick-starts operations. In addition, Thales Group was appointed by the Bangkok Expressway Metro Public Company Limited (BEM) and CH. Karnchang Public Company Limited (CK) in 2017 to implement the AFC system across 19 new stations in the city.
In December 2019, Cubic Corporation, which is an American public corporation providing diversified systems & services to the transportation and defense markets has announced agreement with its business division, named Cubic Transportation Systems (CTS). In addition, the agreement aimed at assimilating transit cards with Google Pay and enhance the payment method by making it fast & easy for travellers to pay via mobile phones.
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