Fare Gates Segment to Register Highest CAGR During Forecast Period in Europe Automated Fare Collection System Market
High speed of public
transport and contactless open payment are the major factor driving the growth
of Europe automated fare collection system market
According to
Tech Sci Research report, “Europe
Automated Fare Collection System Market By Component, By Technology, By End
User Industry, By System Type, By Country, Competition, Forecast
& Opportunities, 2025”, the Europe automated fare
collection system market is expected to witness an impressive CAGR during the
forecast period on account of contactless open payment, enhanced efficiency,
increased demand for smartphones, enhanced transport infrastructure and security
system, low fraud rates and flexible fare plans. Moreover, some other factors
such as increase in rise of various payment technologies, availability of high speed
public transport and global inter-operability are positively influencing the
market growth during the coming years. However, the automated fare collection
system installation involves higher setup cost as compared to other toll
collection systems, such as manual tolling, which might hamper the market
growth through 2025.
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The
Europe automated fare collection system market is segmented based on component,
technology, end user industry, system type, region and company. By end user
industry, the Europe automated fare collection system market is fragmented into
transportation and logistics, government, media and entertainment, retail and
others. Out of which transportation and logistics dominated the market in
terms of largest market share in 2019 and is predicted to emerge as the
fastest-growing segment over the next five years. This growth can be accredited
to rapidly expanding railway infrastructure, highway networks, and development
of expressways across several countries in the region.
Cubic
Corporation, Indra, Thales Group, GMV, ST Electronics, ATOS, Longbow
Technologies S/B, Samsung SDS, Genfare, Advanced Card Systems Holdings Limited
etc. are some of the leading players operating in Europe automated fare
collection system market.
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“In terms of component,
the market is segregated into hardware, and software & services. Hardware
segment held the major market share until 2019 owing to increased number of
deployments of new AFC systems by the government for providing superior public
transportation services. Based on system type, the market can be categorized
into ticket vending machine, ticket office machine, fare gates and IC cards.
Out of which, the fare gates segment is projected to register the highest CAGR in
the years to come due to increasing usage of fare gates in checking fare
evaders at railways, transit avenues, and metro stations.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Europe Automated Fare Collection System
Market By Component, By Technology, By End User Industry, By System Type, By
Country, Competition, Forecast
& Opportunities, 2025” has evaluated
the future growth potential of Europe automated fare collection system market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Europe automated fare collection system market.
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