Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Asia-Pacific Automated Fare Collection System Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The report suggests that the Asia-Pacific automated fare collection system market is estimated to witness growth at a CAGR of 12.68% through the years 2021-2028. India, Australia & New Zealand, Japan, South Korea, China, ASEAN countries, and the Rest of APAC outline the market across the region.
In India, the introduction of FasTag has majorly supported the growth of the studied market. The National Payments Corporation of India developed the National Electronic Toll Collection program to meet the tolling requirements within the nation. This tag includes RFID technology, making payments more accessible and faster. Moreover, it reduces the time taken on toll plazas, reducing traffic congestions and saving fuel. Thus, as stated above, these factors widen the scope and growth of the automated fare collection system market across India.
Likewise, the T-money card is a rechargeable smart card introduced by the government in South Korea, which helps make cashless payments in bus, metro, and taxi. Besides, this smart card can be used to pay for other purchases across various locations. Moreover, the cardholders receive a discount on bus and subway fares. Additionally, several amusement parks, vending machines, palaces, and museums have begun accepting these cards for payments in recent years. This has increased the demand for smart cards across the nation, thereby supplementing the growth of the automated fare collection system market within South Korea.
Companies Mentioned
- LG Cns
- Omron Corporation
- Samsung Sds
- Scheidt & Bachmann GmbH
- Cubic Transportation Systems Inc
- Atos Se
- Dormakaba Holding
- Lecip Holdings Corporation
- NXP Semiconductors
- Thales Group
Key Topics Covered:
1. Asia-Pacific Automated Fare Collection System Market - Summary
2. Industry Outlook
2.1. Market Scope
2.2. Key Insights
2.2.1. Train Transport Systems Prominently Apply the Automated Fare Collection System
2.2.2. Smart Card is a Majorly Utilized Technology in the Automated Fare Collection System Market
2.2.3. Hardware Segment is Gaining Momentum in the Market
2.3. Porter's Five Forces Analysis
2.3.1. Threat of New Entrants
2.3.2. Threat of Substitute
2.3.3. Bargaining Power of Suppliers
2.3.4. Bargaining Power of Buyers
2.3.5. Intensity of Competitive Rivalry
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Market Drivers
2.6.1. Reduction in Frauds and Counterfeiting
2.6.2. Growing Use of Smartphones
2.6.3. Flexible Fare Plans
2.6.4. Growing Need for Efficiency
2.7. Market Restraints
2.7.1. High Capital Investment
2.7.2. Incomplete Projects Due to Delay and Funding Shortfall
2.8. Market Opportunities
2.8.1. Infrastructural Upgradation
2.8.2. Growing Preference for Contactless Payment
2.9. Key Strategic Developments
2.9.1. Merger & Acquisitions
2.9.2. Product Launch & Developments
2.9.3. Partnership, Contract/Agreement, & Collaboration
2.9.4. Business Expansion
2.10. Value Chain Analysis
2.11. Impact of Coronavirus on Automated Fare Collection Market
3. Asia-Pacific Automated Fare Collection System Market Outlook - by Component
3.1. Hardware Component
3.1.1. Validators
3.1.2. Turnstiles
3.1.3. Ticket Vending Machines
3.1.4. Other Hardware Components
3.2. Software
4. Asia-Pacific Automated Fare Collection System Market Outlook - by Application
4.1. Bus
4.2. Train
4.3. Toll
4.4. Car
5. Asia-Pacific Automated Fare Collection System Market Outlook - by Technology
5.1. Smart Card
5.2. OCR (Optical Character Recognition)
5.3. NFC (Near Field Communication)
5.4. Other Technologies
6. Automated Fare Collection System Market - Asia-Pacific
6.1. China
6.2. Japan
6.3. India
6.4. South Korea
6.5. ASEAN Countries
6.6. Australia & New Zealand
6.7. Rest of Asia-Pacific
7. Competitive Landscape
8. Research Methodology & Scope
8.1. Research Scope & Deliverables
8.1.1. Objectives of Study
8.1.2. Scope of Study
8.2. Sources of Data
8.2.1. Primary Data Sources
8.2.2. Secondary Data Sources
8.3. Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/bovzo3
