Transit Cards Market Size to hit $105.54 Bn by 2030 – Leading Players, Current Trends And Challenges Faced

New York, May 30, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Transit Cards Market” published by Consegic Business Intelligence, the market was worth USD 61.20 Billion in 2022 and is anticipated to reach over USD 105.54 Billion by the year 2030, growing at a CAGR of 7.3%.

A transit card also referred to as a travel card is utilized to make payments for public transportation services including buses and railways. The card is designed to offer convenience to passengers by simply scanning the cards at the point of entry to the transportation service thus, reducing the time to stand in long queues. In addition, transit cards are also deployed to pay for other services, including parking, traffic management, and to store passenger information, including personal identification.

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The growing application of transit cards to offer improved flexibility, safety, and convenience to passengers at bus and railway stations are among key drivers for the growth of the transit card market. The growth of the market is endorsed by the ability of transit cards to offer surplus benefits to the passengers such as additional discounts is contributing considerably in promoting the market growth. In addition, the advancements in digital technology including the integration of transit cards with smartphones and smartwatches is also propelling the market growth. For instance, in October 2020, Pace Suburban Bus (Pace) and Chicago Transit Authority (CTA) introduced an advanced transit card, Ventra on iPhone and Apple watches. The card is developed to offer convenience to passengers by simply tapping the iPhone or Apple Watch on the Ventra reader, thus contributing notably in accelerating the market growth.

Moreover, the integration of smartphones with transit cards is enhancing the commuters travelling experience which is further projected to create several opportunities for market growth in the transit card industry. The integration offers a more convenient and streamlined experience to users with an additional security feature including biometric authentication to reduce the risk of fraud. However, strict government regulations associated with the usage of transit cards are restraining the growth of the market.

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Transit Cards Market Growth Drivers:

• Rising urban passenger mobility is propelling the growth of the transit card market.
• The increase in the government initiatives associated with convenient commutation for passengers is driving the growth of the transit cards market.
• The emergence of advanced contactless technology to enhance the passenger traveling experience is contributing significantly in boosting the market growth.

Restraints

• The security concerns associated with transit cards, including the loss of customers’ sensitive financial information is restraining the growth of the transit cards market.
• Stringent government regulations associated with the usage of transit cards is impeding the growth of the global market.

Opportunities

• The integration of smartphones with transit cards is projected to create several opportunities for the growth of the transit card market.

Global Transit Cards Market Segmentation Details:

Based on Type, the contactless segment contributed the largest shares to the market growth in 2022. The growth of the market is endorsed by the advancements in technology including EMW technology to offer improved security of payment card transactions by using a chip embedded in transit cards. Additionally, contactless transit cards are highly accurate in calculating ticket fares along with offering improved security. Consequently, the emergence of advanced technologies to offer enhanced security is contributing significantly in accelerating the growth of the market.

Based on Product, the subway segment offered substantial shares to the global transit cards market in the year 2022. The growth is attributed to the ability of transit cards to streamline the commuter traveling experience by avoiding long queues at subway stations. Moreover, transit cards also offer additional benefits to customers for rail travel including surplus discounts further accelerating the growth of the market.

Based on Application, transportation holds the maximum share to the market growth in the year 2022. The growth of the market is attributed to the increasing urban passenger mobility at subway stations and bus stations. In addition, the surge in the number of passengers is leading to passenger traffic at boarding stations resulting in long queues for buying tickets. The advent of contactless transit cards creates a more convenient and pleasant experience for passengers by reducing waiting delays, thus enhancing the passenger traveling experience and boosting the market growth.

Based on region, Europe has been a major contributor to the growth of the transit cards market. The growth is attributed to the shift in the urban commuter mindset toward adopting contactless payment technology. Additionally, the region has a vast network of railways that further drives market growth by reducing passenger queuing time at ticket counters hence, offering convenience to passengers. Consequently, the shift in the urban commuter mindset and the expanding railway sector are contributing notably in driving the market growth in European countries.

Recent Developments

• In December 2022, RAK Transport Authority launched Saqr Gold Card to offer convenience to users to streamline the ticket buying process with improved security.
• In July 2021, Mastercard, Mumbai Metro, and Axis Bank launched ONE MUMBAI METRO CARD to ensure cashless and contactless travel for Mumbaikars. The card is developed to facilitate seamless and safe metro commute thus, contributing considerably in promoting the market growth.

Key Market Highlights

• The global transit cards market size is estimated to reach USD 105.54 Billion by 2030 and grow at a CAGR 7.3% during the forecast period (2023-2030).
• Globally, transit cards are divided based on type into contactless transit cards, contact-based transit cards, and hybrid transit cards.
• In the context of the product, the market is separated into bus cards and subway cards.
• The application segment of transit cards is classified into transportation, traffic management, parking, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in transit cards.

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List of Major Global Transit Cards Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —

• 4G Identity Solutions Private Ltd. (Goldstone Technologies Ltd.)
• Beijing Watchdata Co. Ltd.
• Cardlogix Corporation
• Capital Metropolitan Transportation Authority
• Eastcompeace Technology Co. Ltd.
• Entrust Corporation
• Giesecke & Devrient GmbH
• Infineon Technologies AG
• Mastercard Inc.
• Thales Group
• Watchdata Group

Global Transit Cards Market Segmentation: 

• By Type
  • Contactless Transit Cards
  • Contact-based Transit Cards
  • Hybrid Transit Cards
• By Product
  • Bus Card
  • Subway Card
• By Application
  • Transportation
  • Traffic Management
  • Parking
  • Others

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Key Questions Covered in the Transit Cards Market Report

• What will be the potential market valuation for the transit cards industry by 2030?

- The market valuation for the transit cards is expected to be approximately USD 105.54 Billion by 2030 driven by the increasing adoption of transit cards to offer convenience to passengers.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the Transit Cards Market's growth in the coming years?

- Asia Pacific is anticipated to have the largest impact on the transit cards market during the forecast period owing to the increasing investment in upgrading the infrastructure and the rising demand for public transportation.

• What specific segmentation details are covered in the Transit Cards Market report, and how is the dominating segment impacting the market growth?

- The report consists of segments including type, product, application, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the product segment has witnessed subways as the dominating segment in the year 2022, driven by the ability of transit cards to streamline the commuter traveling experience by eliminating the need to stand in long queues at subway stations.

• What specific segmentation details are covered in the ticket vending machine market report, and how is the fastest segment anticipated to impact the market growth?

- The report consists of segments including type, product, application, and region. Each segment is projected to have the fastest-growing sub-segment driven by industry trends and drivers. For instance, in the application, the traffic management sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the ability of transit cards to provide real-time passenger data including passenger numbers and boarding patterns to transport operators.

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