Global Bus Automated Fare Collection (AFC) System Market is Expected to Reach USD 5090.3 Million by 2031

According to a recent market study published by Growth Market Reports (GMR), titled, "Global Bus Automated Fare Collection (AFC) System Market by Component, Bus Type, Technology, Boarding Type and by Regions: Size, Share, Trends and Opportunity Analysis, 2022-2031", the market was valued at USD 2413.9 Million in 2022 and is expected to grow at a healthy growth rate of 8.9 % by the year 2031.

The global Bus Automated Fare Collection (AFC) Market is anticipated to grow significantly during the forecast period. The Growing Demand for Efficient, Reliable, and Secure Systems for Collecting Fares, Increasing Focus on Reducing Operational Costs, Technological Advancements Leading to the Development of Advanced Ticketing are some of the factors contributing to market growth.

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The global Bus Automated Fare Collection (AFC) System Market has been segmented based on Component, Bus Type, Technology, Boarding Type and region. In terms of Component, the Bus Automated Fare Collection (AFC) System market is categorized as Hardware and Software. Based on Bus Type, the market is categorized as Electric Bus, Internal Combustion Engine (ICE) Bus.

By Technology, the market is categorized as Smart Card, Near-field communication (NFC), Optical Character Recognition (OCR), Others. By region, the global Bus Automated Fare Collection (AFC) System market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Technological Advancements Leading to the Development of Advanced Ticketing Systems is driving the Bus Automated Fare Collection (AFC) System market.

Technological advancements such as development of modular and flexible AFC systems that integrate with new technologies and fare media are driving the market. Modular AFC systems consist of independent components that are easily added, removed, or replaced according to the needs and preferences of the operators and passengers. Different ticket types are supported by flexible AFC systems, including EMV open loop, open loop, NFC, QR code, card-based, account-based, and contactless mobile ticketing.

Moreover, the use of big data analytics, Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), and cloud computing is driving the bus automated fare collection system market significantly. These technologies help in improving the efficiency, accuracy, security, and convenience of fare collection systems.

As per Growth Market Reports industry analyst Akash Vedpathak, The bus automated fare collection system market has been significantly impacted by the outbreak of COVID-19. Governments imposed restrictions on both public and private travel, which caused automated fare collection systems to be underutilized across many countries.

Chipsets were in limited supply everywhere, due to the disruptions in the supply chain. Some businesses in the market have resumed operations; however, they are facing trouble in scaling up production capacity and recovering from the earlier setbacks caused by interruptions in manufacturing activities.

Key Takeaways from the Study

• The players include NEC Corporation, Cubic Corporation, Conduent, Inc., Vix Technology, Scheidt & Bachmann GmbH, innovation in traffic systems SE, SWARCO, Thales, Ridango AS, Aurionpro Solutions Limited, kentkart.

• The market in Asia Pacific is expected to grow at a rapid pace owing to rapid urbanization, growing middle class which is leading to increased demand for public transportation in the region. Also, various initiatives taken by the government across the region is also boosting the market in the region.

• The Bus Automated Fare Collection (AFC) System market in Europe is expected to grow significantly during the forest period owing to rise of contactless payments, growth of mobile ticketing, as many bus operators are now offering mobile ticketing apps. This makes it easier and more convenient for passengers to purchase and store fares on their smartphones.

• In terms of Technology, the global Bus Automated Fare Collection (AFC) System market is fragmented into Smart Card, Near-field communication (NFC), Optical Character Recognition (OCR), and Others. The smart card segment held at significant market share in 2022, as smart cards offer a convenient and efficient way for passengers to pay for bus services and aid in reducing the reliance on cash transaction.

• In terms of Boarding Type, the global Bus Automated Fare Collection (AFC) System market is fragmented into Off-Board and On-Board. The off-board segment accounted for significant share in 2022. Off-board systems allow passengers to pay for their fares in advance, which is more convenient than paying on board. Off-board systems offer passengers a wider range of payment options, including credit cards, debit cards, and mobile wallets.

Scope of Bus Automated Fare Collection (AFC) System Market Report

Target Audience

• Supply Side: Automated Fare Collection System Manufacturers, Distributors of AFC system, etc.

• Demand Side: Public Transport Authorities, Private Transport Companies, Government Agencies, Private R&D Firms, etc.