Posted On: 2019-04-09
Automated Fare Collection (AFC) market in India has increased significantly in recent years owing to growing demand for efficient, automated and hassle-free transportation system. Increasing passenger traffic has forced the government to initiate and implement new and innovative ways to manage the public transportation services in turn boosting the growth of automated fare collection systems market in India.
According to 6Wresearch, India AFC market size is projected to grow at a CAGR of 33.1% during 2019-25. With the growing installation of AFC systems in metros, railways, buses, and parking spaces in Tier-I and II cities due to increasing commuter's footfall in the public transportation facilities, the market is anticipated to generate considerable growth prospects over the coming years as well.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "Within applications, metro railway transport accounted for majority of the market revenue share. However, the market is likely to experience fluctuations in revenues over the coming years owing to variation in number of metro station projects completed in a year across the country.
Further, AFC systems find significant use in the Indian railway sector, buses and parking spaces as well. Technological advancements and need to automate the conventional fare collection system across these applications boosted the market for AFC systems in India," Shefali Concluded.
According to Gurbani Kaur, Research Analyst, Research and Consulting, 6Wresearch, "Within AFC system types, hardware and software collectively accounted for a dominant share in 2018 owing to high procurement price of both. Further, due to high life expectancy of the AFC system, maintenance and support services cost is less.
Additionally, in 2018, among AFC system technology, NFC technology segment registered the least demand due to low consumer awareness and lack of availability of NFC solution in all the transport applications. QR Code/Bar code technology is expected to register the highest growth during the forecast period due to government initiatives of deploying this technology at the upcoming metro and railway stations.
"Further, the Northern region accounted for the highest revenue share in India AFC system market in 2018. Moreover, the region is likely to continue its dominance during the forecast period as well, owing to upcoming/ongoing metro railway projects and parking solutions, especially in the Delhi/NCR region," Gurbani concluded.
Some of the key players in India automated fare collection market include- Samsung SDS, AGS Transact, Indra Sistemas, Thales India, AUM Infotech, Efkon India, Cubic Transportation, MCML Projects, Ingenico International, and NEC Technologies.
"India AFC Market (2019-2025)" report provides an in-depth analysis with 53 figures and 23 tables covered in 148 pages. India AFC systems market report estimates and forecast the overall AFC systems market by applications, technology, types, and regions. AFC systems market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.