|Increasing number of daily commuters especially in Tier-I and II cities have raised the demand for rapid transport systems across the country. In India's Automated Fare Collection Systems (AFCS) market, Tier-I cities including New Delhi, Bangalore, Kolkata, Hyderabad, Mumbai, and Chennai posted higher growth of rapid transport systems including metro rail, mono rail, and Bus Rapid Transit System (BRTS). Additionally, AFCS demand is forecast to emerge from Tier-II cities primarily from Lucknow, Indore, Bhopal, Guwahati, Varanasi, Pune, and Jaipur due to upcoming/ongoing metro railway projects.
According to 6Wresearch, India Automated Fare Collection Systems market is projected to grow at a CAGR of over 18% during 2018-24. In terms of applications market, metro railway segment led the demand for these systems owing to increasing number of metro railway projects in Tier-I and II cities in 2016. Further, as a result of increasing need to automate the fare collection process in parking and bus transport applications, the market would post positive growth over the coming years.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "In terms of system technologies, smart cards segment held highest revenue share in 2017, where the trend is likely to continue over the coming years as well attributed to higher adoption of smart cards among daily commuters in metro railway, parking, and bus transport applications."
"Additionally, apart from smart card payment solution, QR Code/Barcode segment is projected to register considerable growth on account of rising adoption of particular payment solution among occasional travelers, especially in metro railway transportation application," He further added.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Presently, metro railway application acquired major revenue share of the India AFCS market. This trend is likely to continue during the forecast period owing to rising number of metro railway solutions across various cities of the country."
"Moreover, with increasing adoption of AFC solution in bus transportation coupled with government push to integrate faster payment solutions, bus transport application is forecast to register highest growth rate over the coming years," He further quoted.
Some of the key players in India automated fare collection systems market include- Samsung SDS, AGS Transact, Indra Sistemas, Thales India, AUM Infotech, Efkon India, Cubic Transportation, MCML Projects, Ingenico International and NEC Technologies.
"India Automated Fare Collection Systems Market (2018-2024)" report provides in-depth analysis with 32 figures and 14 tables covered in 104 pages. The report thoroughly covers the AFC systems market by applications, technology, type, hardware systems, and regions. The 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.