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MARKET OUTLOOK

Triton Market Research’s 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 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 plaza, 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. 

COMPETITIVE OUTLOOK

The leading companies in the automated fare collection system market are Dormakaba Holding, Scheidt & Bachmann GmbH, Omron Corporation, Samsung SDS, and LG CNS.