Global Transit Cards Market growing at a CAGR of 7.3 % from 2023 to 2030
Category : IT And Telecommunications | Published Date : May 2023 | Type : Press Release
Key Market Overview
The transit cards market is poised for strong expansion and is projected to reach USD 105.54 Billion by 2030. The market was sized at USD 61.20 Billion in 2022 and is predicted to grow at a compound annual growth rate of 7.3% during the period 2023-2030.
The report highlights the increasing adoption of transit cards in subway and bus stations owing to the emergence of advanced contactless payment technology. Consegic Business Intelligence provides an inclusive research report on the Transit Cards market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Transit Cards Market By Overview
The report analyses significant segments such as type, product, application, and region, to identify emerging trends and potential opportunities. The bus station segment is expected to grow during the forecast period owing to the advancements in technology including the emergence of the AFC system that collects transportation data to estimate destination matrices. In addition, the transit cards offer accessibility, particularly to elderly people to scan the card by simply placing it on the scanning screen further promoting the market growth in upcoming years.
Get Free SampleMarket Dynamics
Driver:
- 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.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Contactless Transit Cards, Contact-based Transit Cards, and Hybrid Transit Cards |
| By Product | Bus Card and Subway Card |
| By Application | Transportation, Traffic Management, Parking, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for Transit Cards Market is highly competitive with major players including Beijing Watchdata Co. Ltd., Cardlogix Corporation, Capital Metropolitan Transportation Authority, and Eastcompeace Technology Co. Ltd that have a strong market position in current market circumstances. Further, the Transit Cards market is expected to witness significant growth in coming years owing to the increasing adoption of advanced technologies and convenience offered to passengers by reducing the time to stand in long queues. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the Transit Cards market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- 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
