The latest report by IMARC, titled “Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global transit cards market size reached US$ 69.9 Billion in 2022. Transit cards are compact travel cards issued to passengers to take unlimited trips through public transportation, such as metro, train, or bus. They are manufactured using polyvinyl chloride and are embedded with an integrated circuit, a microcontroller and a secured memory chip. These magnetic chips store prepaid value for an individual to track the balance amount to use while traveling. In recent years, transit cards are gaining traction as they are faster, more convenient, and reduce the risks of fraudulent activities.
Global Transit Cards Market Trends:
One of the primary factors driving the market is , the growing preference of individuals toward public transportation to avoid traffic congestion and air pollution. Additionally, transit cards are gaining popularity with the rising need for effective passenger mobility solutions, growing population and rapid urbanization. In line with this, the increasing employment of contactless transit cards in the transportation sector that can be waved over a radio frequency identification device (RFID) for convenient passage of the users is propelling the market growth. Furthermore, key players are focusing on introducing various product variants, such as the launch of temper-resistant transit cards, which can be accessed only through a personal identification number (PIN). Other growth-inducing factors include the adoption of multi-application transit card, technological enhancements in the existing transportation infrastructure, and rising environmental concerns among the masses. Looking forward, IMARC Group expects the market value to reach US$ 107.3 Billion by 2028, expanding at a CAGR of 7.2% during the forecast period (2023-2028).
- On the basis of the product, the market has been divided into bus card, subway card, and others.
- Based on the type, the market has been segregated into contactless, contact-based, and combi/hybrid transit cards.
- Based on the application, the market has been categorized into transportation, traffic management, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Spain, Italy, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 4G Identity Solutions Private Ltd., Beijing Watchdata Co. Ltd., Cardlogix Corporation, Eastcompeace Technology Co. Ltd., Entrust Corporation, Giesecke & Devrient GmbH, Infineon Technologies AG, Thales Group, and Watchdata Group.
|Base Year of the Analysis
||Product, Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||4G Identity Solutions Private Ltd. (Goldstone Technologies Ltd.), Beijing Watchdata Co. Ltd., Cardlogix Corporation, Eastcompeace Technology Co. Ltd, Entrust Corporation, Giesecke & Devrient GmbH, Infineon Technologies AG, Thales Group and Watchdata Group
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