The global transit cards market size reached US$ 69.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 107.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.2% during 2023-2028.
A transit card, or travel card, is a pocket-sized ticket or pass issued to the passenger to take unlimited or pre-defined bus, train or metro trips. The card is usually manufactured using polyvinyl chloride and consists of an embedded integrated circuit, a microcontroller and a secured memory chip. It is primarily used for authentication and identification in public transportation systems and are available in contact-based, contactless, dual interface and hybrid variants. In comparison to the traditionally used magnetic passes and paper-based ticketing systems, transit cards are highly reliable, convenient to use and have minimal risks of fraudulent activities.
Significant growth in the transportation industry, along with the digitization of technologies used for public transportation, is one of the key factors creating a positive outlook for the market. With rapid urbanization and the increasing requirement for effective passenger mobility solutions, there is a rising demand for modern ticketing systems. In line with this, the adoption of multi-application transit cards is also contributing to the market growth. Various product innovations, such as the development of tamper-resistant transit cards that can be accessed only through a personal identification number (PIN), are acting as other major growth-inducing factors. Product manufacturers are also developing advanced contactless transit cards that can be waved over a radio frequency identification device (RFID) for convenient passage of the users. Other factors, including an extensive increase in the global population, along with significant improvements in the existing transportation infrastructure, especially in the developing countries, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global transit cards market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, type and application.
Breakup by Product:
Breakup by Type:
Contactless Transit Cards
Contact-based Transit Cards
Combi/Hybrid Transit Cards
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
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
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Key Questions Answered in This Report
The global transit cards market was valued at US$ 69.9 Billion in 2022.
We expect the global transit cards market to exhibit a CAGR of 7.2% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for transit cards.
The rising adoption of transit cards for authentication and identification in public transportation systems, owing to their reliability, convenient usage, and minimal risk of fraudulent activities, is primarily driving the global transit cards market.
Based on the product, the global transit cards market can be categorized into bus card, subway card, and others. Currently, bus card accounts for the majority of the total market share.
Based on the type, the global transit cards market has been segregated into contactless transit cards, contact-based transit cards, and combi/hybrid transit cards. Among these, contactless transit cards currently hold the largest market share.
Based on the application, the global transit cards market can be bifurcated into transportation, traffic management, and others. Currently, traffic management exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global transit cards market include 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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