According to IMARC Group’s latest report, titled “Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global transit cards market grew at a CAGR of around 5% during 2015-2020. Transit cards are pocket-sized passes or tickets that are issued to passengers to take pre-defined or unlimited trips in trains, metro rails, or buses. These cards are embedded with an integrated circuit, a secured memory chip and a microcontroller. Transit cards enable quick identification and authentication of public transportation systems and are manufactured in different forms, which include contactless, hybrid, contact-based and dual interface cards. As compared to conventional ticketing systems, these cards are more reliable, convenient and reduce the risk of fraudulent activities.
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The significant growth in the transportation industry and the digitization of technologies used for public transportation are among the key factors creating an optimistic outlook for the global transit card market. With the growing requirement for effective passenger mobility solutions, there has been a rise in the demand for modern ticketing systems. Other than this, rapid product innovations, such as the introduction of tamper-resistant transit cards that can only function with a personal identification number (PIN), are contributing to the market growth. Looking forward, IMARC Group expects the global transit cards market to exhibit moderate growth during the next five years.
Competitive Landscape with Key Players:
- 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.
Transit Cards Market Segmentation:
Breakup by Product:
- Bus Card
- Subway Card
Breakup by Type:
- Contactless Transit Cards
- Contact-based Transit Cards
- Combi/Hybrid Transit Cards
Breakup by Application:
- Traffic Management
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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