Canada Automated Fare Collection Market Size & Outlook
Canada automated fare collection market, 2018-2030 (US$M)
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Canada automated fare collection market highlights
- The Canada automated fare collection market generated a revenue of USD 945.1 million in 2023 and is expected to reach USD 2,351.1 million by 2030.
- The Canada market is expected to grow at a CAGR of 13.9% from 2024 to 2030.
- In terms of segment, smart card was the largest revenue generating technology in 2023.
- Near-field communication (NFC) is the most lucrative technology segment registering the fastest growth during the forecast period.
Automated fare collection market data book summary
| Market revenue in 2023 | USD 945.1 million |
| Market revenue in 2030 | USD 2,351.1 million |
| Growth rate | 13.9% (CAGR from 2023 to 2030) |
| Largest segment | Smart card |
| Fastest growing segment | Near-field communication (NFC) |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Smart Card, Magnetic Stripe, Near-field communication (NFC), Optical Character Recognition (OCR) |
| Key market players worldwide | Atos SE, Cubic Corporation, Indra Sistemas SA ADR, Siemens AG, Thales Group, OMRON Corp, Samsung Electronics Co Ltd |
Other key industry trends
- In terms of revenue, Canada accounted for 8.2% of the global automated fare collection market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. automated fare collection market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 2,351.1 million by 2030.
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Automated Fare Collection Market Scope
Automated Fare Collection Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada automated fare collection market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to automated fare collection market will help companies and investors design strategic landscapes.
Smart card was the largest segment with a revenue share of 33.66% in 2023. Horizon Databook has segmented the Canada automated fare collection market based on smart card, magnetic stripe, near-field communication (nfc), optical character recognition (ocr) covering the revenue growth of each sub-segment from 2018 to 2030.
The growth of the market can be attributed to the initiatives being pursued by the transit operators in the country to improve the efficiency of the system. For example, in February 2022, BC Transit, a public transportation company based in the Canadian province of British Columbia, revealed various developments falling under its plan to roll out an electronic fare collection system throughout the province.
The revolutionary new system, which would take over the outdated technology and equipment, would introduce contactless tap payment options as part of the efforts to enhance the transportation experience.
New payment options would include mobile wallets, debit cards, credit cards, reloadable smart cards, and mobile apps to give passengers the freedom to choose the one that best suits their spending patterns and way of life.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada automated fare collection market , including forecasts for subscribers. This country databook contains high-level insights into Canada automated fare collection market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada automated fare collection market size, by technology, 2018-2030 (US$M)
Canada Automated Fare Collection Market Outlook Share, 2023 & 2030 (US$M)
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