China Automated Fare Collection Market Size & Outlook
China automated fare collection market, 2018-2030 (US$M)
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China automated fare collection market highlights
- The China automated fare collection market generated a revenue of USD 713.6 million in 2023 and is expected to reach USD 2,027.2 million by 2030.
- The China market is expected to grow at a CAGR of 16.1% 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 713.6 million |
| Market revenue in 2030 | USD 2,027.2 million |
| Growth rate | 16.1% (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, China accounted for 6.2% 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 Asia Pacific, China automated fare collection market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,013.7 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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China 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 34.66% in 2023. Horizon Databook has segmented the China 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 expansions being carried out by various technology solution providers in the AFC market. For example, in April 2021, over 300 cities in mainland China announced adoption of Hong Kong's Octopus card by end of 2021, thereby allowing travelers throughout China to use their Octopus cards to pay for bus, rail, and boat rides.
Octopus Cards Limited is also in discussions with contactless payment networks in other Asian nations to create an integrated payment system that would allow Octopus customers to make minor purchases in nations, such as Singapore and South Korea.
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Our clientele includes a mix of automated fare collection market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the China automated fare collection market , including forecasts for subscribers. This country databook contains high-level insights into China automated fare collection market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China automated fare collection market size, by technology, 2018-2030 (US$M)
China Automated Fare Collection Market Outlook Share, 2023 & 2030 (US$M)
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