The Asia-Pacific automated fare collection system market is projected to rise with a CAGR of 13.50% during the forecasted years of 2023-2032. The market growth of the region is determined by drivers like the initiatives undertaken to strengthen the transportation framework in the Asia-Pacific, the rise in urban metro projects, as well as the surging adoption of contactless smartcards and online shopping.
The Asia-Pacific automated fare collection system market growth evaluation encompasses the study of South Korea, Indonesia, Thailand, China, Japan, India, Vietnam, Australia & New Zealand, and Rest of Asia Pacific. As per a Ministry of Road Transport and Highways legislation, commercial automobiles issued with a national permit in India must comprise vehicle tracking as well as an RFID electronic tolling tag or FASTag. National permits are characterized as federal sanctions, which authorize commercial vehicles for the transportation of goods across regions in India. This trails a former announcement in the country mandating four-wheeled automobiles’ sale with FASTags.
On the other hand, the smartcard ticketing system was first launched in Seoul, South Korea, in 1996. The automated system enables passengers to electronically pay their fares and minimizes delays caused by the method of manual fare collection. In addition, the Korea Highway Corporation is also operating the ’Hi-Pass’ electronic toll collecting system as a test project owing to the Intelligent Transportation Systems (ITS) technology. Hence, these factors are projected to fuel the market growth in the Asia-Pacific over the forecast period.
Some of the leading companies operating in the market are Omron, Samsung SDS, LG CNS, etc.
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