The Europe automated fare collection system market is set to progress with a CAGR of 10.19% over the projected period of 2023 to 2032. Key drivers expected to fuel the market growth of the region include funding initiatives by leading banks, such as the European Bank for Reconstruction and Development (EBRD), growing expenditure by European nations to enhance transport infrastructure, as well as the increasing demand for the provision of seamless travel experience to tourists.
The Europe automated fare collection system market growth evaluation constitutes the study of Poland, Germany, France, Spain, the United Kingdom, Italy, and Rest of Europe. An increasing number of regions in Spain utilize automated systems in order to process and collect payments for public transportation charges. In this regard, automated fare collection systems assist transportation planners, local governments, operators, and commuters, significantly. Although a national travel card is not available in the country, alternatively, travelers can use the multi-card – a ten-year-valid, contactless, reloadable public transportation card that can be combined with several ticket formats.
On the other hand, as per the International Union of Railways annual report, Spain also possessed one of the most heavily used rail networks in the year 2020, with 328 million passengers traveling over 11 billion kilometers on 15,847 kilometers of lines. Therefore, these factors are anticipated to proliferate the Europe automated fare collection system market growth during the forecast period.
Top players in the market include NXP Semiconductors, Scheidt & Bachmann GmbH, Atos SE, etc.
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