According to IMARC Group’s latest report, titled “Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global transit cards market size reached US$ 65 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 99.3 Billion by 2027, exhibiting a growth rate (CAGR) of 7.43% during 2022-2027.
A transit card is a pass or ticket issued to a passenger for convenient traveling. It is manufactured using polyvinyl chloride (PVC) and is embedded with a microcontroller and integrated circuit (IC). A transit card can be issued for buses, subways, trains, and metros that allows the passengers to take a certain number of pre-purchased or unlimited trips in a fixed period. It is widely used for the identification and authentication of passengers in public transportation systems. As compared to traditional passes and tickets, transit cards are safe, reliable, and convenient
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Transit Cards Market Trends:
The growing transportation industry accompanied by the digitization of public transportation systems is one of the key factors driving the market growth. In line with this, the increasing demand for modern ticketing systems due to rapid urbanization and inclination towards improved passenger mobility is favoring the market growth. Additionally, recent technological advancements, such as the introduction of contactless cards that enhance safety and reliability and enable fast identification of individuals, are providing a thrust to the market growth. Other factors, including increasing demand for public transportation, widespread adoption of multi-application transit cards, and various advancements in online recharge facilities, are anticipated to drive the market toward growth.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Transit Cards Market Segmentation:
The report has categorized the market based on product, type and application.
Breakup by Product:
Breakup by Type:
Breakup by Application:
Breakup by Region:
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