Transit Cards Market: Set to Explode and Reach US$ 107.3 Billion by 2028

 IMARC Group, a leading market research company, has recently releases report titled “Transit Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global transit cards market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Transit Cards Market?

The global transit cards market size reached US$ 69.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 107.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.2% during 2023-2028.

What are Transit Cards?

A transit card, or travel card, refers to a pocket-sized ticket or pass issued to the passenger to take pre-defined or unlimited train, bus, or metro trips. It is usually manufactured using polyvinyl chloride and consists of a microcontroller, an embedded integrated circuit, and a secured memory chip. A transit card is mainly used for authentication and identification in public transportation systems and is available in the contactless, dual interface, contact-based, and hybrid variants. Compared to the traditionally used magnetic passes and paper-based ticketing systems, these tokens are convenient to use, highly reliable, and have minimal risks of fraudulent activities.

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What are the Growth Prospects and Trends in the Transit Cards Market?

The rising preference of individuals toward public conveyance to avoid traffic congestion and air pollution and the expanding transportation industry are among the primary factors driving the transit cards market. Besides this, the escalating demand for modern ticketing systems, owing to the emerging trend of urbanization and the increasing need for effective passenger mobility solutions, is further augmenting the market growth. Moreover, various product innovations, such as the introduction of tamper-resistant transit cards that can be accessed only through a personal identification number (PIN), are also catalyzing the global market. Apart from this, the development of advanced contactless passes by the leading manufacturers that can be waved over a radio frequency identification device (RFID) for convenient passage of the users is acting as another significant growth-inducing factor. Furthermore, the elevating technological enhancements in the existing transportation infrastructure, especially in the developing countries, are expected to bolster the transit cards market in the coming years. 

Who are the Key Players Operating in the Transit Cards Industry?

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• 4G Identity Solutions Private Ltd. (Goldstone Technologies Ltd.)
• Beijing Watchdata Co. Ltd.
• Cardlogix Corporation
• Eastcompeace Technology Co. Ltd
• Entrust Corporation
• Giesecke & Devrient GmbH
• Infineon Technologies AG
• Thales Group and Watchdata Group.

What is Included in Market Segmentation?

The report has categorized the market based on product, type and application.

Breakup by Product:

• Bus Card
• Subway Card
• Others

Breakup by Type:

• Contactless Transit Cards
• Contact-based Transit Cards
• Combi/Hybrid Transit Cards

Breakup by Application:

• Transportation
• Traffic Management
• Others

Regional Analysis:

• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa(United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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Key Highlights of the Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. 

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