Bus Card Reader Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Bus Card Reader Market size is primed to depict remarkable growth between 2023 and 2032 driven by the positive outlook of governments across developed nations towards the public transport experience.
 

Notable technological advancements in public transport systems in line with the surging popularity of online payment methods will promote the use of smart card automated collection systems. For instance, in January 2022, BC Transit, a British Columbian transit systems firm, launched a new fare payment smart card application, Umo, which provides passengers with contactless card tapping for flexibility and convenience during transportation.
 

Moreover, soaring urbanization, along with ongoing transit relief programs by various transport authorities is likely to impel the use of public transport systems, which, in turn, will complement the bus card reader market outlook. To cite an instance, in February 2022, Toronto Transit Commission announced a change in the monthly pass policy to favor the new fare-capping system. This enabled customers to travel free after a pre-determined period.
 

Recently, in the post-pandemic scenario, passengers have shown keen interest in contactless payments while traveling, which will stimulate product adoption in the coming years. The U.S. Department of Transportation granted over USD 66 billion in funds for advancements in public transport. Additionally, increasing urbanization across the globe is also expected to provide lucrative opportunities for industry expansion over the upcoming timeframe. However, one of the restricting factors in the bus card reader market can be the limited awareness regarding smart card reading technology for transit in underdeveloped countries.
 

In terms of technology, the contactless bus card reader is speculated to witness significant expansion through 2032. Contactless card readers pose better benefits as compared to their counterparts such as easy use, safe transactions, flexibility, and convenience during transportation. They also save time, avoid cash handling, and are also a sustainable option for the environment. Consequently, many countries are adopting contactless transit systems for transportation.
 

Bus card reader market size from the public transport bus application segment is poised to amass substantial gains by the end of 2032. Many developed countries are supporting public transport systems and focusing on enhancing passenger experience as a result of the increased population in urban areas, which is forecast to propel segment growth. To cite an instance, the UK government, invested over USD 73 billion to improve the public transport infrastructure.
 

Asia Pacific bus card reader market is slated to showcase massive increase over the review timeline on account of the rapid growth in population in emerging countries such as China and India. Strong public transport corridors in these countries viz., the Guangzhou BRT are among the world’s largest BRT corridors. In addition, the positive approach of payment technology firms is also bolstering regional expansion.
 

Some of the key players profiled in the bus card reader market are MagTek Inc, Advanced Card Systems Ltd, Shenzhen HCC Technology Co., Shenzhen Decard Smartcard Tech Co Ltd., EP Intelligent Technology Co. Ltd, VeriFone Holdings, Inc (Francisco Partners), Shenzhen Rakinda Technology Co., and others. These companies majorly focus on rigorous R&D programs, product range diversification, and strategic acquisitions to remain ahead in the competitive landscape.
 

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