The Global Automated Passenger Counting System Market was worth US$ 8.45 billion in 2022 and is anticipated to reach a valuation of US$ 13.25 billion by 2028 and is predicted to register a CAGR of 9.40% during 2023-2028.
Market Drivers:
The government regulations in some countries where the government routinely demands customer information from fleet operators are crucial drivers of the automated passenger counting system market. With the location-wise segmented rider data, fleet operators can concentrate on the high-traffic regions and therefore gain a significant economic advantage by running their operations in these regions.
Market Restraints:
The lack of infrastructure for the construction of customer information management systems and a lack of understanding of the benefits provided by passenger counting systems in several countries is a significant factor that is restricting the growth of the automated passenger counting system market.
Market Recent Developments:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
9.40% |
Segments Covered |
By Application, Technology, End-Use, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Iris GmbH, Syncromatics Corp, HELLA Aglaia Mobile Vision GmbH, Eurotech S.p.A, Retail Sensing Ltd, Huawei Technology Co. Ltd, Clever Devices Ltd, Trapeze Group, DILAX Intelcom GmbH, Infidel Electronic Designers International Inc, Cisco Systems, Siemens AG, and Others. |
Market Segmentation:
Of these, Roadways is both the largest and the fastest-growing segment, which accounted for the bulk of the market share. In 2019, the Roadways contributed a market share of 55%. The part is expected to expand at a CAGR of 22% during the forecast period of 2019 - 2024. The reason for such growth of the segment is attributed to the increased usage of automated passenger counting systems in buses to ensure a secure service offering and as they help in the smooth flow of transport operations. Increasing awareness of the benefits of such counting systems among fleet operators further encourages the use of APCs in buses.
Of these, Stereoscopic Vision is the most significant segment that accounted for a market share of over 40%. The segment is expected to expand at a CAGR of 21.3% during the forecast period of 2019 - 2024. The reason for such growth is attributed to the accurate information provided by stereoscopic vision during heavy-volume traffic situations. It is also to be noted that this accuracy is unaffected by environmental conditions, light, heat, and shadows, unlike Infrared sensors.
Out of these, the Busses segment holds the majority of the market share with over 45%. The reason for such market share is attributed to the frequent use of buses by people. Busses are the most common means of transport in many regions. So, the service providers want to analyze the data of the buses at different times so that they can improve their services in the specific areas where the demand is more, which will help with their economic development. Also, the Ferries segment is the fastest-growing segment with a CAGR of 24%. The growth of the section is attributed to the increasing ferry vacation culture all around the world.
Market Reginal Analysis:
The Global Automated Passenger Counting System Market Report includes the segmentation of regions:
The demand in the Asia Pacific region is expected to increase at the highest CAGR during the foreseen period. Healthy economic development and growing urbanization are some of the key drivers for the growth of the Asia Pacific automated passenger counting systems market. With highly populated and rapidly developing countries such as China, India, and others, the APAC region is expected to hold the largest market share in the years to follow.
Market Key Players:
RESEARCH METHODOLOGY:
The research of the Automated Passenger Counting System market takes place in two phases namely-
Market Research Report Key Highlights:
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