Global Passenger Ticket Vending Machine Market growing at a CAGR of 4.4 % from 2023 to 2030
Category : Manufacturing and Construction | Published Date : May 2023
Key Market Overview
The passenger ticket vending machine market is poised for strong expansion and is projected to reach USD 1,058.84 Million by 2030. The market was sized at USD 767.85 Million in 2022 and is predicted to grow at a compound annual growth rate of 4.4% during the period 2023-2030.
The report highlights the increasing adoption of passenger ticket vending machine owing to the advancements in technology including touchscreen displays, improved language components, and raised pictograms. Consegic Business Intelligence provides an inclusive research report on the passenger ticket vending machine market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Passenger Ticket Vending Machine Market By Overview
The report analyses significant segments such as component, payment type, application, and region, to identify emerging trends and potential opportunities. The software segment is expected to grow during the forecast period owing to the advancements in technology such as the emergence of touch-screen machines to streamline the process of buying fares for commuters. Moreover, the installation of advanced algorithms and voice control technology to offer convenience to visually impaired individuals is also propelling the growth of the software segment in the upcoming years.
Get Free SampleMarket Dynamics
Driver:
- The increase in urban passenger mobility raises the demand for advanced ticket vending machines to provide a fast and convenient way to purchase tickets.
- The increasing adoption of contactless payment including credit cards, debit cards, and smartphone payment apps serves as the primary factor responsible for the growth of the global ticket vending machine market.
- Surge in installation of passenger ticker vending machines in railway and metro stations
Restraints:
- The high cost of production and installation associated with ticket vending machines act as a major restraint for the growth of the market.
- The maintenance of the machine is also an expensive and time-consuming process that involves the clearance of coins, handling of stuck bills, and frequent updates of the software.
Market Segmentation:
| Report Attributes | Report Details |
| By Component | Hardware and Software |
| By Payment Type | Cash Payments and Cashless Payments |
| By Application | Bus Station, Railway Station, Airports, and Subway Station |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for Passenger Ticket vending Machine Market is highly competitive with major players including Cammax Ltd, Xerox Corp., SPX Corp., and Sigma Spa that have a strong market position in current market circumstances. Further, the passenger ticket vending machine market is expected to witness significant growth in coming years owing to the increasing adoption of advanced technologies and convenience offered to passengers by reducing the time to stand in long queues. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the passenger ticket vending machine market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Cammax Ltd
- Xerox Corp.
- SPX Corp.
- Sigma Spa
- Scheidt & Bachmann GmbH
- OMRON Corp.
- init SE
- ICA Chipkartensysteme GmbH
- Flowbird SAS
- DUCATI Energia SPA
- Promex Industries Inc.
- Q&P Technologies LLC