Passenger Ticket Vending Machine (TVM) Market In-Depth Analysis with Booming Trends, Growth and Forecast Report, 2013 - 2028
The global passenger ticket vending machine (TVM) market is expected to display higher growth rate in the upcoming years. Rapid surge in the market is credited to the booming travel & tourism sector, and increasing adoption in public transportation sector.
(firmenpresse) - The global passenger ticket vending machine (TVM) market is expected to display higher growth rate in the upcoming years. Rapid surge in the market is credited to the booming travel & tourism sector, and increasing adoption in public transportation sector. Recent technological advancements in public transportation sector, and deployment of advanced ticketing schemes by local governments to improve existing ticketing systems in roadways, railways, and airways are further propelling the growth of the market over the past few years.
Passenger ticket vending machine (TVM) are increasingly used for local public transport, railways, taxi services and rental cars. Other applications of passenger ticket vending machine (TVM) market include vehicle charging station and airports. Strong economic growth and increasing infrastructure investment, particularly in the Asia Pacific region is expected to fuel market growth over the forecast period. In addition, implementation of several infrastructure development project in the public sector and civil developments in the developing economies across the globe is expected to offer lucrative growth opportunities for industry participants in the upcoming years.
Rise in research & development activities coupled with vertical integration among system providers and transit agencies are anticipated to pave a way for market growth in the near future. Substantial increase in number of transit agencies such as airports, railways and parking are fostering growth of passenger ticket vending machine (TVM) over the coming years. Furthermore, declined cost and cheaper operation rates is estimated to stimulate the growth of passenger ticket vending machine (TVM) over the forecast period. Increasing familiarity with new technology such as smart card, contactless technology, and electronic payment is predicted to positively affect market performance across the globe.
The passenger ticket vending machine market is broadly categorized into four major segments based on the application type such as railway stations, subway stations, bus stations, and airports stations. Railway stations segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of passenger ticket vending machine (TVM) in railway stations segment is attributed to the rising number of daily commutators and availability of low cost solutions.
The passenger ticket vending machine market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in the recent years owing to the rising implementation of latest technologies to improve existing infrastructure, surging number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the passenger ticket vending machine (TVM) market with massive growth in the forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, implementing smart city projects, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the passenger ticket vending machine (TVM) market are Omron Corp., Parkeon Corp., Scheidt & Bachmann, Inc., Xerox Corp., American Electric Power, Inc., and Sigma-Aldrich Corp.
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