A Growing Frontier: Exploring the $12.5 Billion Automated Passenger Counting and Information System Market Landscape
MarketsandMarketsTM' research study on the "Automated Passenger Counting and Information System Market" finds a positive prognosis for the worldwide market. The market size is predicted to expand from USD 8.0 billion in 2022 to an astounding USD 12.5 billion by 2027, exhibiting a solid compound annual growth rate (CAGR) of 9.4% throughout the forecast period, according to the analysis, which projects significant development.
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Automated Passenger Counting (APC) systems and Passenger Information Systems (PIS) are two types of market segments. Technology-based subcategories of the APC system market include Time-of-Flight (ToF), Stereoscopic Vision, and Infrared (IR). Similar to this, the PIS market is divided into Display Systems and Infotainment Systems based on type, providing a thorough overview of this ever changing sector.
The execution of government legislation in various nations requiring fleet operators to routinely disclose ridership data to government authorities is an important motivator for the growth of the automated passenger counting system market. Due to the fact that automated passenger counting systems enable the precise and effective gathering of essential ridership data, these restrictions have increased demand for them. Fleet operators can more effectively run their businesses, enhance operational efficiency, and contribute to better public transportation services by putting such technologies in place. The importance of automated passenger counting systems in modernising and enhancing public transport networks is highlighted by the alignment with legislative regulations.
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Passenger information systems accounted for a larger share of the market in 2021
The market's main category in 2021 was the passenger information systems. These systems account for a sizeable portion of the market since they enable bus transit operators to analyse passenger travel patterns and efficiently plan the routes and timings of their vehicles. The use of passenger counting systems has been accelerated by the bus transit industry's competitive environment, as operators attempt to improve services and draw in a larger client base. These systems provide real-time data that is essential for efficient operations, especially given the obstacles the COVID-19 epidemic presents. Additionally, passenger information systems are widely used in railroads, providing infotainment and real-time data on car occupancy levels. Importantly, they contribute to a thorough and effective passenger experience by playing a crucial part in passenger safety through emergency communication systems.
Stereoscopic Vision technology is projected to witness the highest CAGR during the forecast period
The market for automated passenger counting and information systems is expected to see the highest Compound Annual Growth Rate (CAGR) for stereoscopic vision technology over the course of the forecast period, underscoring its growing significance. Due to its capability to compile extremely precise information from huge traffic data, this technology has experienced enormous growth. The efficiency of automated passenger counting systems is significantly increased by Stereoscopic Vision technology, which is particularly good at detecting the directions of passenger movement. By comparing ticket sales and passenger counts, it helps in the detection of fraud and ensures the accuracy of revenue production. Additionally, by analysing passenger travel patterns, monitoring traffic flow, and optimising schedules and routes, this technology helps transit operators increase operational effectiveness and boost revenue for bus operators.
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Automated passenger counting system market in Asia Pacific is projected to grow at the highest CAGR from 2022 to 2027
From 2022 to 2027, the automated passenger counting system market in the Asia Pacific region is anticipated to grow at the fastest pace (CAGR). This increase is linked to the transit vehicles' increasing use of passenger counting devices, which guarantee dependable, secure, and on-time transportation services. Automated passenger counting systems help transit operators analyse passenger travel patterns and optimise route schedules by giving precise information about the number of passengers boarding and disembarking transit vehicles. The necessity for sophisticated smart transport networks is highlighted by the sizeable populations of nations like China and India as well as the continued population growth in places like Australia.
Eurotech (Italy), HELLA Aglaia Mobile Vision (Germany), and iris-GmbH (Germany) are some of the key manufacturers of Automated passenger counting system market in Asia Pacific.
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