A ticket vending machine is an automated system that uses money notes, smart cards, coins, or NFC technology to print paper or electronic tickets. At subway stations, bus stations, and airports, railway stations fare tickets are generated by passenger ticket vending machines. It is a more operationally efficient alternative than traditional ticketing systems since it eliminates the need for long lines at public transit stations.
Covid-19 Impact & Market Status:
The development of the COVID-19 pandemic has had a detrimental influence on the worldwide ticket vending machine market due to travel restrictions and market operators' expected poor financial performance in 2020.Supply chain execution, labour dependency, regulatory & policy changes, and liquidity & solvency management, working capital management, are the primary risk considerations for passenger ticket vending machine industry participants. COVID-19's second wave was more harsh than the first wave .The worldwide business perspective has evolved dramatically in the aftermath of the COVID-19 health disaster.
Over the projected period, revenue growth in the non-cash payment segment is expected to be quite strong. As a result of technological improvements in digitization, people are increasingly preferring to pay through cashless methods because they are more convenient and secure. When opposed to cash payment TVMs, cashless payment TVMs made with credit or debit cards are easier and faster.
Throughout the forecast period, the subway stations segment is predicted to account for a much bigger revenue share. High public transportation usage, the growth of the subway network, particularly in Europe and North America, and rising tourism are some of the primary drivers driving demand for TVMs on subway stations
During 2022-2029, North America is accounted for the largest revenue share. The availability of the most up-to-date TVMs, high TVM usage in the majority of North American countries, an increase in the number of subway and railway stations, and favourable government initiatives for TVM installation are some of the reasons driving market expansion in this region.
Due to increased adoption of TVMs and government financing for TVM deployment, the market in Asia Pacific is expected to grow at the quickest rate between 2022 and 2029. In Asia Pacific, China, India, and Japan are the top revenue contributors, and this trend is likely to continue over the forecast period.
During the projected period, the ticket vending machine market is expected to increase by USD 140.92 million, representing a CAGR of nearly 5%.
The global ticket vending machines market is being driven by a shift in urban commute attitude and an increase in digital technology adoption. Furthermore, the adoption of smart technology in the public transportation sector has a direct impact on demand for passenger ticket vending machines.
Low staffing costs and shorter operational times, greater efficiency, and improved transportation infrastructure and security systems are projected to propel the ticket vending machine market forward. However, the market's growth is stifled by costly installation and maintenance costs. On the other hand, the development in digital payment as well as the signing of agreements and contracts with rail operators are expected to provide profitable growth potential for market participants.
The major market players of Ticket Vending Machine Market are Parkeon, Scheidt & Bachmann, IER, Ducati Energia, Sigma, Potevio, and Shanghai Huahong Co, Ltd., Omron, Genfare, ICA Traffic, GRG Banking, AEP are among the leading companies operating in the global ticket vending machine market.
Major Developments in Ticket Vending Machine Market:
Paytm has partnered with the Indian Railways to provide consumers with digital ticketing services using Ticket Vending Machines (TVMs) located at railway stations around the nation. Users now have the option of using UPI for ticketing services and make digital payments. The new ticketing mechanism has already been implemented across all TVMs at a number of Indian railway stations.
Infineon Technologies AG teamed up with Rambus.com to provide smart ticketing solutions for smart cards and mobile phones all around the world. To deliver future-proof transportation ticketing solutions, the companies are merging their knowledge on the 'CIPURSE' open standard for smart ticketing and mobile applications.
Ticket Vending Machine Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 140.92 million|
|Growth Rate||CAGR of 5 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Parkeon, Scheidt & Bachmann, IER, Ducati Energia, Sigma, Potevio, and Shanghai Huahong Co, Ltd., Omron, Genfare, ICA Traffic, GRG Banking, AEP are among the leading companies operating in the global ticket vending machine market.|
Key Segments of Ticket Vending Machine Market
- By Type
- Non-Cash Payment Type
- Cash Payment Type
- By Application
- Bus Station
- By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa