Automated Passenger Counting and Information System Market by Type (APC Systems and PIS), APC System Market, by Technology (IR, ToF, Stereoscopic Vision), PIS Market by Type (Display Systems, Infotainment Systems), Application and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global Automated Passenger Counting and Information System size is 8 billion USD in 2022 and is projected to reach a CAGR of 10.1% from 2023-2030.
Automated passenger counting systems are referred to as electronic machines that are utilized for counting the number of passengers that board and leave at each stop. This system has substituted schedule checkers that were utilized previously for manually collecting ridership information. Automated Passenger Counting and Information System for supplying users of public transport with information about the nature and state of a public transport service, through visual, voice, or other media. They are also known as Customer Information Systems and Operational Information Systems.
Major factors that are expected to boost the growth of the automated passenger counting and information system market in the forecast period are the technologies developed in the field of passenger information systems are further anticipated to propel the growth of the automated passenger counting and information system market. Moreover, the rise in urbanization is further estimated to cushion the growth of the automated passenger counting and information system market. On the other hand, a rise in the initial cost of the product is further projected to impede the growth of the automated passenger counting and information system market in the timeline period. In addition, alterations needed in existing data systems for deploying automated passenger counting systems will further provide potential opportunities for the growth of the automated passenger counting and information system market in the coming years.
On the other hand, a lack of awareness about the benefits offered by automated passenger counting systems in developing and less developed countries may hamper the growth of the market. Even though the automated passenger counting systems market is growing rapidly in several developed nations, these systems are witnessing low adoption in developing or less developed countries. Several federal- and state-funding agencies require ridership reports to evaluate the performance of transit agencies and offer a general scenario of the demand level for transit services in specific areas.
Government regulations imposed in different countries to deal with the COVID-19 situation had affected the passenger information system market. Some of the regulations included a complete temporary shutdown of manufacturing facilities or their partial operations with a limited workforce, as well as travel restrictions. These regulations have disrupted the global supply chain and impacted the production capacities of companies. The demand for passenger information systems had reduced owing to the impact of COVID-19 on their end-user applications.
The automated passenger counting and information system market is expected to rise as a result of technological advancements in the field of passenger information systems. Additionally, it is predicted that increased urbanization may temper market growth for automated passenger counting and information systems. There can be chances that the increase in the product's initial cost will limit the expansion of the market as it can lead to the increased overall cost of the automated passenger counting and information system for the manufacturers.
North America to Dominate the Market