New York, May 23, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Passenger Ticket Vending Machine Market” published by Consegic Business Intelligence, the market was worth USD 767.85 Million in 2022 and is anticipated to reach over USD 1,058.84 Million by the year 2030, growing at a CAGR of 4.4%.
A ticket vending machine is an automated solution that produces paper or electronic tickets by utilizing cash, smart cards, and coins. The machine is considered a time-effective ticketing solution and is an operationally effective alternative to standard ticketing systems. Additionally, ticket vending machines are employed at various locations including train stations, airports, subway stations, and bus stops for enhancing passenger convenience.
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The increasing adoption of contactless payment including credit cards, debit cards, and smartphone payment apps serves as one of the primary factors responsible for the growth of the global ticket vending machine market. Additionally, contactless payments aid in reducing labor costs and lead to more productive management, further driving the market growth. Moreover, the government is also contributing considerably in promoting the growth of digital payments by implementing various incentives. Consequently, the growing adoption of digital payments is contributing significantly to propelling the growth of passenger vending machines for cashless payments. For instance, in December 2022, TransMach installed contactless passenger ticket vending machines at private bus stations in Ireland. The machine is designed to accept various contactless payment options namely credit cards, debit cards, and smartphone payment apps hence, contributing considerably in propelling the market growth.
The integration of voice control technology with passenger ticket vending machines is projected to create potential future opportunities for the growth of the market. The technology offers convenience to passengers by allowing a non-contact payment mode to purchase the ticket and the machine precisely processes voice instructions by filtering out background noise. However, the high cost of production, installation, and maintenance associated with ticket vending machines act as a major restraint for the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 1,058.84 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.4% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Cammax Ltd, Xerox Corp., SPX Corp., Sigma Spa, Scheidt & Bachmann GmbH, OMRON Corp., init SE, ICA Chipkartensysteme GmbH, Flowbird SAS, DUCATI Energia SPA |
| By Component | Hardware and Software |
| By Payment Type | Cash Payments and Cashless Payments |
| By Application | Bus Station, Railway Station, Airports, and Subway Station |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Passenger Ticket Vending Machine Market Growth Drivers:
- The emergence of advanced technologies including touchscreen displays, improved language components, and raised pictograms for visually impaired passengers serves as the key factor driving the growth of the market.
- The increase in urban passenger mobility raises the demand for advanced ticket vending machines to provide a fast and convenient way to purchase tickets.
- 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 clearance of coins, handling of stuck bills, and frequent updates of the software.
Opportunities
- The emergence of advanced technologies including voice control technology is expected to create potential opportunities for the growth of the market.
Global Passenger Ticket Vending Machine Market Segmentation Details:
Based on Component, the hardware segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of thermal printers to print images in milliseconds, resulting in faster lines per second (lps). In addition, the printers use heat to react with the paper to create images resulting in reduced printing costs. Moreover, the printers create high-quality and durable prints on the ticket, further driving the growth of the hardware segment.
Based on Payment Type, the cashless segment offered substantial shares to the global passenger ticket vending machine market in the year 2022. The growth is attributed to the increasing adoption of credit cards and debit cards to offer convenience to users enabling faster and smoother payments. In addition, cashless payments also help in reducing labor costs, enabling quick transactions and shorter queues at the ticket center further accelerating the growth of the market.
Based on Application, the railway stations hold the maximum share to the market growth in the year 2022. The growth is attributed to the advancements in technology including QR code-based payments and smart card based touchscreens that prevent the wastage of time by avoiding queues at the railway ticket counters. Subsequently, the advancements in digital technology that facilitate quick transactions and hassle-free cashless payments through ticket vending machines are contributing primarily in driving the growth of the market.
Based on region, Europe has been a major contributor to the growth of the passenger ticket vending machine market. The growth is attributed to the increasing adoption of advanced technology including touchscreen sensors that promote the growth of ticket vending machines in European countries. In addition, the expanding transportation sector in Europe also contributes significantly in boosting the market growth in the region.
Recent Developments
- In November 2021, NJ TRANSIT completed the installation of 558 ticket vending machines to offer contactless payment and faster transactions to passengers. The machine is designed to accept numerous payment options including debit/credit cards and mobile wallet and also has improved printers to enhance the functionality.
- In October 2021, advanced ticket vending machines have been installed at several bus stations in Dubai with improved efficiency and accuracy to print tickets.
Key Market Highlights
- The global Passenger Ticket Vending Machine Market size is estimated to reach USD 1,058.84 Million by 2030 and grow at a CAGR 4.4% during the forecast period (2023-2030).
- Globally, the passenger ticket vending machine is divided based on the component into hardware and software.
- In the context of the payment type, the market is separated into cash payments and cashless payments.
- The application segment of passenger ticket vending machine is classified into bus stations, railway stations, airports, and subway stations.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in ticket vending machines.
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List of Major Global Passenger Ticket Vending Machine Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —
- Cammax Ltd
- Xerox Corp.
- SPX Corp.
- Sigma Spa
- New Jersey Transit Corporation
- Scheidt & Bachmann GmbH
- OMRON Corp.
- init SE
- ICA Chipkartensysteme GmbH
- Flowbird SAS
- DUCATI Energia SPA
Global Passenger Ticket Vending Machine Market Segmentation:
- By Component
- Hardware
- Software
- By Payment Type
- Cash Payments
- Cashless Payments
- By Application
- Bus Station
- Railway Station
- Airports
- Subway Station
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Key Questions Covered in the Passenger Ticket Vending Machine Market Report
- What will be the potential market valuation for the passenger ticket vending machine industry by 2030?
- The market valuation for the passenger ticket vending machine is expected to be approximately USD 1,058.84 Million by 2030 driven by the increasing adoption of cashless payments to offer convenience to users.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Passenger Ticket Vending Machine Market's growth in the coming years?
- Asia Pacific is anticipated to have the largest impact on the passenger ticket vending machine market during the forecast period owing to the increasing investment in upgrading the infrastructure and the rising demand for public transportation.
- What specific segmentation details are covered in the Passenger Ticket Vending Machine Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including component, payment type, application, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the application segment has witnessed railways as the dominating segment in the year 2022, driven by factors including digital technological advancements and expanding transportation sector.
- What specific segmentation details are covered in the ticket vending machine market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including component, payment type, application, and region. Each segment is projected to have the fastest-growing sub-segment driven by industry trends and drivers. For instance, in component, the software sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the advancements in technology including the emergence of touch-screen machines to streamline the process of buying fares for commuters.
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