Digital Fare Meters Market Future Trends, Industry Size and Forecast to 2025
Digital fare meters are electronic devices which are installed in taxicabs and auto rickshaws, which is used to calculate fare on the basis of distance travelled and waiting time. The digital fare meters have ticket receipt printers embedded in them, GPS systems to assist with the location and safety of the travelers. Credit and prepaid card support, Bluetooth support for communication with smartphones and tablets and other electronic devices, USB support. GPS technology has been used in digital taxi meters in order to protect the citizens from overpaying. Initially the digital taxi meters were based on optical transducer but due to the difference in the timer in the measurement controller and the module the reading were inaccurate, and the taxi owners chose longer roots to fake the digital fare meter readings.
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Digital Fare Meters Market: Dynamics
The global digital fare meter is driven by factors such as accurate reading, easy to install, temper proof, weather proof, high durability and easy compatibility. As the digital fare meters are low in maintenance they are widely preferred by end users.
The demand for global digital fare meters is expected to increase due rules and regulations set by government’s regulatory bodies. The restrain for the global digital fare meter would be the cab services offered by new market players which use online technology to calculate the fare such as android based fare meter.
Digital Fare Meters Market: Segmentation
| On the basis of type of digital fare meters |
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| On the basis of vehicle type of digital fare meters |
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| On the basis of sales channel |
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Digital Fare Meters Market: Regional Outlook
Based on the geographies, the global digital fare meters market is fragmented into seven key regions- Latin America, North America, Eastern Europe, and Western Europe, Middle East & Africa, Asia-Pacific except Japan and Japan. Among the regions mentioned above, Asia-pacific except japan has highest share for global digital fare meters followed by Japan.
North America and Western Europe will see a decrease in the usage of digital fare meter due to increase in android based technology. Eastern Europe has a sluggish growth rate for the global digital fare meter market, other than Asia pacific the global digital fare meter market is expected to witness a steady growth rate. Overall the global digital fare meter market is expected to grow at a steady growth rate for the forecasted period. Auto rickshaw segment has the higher rate of usage of digital fare meters. Digital fare meter with printers are expected to grow at a higher CAGR.
Digital Fare Meters Market: Key Players
Some of the market players identified in the global digital fare meters market includes:
- Sansui Electronics
- Pulsar Technologies (I) Pvt. Ltd
- Precision Electronic Instruments Co.
- Pricol Limited
- Super Meter Mfg. Co.
- MIJO AUTO Meter Pvt. Ltd
- Superb Meter Mfg. Co.
- Automotive Techno Co. Inc.
- National Meter Mfg. Co.
- Maruti Meter Mfg. Corporation
- Unique Digital Meters
- Hydaker Industries
- Srisenthilnathan Meter Works
- Ar. Micro Equipment Pvt. Ltd.
- Smart Technology systems
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