Global Digital Fare Meters Market: Overview,Market Dynamics,Market Segmentation,Regional Overview
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. With the digital meter the customers can get benefits of a printed copy and SMS notifications. The digital fare meter has three basic functions which are “for hire”, “Hired” and “stopped”. The digital fare meters have built-in real time clock for automatic transitions from day fare to night fare, as the fare prices change from day fare to night fare.
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.
The global digital fare meters market has been classified by digital fare meter type, vehicle type and sales channel.
On the basis of type of digital fare meters, the global digital fare meters market is segmented into:Meters with printers,Meters with without printers
On the basis of vehicle type of digital fare meters, the global digital fare meters market is segmented into:Auto Rickshaw,Taxi
On the basis of sales channel, the global digital fare meters market is segmented into:OEM,Aftermarket
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.
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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.