Automatic Fare Collection AFC Systems Sales

Automatic Fare Collection AFC Systems Sales Market Outlook

The global Automatic Fare Collection (AFC) Systems market is poised for substantial growth, with an estimated market size of approximately USD 10 billion in 2025, projected to reach USD 15 billion by 2035, exhibiting a robust compound annual growth rate (CAGR) of around 5% during the forecast period. The increasing demand for efficient and streamlined transit solutions, combined with the growing adoption of cashless payment methods, significantly contributes to this market growth. Furthermore, the push for smart city initiatives across various regions, coupled with advancements in technology that enhance the customer experience, plays a pivotal role in driving the AFC systems market forward. A surge in investments aimed at upgrading public transportation infrastructure to incorporate modern AFC solutions is also expected to bolster the market. As cities continue to expand and face challenges related to congestion and public transport efficiency, AFC systems offer a viable solution by improving transaction speeds and reducing operational costs.

Growth Factor of the Market

The growth of the Automatic Fare Collection (AFC) Systems market is being propelled by multiple factors, chiefly the increasing urbanization and the rapid expansion of public transportation networks worldwide. As more people move to urban centers, the demand for efficient and reliable public transit systems rises, necessitating the implementation of advanced fare collection technologies. Additionally, the ongoing technological advancements in digital payment solutions, such as mobile wallets and contactless cards, are further enhancing the adoption of AFC systems. Governments and transit authorities are increasingly investing in smart city initiatives, which often include the integration of AFC systems to provide seamless passenger experiences. The growing awareness regarding the benefits of cashless transactions among users, alongside the rise of environmental consciousness driving the need for sustainable transit solutions, also serves as a catalyst for market growth. Moreover, the COVID-19 pandemic has accelerated the shift toward automation and contactless solutions in various sectors, thereby amplifying the focus on AFC technologies.

Key Highlights of the Market

• The AFC Systems market is projected to grow with a CAGR of 5% from 2025 to 2035.
• Smart cards are anticipated to dominate the market due to their widespread adoption in public transport.
• Increased urbanization and government investments in public transportation networks are key drivers.
• Technological advancements in digital payments are enhancing the efficiency of AFC systems.
• The COVID-19 pandemic has accelerated the demand for contactless fare collection solutions.

By Product Type

Smart Cards:

Smart cards are among the most widely utilized product types in the Automatic Fare Collection (AFC) Systems market, primarily due to their ability to store a significant amount of data securely and facilitate fast transactions. These cards are equipped with microchips that enable contactless payments, making them a preferred choice for public transportation systems globally. The convenience of smart cards allows passengers to tap and go, reducing wait times at ticket counters and turnstiles. Additionally, smart cards can be integrated with various transit modes, including buses, subways, and trains, providing seamless travel experiences. Their increasing deployment is supported by the growing emphasis on cashless payments and the need for enhanced security features in transit systems. As cities continue to adopt smart technology solutions, the demand for smart cards in AFC systems is expected to rise substantially.

Tickets:

Traditional ticketing remains a significant segment within the AFC systems market, particularly in regions where smart card infrastructure is still developing. The use of paper tickets offers a straightforward fare collection method and is often the first point of entry into the AFC ecosystem for many transit authorities. Although digital transformation is gradually phasing out paper tickets, they continue to serve as a reliable option in various applications, especially for occasional travelers or infrequent users who may not want to invest in a smart card. Furthermore, advancements in ticket printing technologies and the introduction of dynamic pricing models through digital ticketing systems are enhancing the appeal of this product type. The ease of use and familiarity of traditional tickets contribute to their sustained demand, even in an increasingly digital landscape.

Mobile Applications:

The adoption of mobile applications for fare collection is rapidly gaining traction in the AFC market, driven by the increasing penetration of smartphones and the growing preference for digital solutions among commuters. Mobile apps offer passengers the convenience to purchase tickets, manage accounts, and access real-time information regarding transit schedules and fares. This seamless integration into everyday mobility enhances user experience and encourages more people to utilize public transportation. With a variety of payment options available, including mobile wallets and bank cards, mobile applications cater to diverse user preferences, ensuring a flexible and efficient fare collection process. Additionally, the ongoing development of mobile technologies and the integration of features such as QR codes for ticket scanning are expected to further boost the adoption of mobile applications in the AFC landscape.

Turnstiles:

Turnstiles play a crucial role in the Automatic Fare Collection (AFC) systems by controlling access to transit platforms and ensuring that only paying customers can use these facilities. These mechanical devices are engineered for durability and efficiency, providing a physical barrier that enhances security in public transport environments. The integration of electronic turnstiles with contactless payment systems has significantly improved the speed and convenience of fare collection, making it easier for passengers to enter and exit stations promptly. As urban transit systems become increasingly congested, the demand for efficient access control solutions like turnstiles is expected to grow. Innovations such as biometric recognition and facial recognition technology are also being explored to further streamline the fare collection process and improve overall passenger flow in high-traffic areas.

Validators:

Validators are essential components in AFC systems, facilitating the verification of payment methods and ensuring that users are in compliance with fare policies. These devices are designed to accept various forms of payment, including smart cards, mobile applications, and even cash in certain circumstances. By enabling quick and efficient fare validation, validators enhance the overall customer experience and reduce bottlenecks at entry points. The adoption of validators is being driven by the demand for multifunctional devices that can support diverse fare collection methods while maintaining high-security standards. Furthermore, the integration of validators with real-time data analytics allows transit authorities to gather valuable insights into passenger behavior and fare compliance, leading to improved operational efficiency and better service delivery.

By Application

Transportation:

The transportation sector represents a primary application of Automatic Fare Collection (AFC) systems, as these technologies are specifically designed to streamline fare processes in public transit networks, including buses, trains, and subways. The increasing focus on enhancing the commuter experience, coupled with the need to manage rising passenger volumes effectively, drives the adoption of AFC systems in this application area. By offering contactless payment options and reducing transaction times, AFC solutions significantly improve operational efficiency for transit authorities. Furthermore, the shift toward integrated ticketing solutions, where users can utilize a single payment method across different transit modes, is reshaping the landscape of public transportation, enabling smoother travel experiences. As urban populations grow, the demand for advanced AFC technologies in transportation systems is expected to remain strong, supported by government initiatives promoting public transit usage.

Parking:

AFC systems also find significant application in parking management, where they simplify payment processes for users and enhance operational efficiency for parking operators. With the proliferation of smart parking solutions and the incorporation of digital payment methods, AFC technologies are transforming how parking facilities manage transactions. Automated payment kiosks, mobile payment applications, and license plate recognition systems are all integral components of modern parking AFC solutions. These systems minimize the need for cash transactions and reduce the time spent searching for parking spaces, thereby improving the overall user experience. As cities strive to tackle congestion and improve urban mobility, the integration of AFC systems into parking management is expected to gain momentum, ultimately facilitating more efficient use of urban space.

Entertainment:

The entertainment industry is increasingly embracing Automatic Fare Collection (AFC) systems to enhance visitor experiences at events, theme parks, and entertainment venues. By implementing cashless payment solutions, venues can streamline entry processes and eliminate the need for physical tickets, providing a seamless and convenient experience for patrons. The integration of AFC solutions allows event organizers to manage ticket sales effectively and gather valuable data on attendance patterns and consumer preferences. As a result, AFC systems are becoming indispensable tools for maximizing revenue and improving customer satisfaction in the entertainment sector. With the growing trend of digital experiences and the desire for contactless solutions, the integration of AFC technologies in entertainment venues is projected to expand, providing enhanced value for both operators and visitors alike.

Retail:

In the retail sector, Automatic Fare Collection (AFC) systems are being increasingly utilized to facilitate the purchase of goods and services in transit-related environments, such as train stations and bus terminals. These systems offer a convenient way for passengers to complete transactions without the need for physical currency, thus enhancing the overall shopping experience. Moreover, the use of AFC technologies in retail environments enables operators to integrate loyalty programs, promotions, and discounts seamlessly, encouraging repeat purchases and customer loyalty. As retail operators seek to provide more value-added services to their customers, the role of AFC systems in enhancing transaction speed and security will continue to gain prominence. Furthermore, the rising trend of omnichannel retailing, where digital and physical shopping experiences converge, will likely drive further innovation and adoption of AFC solutions within the retail space.

By Distribution Channel

Online Sales:

Online sales channels are becoming increasingly vital in the Automatic Fare Collection (AFC) systems market, driven by the growing preference for digital transactions and convenience among consumers. The ability to purchase tickets and access fare collection services through websites and mobile applications empowers users to manage their travel plans with ease. This distribution method not only enhances customer satisfaction but also allows transit authorities and service providers to reduce operational costs associated with physical ticket sales. The expansion of e-commerce and digital payment ecosystems is further fueling the growth of online sales in the AFC market, as consumers become more comfortable with cashless transactions. As the market continues to evolve, the emphasis on developing user-friendly and secure online platforms will be crucial for attracting and retaining customers in this segment.

Offline Sales:

Despite the rise of online sales channels, offline sales continue to play a significant role in the Automatic Fare Collection (AFC) systems market. Traditional ticket counters, vending machines, and retail partnerships remain essential for certain customer segments, particularly those who prefer face-to-face transactions or lack access to digital solutions. Offline sales provide an opportunity for transit authorities to engage with customers directly and address their specific needs. Furthermore, the integration of cash payment options within offline AFC solutions ensures inclusivity for all users. As the market matures, the synergy between online and offline sales channels will be essential for providing comprehensive fare collection solutions that cater to diverse consumer preferences.

By Technology

Near Field Communication NFC:

Near Field Communication (NFC) technology is a key enabler of contactless payment solutions within the Automatic Fare Collection (AFC) systems market. By allowing devices to communicate wirelessly over short distances, NFC facilitates quick and secure transactions, making it an ideal choice for public transit systems. Users can simply tap their NFC-enabled cards or smartphones against readers to complete fare payments, significantly reducing wait times at entry points. The growing adoption of NFC technology is particularly evident in urban centers where commuters are increasingly seeking efficient and seamless travel experiences. As transit authorities continue to invest in smart infrastructure, the use of NFC technology within AFC systems is expected to expand, leading to enhanced operational efficiency and improved user satisfaction.

RFID:

Radio Frequency Identification (RFID) technology is widely used in Automatic Fare Collection (AFC) systems to enhance the efficiency of fare collection processes. RFID tags, often embedded in smart cards or tickets, allow for rapid identification and tracking of passengers as they enter or exit transit systems. This technology not only streamlines fare collection but also provides valuable data for transit authorities to analyze passenger behavior and optimize operations. The ability to support automated fare gates and turnstiles further underscores RFID's critical role in modern AFC solutions. With the ongoing advancements in RFID technology, including improved read ranges and reduced costs, its adoption in AFC systems is anticipated to grow, driving improvements in transit efficiency and customer service.

QR Code:

QR code technology has emerged as a versatile and popular solution within the Automatic Fare Collection (AFC) systems market, providing users with a simple and efficient means to complete transactions. By scanning QR codes via mobile devices or at designated readers, passengers can easily purchase tickets or validate their fare without the need for physical cards or cash. The familiarity of QR codes among consumers, coupled with their low implementation costs, makes them an attractive option for transit operators looking to modernize their fare collection processes. As more cities embrace mobile ticketing solutions, the use of QR codes in AFC systems is expected to grow, offering enhanced convenience and flexibility for users while contributing to overall system efficiency.

By Region

The Automatic Fare Collection (AFC) Systems market is witnessing diverse growth patterns across various regions, driven by local transit dynamics and technological advancements. North America holds a substantial share of the market, with an estimated valuation of USD 3 billion in 2025, attributed to the mature public transportation infrastructure and the increasing adoption of contactless payment technologies in cities like New York and San Francisco. The region is projected to experience a CAGR of around 4% during the forecast period as transit authorities continue to modernize their fare collection systems to enhance efficiency and improve customer experiences. Additionally, innovative initiatives in urban transit management are expected to drive investments in AFC technologies, propelling growth in this segment.

Europe is another key region in the AFC systems market, with an estimated market size of USD 2.8 billion in 2025, benefiting from the widespread implementation of smart city initiatives across major urban centers. Countries like Germany and France are leading in adopting AFC solutions, driven by government incentives and increasing public awareness of the benefits of cashless transactions. The region is projected to witness a CAGR of approximately 5% as it focuses on reducing carbon emissions and promoting sustainable public transport alternatives. Furthermore, the rising trend of integrated mobility solutions that combine different modes of transport is expected to further boost the AFC systems market in Europe, creating a more seamless travel experience for passengers.

Opportunities

The growing emphasis on smart city initiatives presents significant opportunities for the Automatic Fare Collection (AFC) Systems market, as cities worldwide seek to leverage technology to improve public transportation efficiency and integrate various mobility services. As urban populations continue to swell, transit authorities are increasingly recognizing the need for efficient fare collection systems that can accommodate higher passenger volumes while providing a seamless travel experience. This push for modernization creates a favorable environment for AFC technologies, as they not only streamline fare payment processes but also enable real-time data collection for better decision-making. The increasing collaboration between public and private sectors in developing integrated transit solutions further expands the potential for AFC systems, leading to innovative applications and customized offerings tailored to meet local needs.

An additional opportunity lies in the rising demand for contactless payment solutions, which has gained momentum in the wake of the COVID-19 pandemic. As safety and hygiene become paramount concerns for commuters, transit authorities are under pressure to adopt technologies that minimize physical contact during fare collection. AFC systems equipped with advanced contactless payment options, such as mobile wallets, NFC-enabled cards, and QR codes, are becoming essential to meeting these evolving consumer expectations. Moreover, the increasing penetration of smartphones and mobile applications creates opportunities for leveraging digital platforms to enhance user engagement and provide personalized transit experiences. As transit operators adapt to these changing dynamics, the AFC systems market is well-positioned for growth and innovation.

Threats

Despite the positive growth outlook for the Automatic Fare Collection (AFC) Systems market, several threats could impede its progress. One of the primary challenges is the potential for technological obsolescence, as advancements in technology rapidly evolve, making it crucial for AFC solution providers to stay ahead of the curve. Failure to adopt the latest innovations and integrate them into existing systems could result in decreased competitiveness and reduced market share. Furthermore, cybersecurity threats pose significant risks to AFC systems, as the integration of digital payment solutions increases vulnerabilities. Cyberattacks on transit networks could lead to service disruptions and compromise sensitive data, ultimately undermining public trust in these systems. Transit authorities and AFC solution providers must prioritize cybersecurity measures to safeguard their operations and maintain consumer confidence.

Another notable threat arises from regulatory challenges and varying compliance requirements across different regions. Governments may impose stringent regulations regarding data privacy, payment security, and technology standards, creating complexities for AFC providers seeking to operate in multiple markets. Staying compliant with these regulations while ensuring seamless integration of AFC systems can be a daunting task, potentially resulting in increased costs and operational delays. Additionally, economic factors such as budget constraints and funding fluctuations can impact transit authorities' decisions to invest in new AFC technologies, further complicating the growth trajectory of the market. Navigating these multifaceted challenges will be essential for stakeholders in the AFC systems landscape as they strive to harness opportunities for growth.

Competitor Outlook

• Thales Group
• Omni-ID
• Conduent, Inc.
• Masabi Ltd.
• Cube-IQ
• ACS (Advanced Card Systems Ltd.)
• STMicroelectronics
• PayPoint Plc.
• Giesecke+Devrient
• Parkeon (now part of Flowbird)
• Kapsch TrafficCom AG
• TransLink
• Cubic Corporation
• Infax, Inc.
• Scheidt & Bachmann

The competitive landscape of the Automatic Fare Collection (AFC) Systems market is characterized by a diverse range of players, including technology providers, system integrators, and transit solution specialists. These companies are striving to innovate and differentiate their offerings as the demand for seamless and efficient fare collection solutions continues to rise. Major players like Thales Group and Cubic Corporation are at the forefront of this market, leveraging their extensive expertise in transportation technology and secure payment solutions to gain a competitive edge. Moreover, the trend toward partnerships and collaborations among industry stakeholders is increasingly common, as firms seek to combine their strengths to enhance product offerings and expand their market reach.

Another prominent player in the AFC systems market is Conduent, Inc., which provides a comprehensive suite of services designed to improve transit efficiency and user experience. The company focuses on developing cutting-edge technologies to streamline fare collection processes and enable real-time data analytics for transit authorities. Similarly, Masabi Ltd. has made a name for itself by pioneering mobile ticketing solutions, empowering transit operators to offer convenient fare collection options to their customers. As a result, these companies are well-positioned to capitalize on the growing demand for innovative AFC systems, driving their business growth and market presence.

As the landscape continues to evolve, emerging players such as Omni-ID and Cube-IQ are gaining traction by offering niche solutions tailored to specific applications within the AFC market. Their agility and focus on innovation allow them to respond rapidly to changing market demands and consumer preferences, contributing to a dynamic competitive environment. The increasing importance of cybersecurity and risk management in the AFC systems market is also prompting companies to invest in robust security measures, further differentiating themselves in a crowded market. Overall, the competitive outlook for the AFC systems market remains promising, with ongoing innovation and collaboration expected to drive growth and enhance customer experiences.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Cube-IQ
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Omni-ID
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 TransLink
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Infax, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Masabi Ltd.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Thales Group
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 PayPoint Plc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Conduent, Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Cubic Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Giesecke+Devrient
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 STMicroelectronics
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Scheidt & Bachmann
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Kapsch TrafficCom AG
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Parkeon (now part of Flowbird)
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 ACS (Advanced Card Systems Ltd.)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Automatic Fare Collection AFC Systems Sales Market, By Technology
    • 6.1.1 Near Field Communication NFC
    • 6.1.2 RFID
    • 6.1.3 QR Code
  • 6.2 Automatic Fare Collection AFC Systems Sales Market, By Application
    • 6.2.1 Transportation
    • 6.2.2 Parking
    • 6.2.3 Entertainment
    • 6.2.4 Retail
  • 6.3 Automatic Fare Collection AFC Systems Sales Market, By Product Type
    • 6.3.1 Smart Cards
    • 6.3.2 Tickets
    • 6.3.3 Mobile Applications
    • 6.3.4 Turnstiles
    • 6.3.5 Validators
  • 6.4 Automatic Fare Collection AFC Systems Sales Market, By Distribution Channel
    • 6.4.1 Online Sales
    • 6.4.2 Offline Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Automatic Fare Collection AFC Systems Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Automatic Fare Collection AFC Systems Sales market is categorized based on

By Product Type

• Smart Cards
• Tickets
• Mobile Applications
• Turnstiles
• Validators

By Application

• Transportation
• Parking
• Entertainment
• Retail

By Distribution Channel

• Online Sales
• Offline Sales

By Technology

• Near Field Communication NFC
• RFID
• QR Code

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Thales Group
• Omni-ID
• Conduent, Inc.
• Masabi Ltd.
• Cube-IQ
• ACS (Advanced Card Systems Ltd.)
• STMicroelectronics
• PayPoint Plc.
• Giesecke+Devrient
• Parkeon (now part of Flowbird)
• Kapsch TrafficCom AG
• TransLink
• Cubic Corporation
• Infax, Inc.
• Scheidt & Bachmann