Shear wave imaging has emerged as a potential non-invasive technique for the quantitative assessment of the arterial shear modulus. Nonetheless, the arterial elasticity estimation in the transverse direction has been overlooked compared with the longitudinal direction, and the estimated transmural stiffness has rarely been evaluated. Accurate depiction of the transverse stiffness across the thin arterial wall warrants comprehensive characterization in both normal and pathological conditions. This study estimated the transmural arterial shear modulus in both the longitudinal (l Long) and transverse directions (l Trans) using group (c T) and phase velocities (c ph) in finite element models and hollow cylindrical tissue-mimicking phantoms with various shape factors. The results were validated against mechanical testing. Zero-order antisymmetric Lamb wave and circumferential Lamb type wave models were considered in the longitudinal and transverse directions of the thin-walled hollow cylinder, respectively. The results derived from the model with the thin plate assumption confirmed that c T underestimated l Long and l Trans. Unlike the c ph-based l Long estimates that were in excellent agreement with measured values, the c ph-based l Trans estimates were found to be comparable to c ph-based l Long at the inner wall but increased radially outward. Transmural l Trans estimation using c ph was demonstrated to be feasible for thin-walled hollow cylinders but necessitated careful account of the wall geometry, in particular the shape factor. Published by AIP Publishing.