The Global Public Transportation Market size is estimated to reach a valuation of US$ 344.6 billion by 2027 and is predicted to register a CAGR of 6.02% from 2022 to 2027.
Market Overview:
The public transportation market provides transportation services to the general public. This market includes companies and organizations that operate buses, trains, subways, and other forms of public transportation, as well as the infrastructure and equipment used to support these services. The public transportation market is a large and complex industry and plays an important role in the global economy. The market is driven by a combination of factors, including population growth, urbanization, and government policies. In addition, the public transportation market is expected to grow in the coming years as more people choose to use public transportation instead of driving their vehicles.
Market Drivers:
The growth of the public transportation market is driven by the global economy, the increasing population worldwide with each year passing, and rising urbanization. The state of the economy can have a significant impact on public transportation. When the economy is strong and growing, people may be more likely to use public transportation, as they may have more disposable income to spend on things like bus or train fares. This can lead to increased ridership and revenue for public transportation systems. The global population has been growing steadily in recent decades. It is estimated to be around 7.9 billion people, expected to accelerate public transportation needs and result in market growth. The growth in the population worldwide is mainly due to a combination of increasing life expectancy and declining mortality rates, as well as high fertility rates in some regions of the world. The population is expected to continue growing in the coming years, although the growth rate is expected to slow. In general, population growth can have both positive and negative impacts on an economy and society. On the one hand, a growing population can lead to increased economic activity and the development of new industries.
Developments in public transportation infrastructure are another major factor propelling market growth. Investment in infrastructure is essential for developing and improving public transportation systems. Infrastructure development can include projects such as the construction of new roads, highways, and bridges and the expansion or renovation of existing public transportation facilities. This can help to improve the efficiency, reliability, and accessibility of public transportation and can make it a more attractive option for people who are considering using it. Infrastructure development can also have several other benefits, such as creating jobs, stimulating economic growth, and improving the quality of life in a community. However, for infrastructure development to be successful, it needs to be well planned and coordinated, and it to be accompanied by adequate funding and support from the government and other stakeholders.
Furthermore, increasing efforts from various governments to satisfy the transportation of the growing population growing ridership from the public using public transportation, and increasing population migrating to urban areas in multiple countries are accelerating the market’s growth rate.
Market Restraints
Public transportation is high among underdeveloped and developing countries; however, due to the growing adoption of passenger cars and two-wheelers from these countries is anticipated to showcase a negative impact on the market growth. Furthermore, the lack of investments in developing public transportation systems is further expected to limit the market’s growth rate. In addition, security concerns associated with public transport are anticipated to inhibit the market's growth rate.
Market Opportunities:
Technological developments to enhance public transportation services are expected to provide lucrative growth possibilities in the market. There have been many technological developments in public transportation in recent years. Some of these developments include using advanced sensors and data analysis to improve the efficiency and reliability of public transportation systems, adopting electric and hybrid vehicles to reduce emissions and improve air quality, and developing new technologies for fare collection and payment systems. Additionally, there has been an increased focus on using technology to improve the accessibility of public transportation for individuals with disabilities. A few countries consider public transportation as one of the most important services they can offer to the public and keep a regular focus on providing better services in public transportation, which is anticipated to open doors for more growth possibilities.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 – 2027 |
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Base Year |
2021 |
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Forecast Period |
2022 - 2027 |
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CAGR |
6.02% |
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Segments Covered |
By Distribution Channel, Transportation Mode, and Region. |
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Various Analyses Covered |
Global, Regional, and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Metrolink, Transdev, Tobu Railway Co., Ltd., Trenitalia c2c Limited, Berliner Verkehrsbetriebe, Transportation for London, BC Transit Corporation, Transport International Holdings Limited, The Brussels Transport Company, and Others. |
Market Segmentation:
Based on the distribution channel, the offline segment dominated the public transportation market in 2021, This segment's healthy growth is estimated to be there for this segment during the forecast period. The usage of offline distribution channels is high among the countries, driving the segment’s dominance.
On the other hand, the online segment is expected to project a healthy CAGR during the forecast period. Factors such as growing internet connectivity increased mobile usage among the population, and better availability of purchasing tickets online are a few factors promoting the segment’s growth.
Based on the transportation mode, the road segment had the largest share of the public transportation market in 2021. The availability of widespread public transportation is one of the major factors propelling the segment’s growth.
The rail segment is anticipated to grow at a decent CAGR during the forecast period.
Market Regional Analysis:
The APAC region had the dominating share in the global public transportation market in 2021. The presence of developing countries is one of the key factors driving the public transportation market in the Asia-Pacific region. In addition, countries such as India, China, Japan, and South Korea have technologically well-developed and cost-effective public transportation services, further promoting the market’s growth rate in this region.
Across the world, the Middle East and Africa are anticipated to project a healthy CAGR during the forecast period. As a result, countries from these regions are investing significantly and taking numerous initiatives to hike the public transportation market in the Middle East and Africa.
Market Key Players:
Frequently Asked Questions
Transportation for London, BC Transit Corporation, Transport International Holdings Limited, The Brussels Transport Company, Trenitalia c2c Limited, Metrolink, Transdev, Tobu Railway Co., Ltd., Berliner Verkehrsbetriebe are some of the key players in the public transportation market.
The global public transportation market is segmented based on type into the road, rail and others.
APAC had the global public transportation market share in 2021.
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