Public Transport Market Size Expected to Grow at a CAGR over 8.11% from 2024 to 2027

Pune, India, January 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Public Transport Market.

Overview

The Public Transport Market is expected to be valued at USD 1,151,435.9 Million, registering a CAGR of 8.11%.

In terms of volume, the global public transport market is expected to reach 18,794,405 units by 2027, registering a CAGR of 7.27%.

The report covers segmentation and drivers for a better glimpse of the market in the coming years. Public transport, also known as public transit, helps passengers travel using different means, such as road (bus, trolleybus, and taxi), rail and other fixed guideways (heavy rail, light rail, monorail, tram, and metro transit). The public transport systems are generally operated on established routes, managed on a schedule, and charge a fixed fee for each trip. The various parameters to measure the adaptability of different types of public transport are speed, comfort, safety, cost, proximity, timeliness, and directness. Such means of public transport are primarily used for urban transport, long-distance transport, and specialist services. One of the widely used means, the bus category, includes trolleybuses, bus rapid transit (BRT), double-decker bus, coaches (long-distance buses), shuttle bus, school bus, and minibus.

Competitive Analysis

Some of the Prominent Players in the Global Public Transport Market are Transport For London (UK), MTR Corporation (Hong Kong), Bay Area Rapid Transit (BART) (US), Chicago Transit Authority (US), The Washington Metropolitan Area Transit Authority (US), Massachusetts Bay Transportation Authority (US), Madrid Metro (Spain), Metropolitan Transportation Authority (US), The San Diego Metropolitan Transit System (US), and Seoul Metro (South Korea).

MTR Corporation strategizes to enhance its supply chain to match the new technological revolution and economic globalization progresses. It has adopted the “Innovation-driven Development” strategy and established the national high-speed train technology innovation center to continue to boost the overall high-end manufacturing level. It is investing in new projects by collaborating with the Chinese government. For instance, in October 2018, it has planned for investing in these projects including Tuen Mun South Extension (“TMS”), the Northern Link (and Kwu Tung Station) (“NOL”), the East Kowloon Line (“EKL”), the Tung Chung West Extension (and Tung Chung East Station) (“TCW”), and the North Island Line (“NIL”).

Bay Area Rapid Transit (BART) has vast industry experience in providing transport systems and infrastructure development. The company highly invests in the R&D for transportation segment to have advanced solutions of railway, signaling and services solutions. Moreover, it primarily focuses on the public transport development program by focusing on new additional rail cars on new routes, Train Control Modernization Project to achieve the timing and schedule of the trains, quick maintenance of the rail cars, and providing traction power substations to power the trains.

Segmental Analysis

The Global Public Transport Market has been segmented based on Type and Application. On the basis of type, the light rail segment is expected to dominate the global market. The light train uses a fixed number of passenger compartments attached with the engine and operates at a higher capacity, and on a predefined path. The light rail is propelled by diesel and electricity and runs on single or double engines depending on the slope of the route. The demand for light rail is expected to increase due to its cost-effectiveness and urbanization. Such factors are expected to drive the growth of the light rail segment during the forecast period.

On the basis of application, the city segment is expected to dominate the global market. Governments all over the world are investing in modern public transport systems, such as metros and advanced versions of light trains to minimize the impact of increasing population in cities, leading to the growth of public transport. Such factors are expected to drive the growth of the city segment during the forecast period.

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Regional Analysis

Geographic analysis of the Global Public Transport Market spans across North America, Europe, Asia-Pacific (APAC), and Rest of the World.

In 2018, Asia-Pacific was the leading market accounting for a market value of USD 260,123.4 million. The regional market is expected to reach USD 499,450.3 Million by 2027 with an impressive 9.74% CAGR during the forecast period.

Asia-Pacific is one of the prominent markets in the global public transport market. The increasing population combined with rapid growth in the share of the urban population, as well as development and expansion of cities are driving the need for good and efficient public transport facilities to achieve sustainable economic growth. Such factors are expected to drive the public transport market in the region during the forecast period.

In 2018, Europe held the second-largest market share of the public transport market. The government authorities in the region are continuously investing in public transport facilities to enhance public transport and minimize the traffic and vehicular emissions. The EU is working with the Connecting Europe Facility (CEF) for Transport. The CEF had a total budget of USD 26.8 billion for the period 2014–2020 to support investments in building new transport infrastructure in Europe for upgrading the existing one. Such efforts are expected to offer growth opportunities to the market players in the region during the forecast period. In 2018, the regional market was valued at USD 173,498.8 million, which is expected to reach USD 267,674.7 Million by 2027 with a 6.46% CAGR during the forecast period.

North America is the fastest-growing region in the global public transport market. The increasing investment in public transport and the need for reducing pollution from private vehicles are factors projected to boost the regional market growth. For instance, in 2015, the United States Department of Transportation (DOT) introduced the “Grow America Act”, which is a USD 478 billion proposal in six years focused on increasing and stabilizing the financing of road, rail, and transit transport infrastructure projects. This is expected to increase the adoption of public transport in the region during the forecast period. The regional market is expected to be valued at USD 171,628.4 million by 2025 at a CAGR of 5.65%.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.