Public Transport Market Research Report - Global Forecast till 2030

Public Transport Market Research Report: Information by Type (Bus, Light Rail, Regional Taxi, Metro and Tram), Application (City and Rural) and Region - Forecast till 2030

ID: MRFR/AM/7205-CR | October 2020 | Region: Global | 134 pages

Impact of Covid-19 Outbreak on Public Transport Market

The public transport sector is substantially affected due to the increasing pandemic situation of COVID-19 across the world. Fluctuating consumer preferences along with behavior due to the changing global pandemic scenario will considerably influence the public transport market over the projected timeframe. For instance, in March 2020, the World Health Organization (WHO) announced the Covid-19 as a global pandemic resulting in several countries under lockdown. It also resulted in the closing of international borders and enforcement of curfews in multiple countries that caused a sharp decline in the public transport demand across the globe. There is a high probability that the outbreak of coronavirus will have a long-term effect on consumer lifestyle and behavior. It may also result in reduced usage of public transport owing to the rising awareness of social distancing and the cause for the spread of the virus. Moreover, travel bans couple with restrictions to public gatherings will further limit the public transport market in the pandemic period.

The demand for public transport has declined severely owing to the rising corona infections through public places and services. For instance, in April 2020, according to the World Economic Forum, the public transportation demand has reduced by 75% to 85% in cities including Copenhagen, Buenos Aires, and Washington. Moreover, increased focus on personal hygiene and care will affect the future demand for public transportation services. However, financial sensitivity due to increasing unemployment will propel the regular usage of public transport across the globe. Several Government authorities focusing on systematically coordinated response and implementation of effective measures from public transportation companies will support the industry expansion. Regional authorities are providing special protection for employees in public transport and increasing focus on regular sanitization activities will accentuate the market growth over the forecast timeframe. Moreover, International associations including the American Public Transport Association (APTA), Transport Research Board (TRB), and the International Organization for Public Transport Authorities and Operators (UITP) provide guidance, multiple measures, and social awareness for preventing the spread of disease that will support the market growth.
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