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The Public Transportation Market , according to the SNS Insider report, reached a size of USD 231.44 Billion in 2023. Analysts anticipate a phenomenal climb to USD 409.71 Billion by 2031, reflecting a healthy compound annual growth rate (CAGR) of 7.4% throughout the forecast period (2024-2031).
Growing Cities and UN Population Projections Signal Strong Demand
The United Nations projects a global population of 9.7 billion by 2050, a demographic shift that will significantly impact public transportation demand. Coupled with this is the relentless march of urbanization, with the World Bank predicting nearly 70% of the global population residing in cities by 2050. This translates to a surge in ridership as people increasingly rely on efficient public transportation for daily commutes and errands. Market research firms foresee this translating into a robust public transportation market, brimming with opportunities for investment in infrastructure upgrades, innovative technologies, and improved user experiences.
Furthermore, governments worldwide are actively encouraging public transportation use through fare reductions and free services for specific demographics. For instance, Detroit and Miami implemented initiatives in 2022 and 2021, respectively, offering free public transportation and door-to-door pick-up and drop-off services for people with disabilities and elderly passengers. It's noteworthy that in the United States, the public transportation share for commuting has risen slightly, with 3.1% of workers utilizing public transit in 2022 compared to 2.5% in 2021.
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Leading Key Players of Public Transportation Market
Seoul Metro Madrid Metro Transport For London The San Diego Metropolitan Transit System TEMSA Global MTR Corporation Metropolitan Transportation Authority Gillig Corporation Chicago Transit Authority Bay Area Rapid Transit Massachusetts Bay Transportation Authority
Market Segmentation of Public Transportation Market
By Type:
Bus Light rail Metro Regional taxi Tram
By Application:
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Buses dominate in the Public Transportation Dynamics
By Type: Buses currently dominate the market with the share of 35%, with their affordability and flexibility making them a popular choice for intracity and intercity travel.
By Application: Public transportation caters to both rural and urban environments. City-centric applications dominate the market with the share of 80% due to the higher population density and greater demand for efficient commutes.
Impact of Global Conflict and Economic Uncertainty On Public Transportation Market
The public transportation market faces negative impact from the Russia-Ukraine war, disrupted supply chains threaten the availability and cost of raw materials, particularly for electric buses. Additionally, surging energy prices strain operational costs, potentially leading to fare hikes or service cuts. However, the long-term impact remains uncertain, and the market's inherent resilience could offer some mitigation. An economic slowdown could also dampen growth through reduced ridership, but government stimulus and infrastructure investment could counteract this. Public transportation's affordability during downturns might even lead to increased ridership in the long run.
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Asia Pacific Takes the Lead
Over the forecast period, Asia Pacific is expected to dominate the public transport market and account for more than 48% of its sales by 2031.
Stringent emission norms and regulations in the region are driving the adoption of electric buses and other clean transportation solutions. Supportive government policies, including tax breaks and subsidies for purchasing electric vehicles, are further accelerating the shift towards sustainable public transportation.
For instance, governments in various Asia Pacific countries have implemented tax exemptions and subsidies for purchasing electric buses. This initiative is fostering the manufacturing of electric buses, propelling market growth in the region.
North American region is also projected to witness significant growth
The increasing demand for affordable public transportation due to limited accessibility and high costs of personal vehicle ownership in the region.
Government investments in improving public transportation infrastructure. For example, the Federal Railroad Administration 's Consolidated Rail Infrastructure and Safety Improvements grant program, announced in June 2022, allocated USD 368 million to fund projects aimed at modernizing rail infrastructure and supporting supply chains. These investments are expected to reduce congestion, provide affordable regional transit facilities, and ultimately drive market growth.
Key Takeaways Highlighting the Value of the Public Transportation Market Report
Understand the key factors propelling the public transportation market forward, such as surging urbanization, environmental concerns, and government initiatives. Gain insights into evolving trends like the adoption of electric buses, intelligent transportation systems, and autonomous shuttles. Explore high-growth segments within the public transportation market, like electric buses and smart technology solutions. Gain awareness of potential obstacles, such as economic slowdowns or supply chain disruptions, that could impact the market
Table of Contents – Major Points
Introduction
Research Methodology
Market Dynamics
Impact Analysis
Value Chain Analysis
Porter's 5 forces model
PEST Analysis
Public Transportation Market Segmentation, by Type
Public Transportation Market Segmentation, by Application
Regional Analysis
Company Profiles
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