Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Public Transportation Market Share will reach a value of USD 652.37 Billion by 2031, with a CAGR of 12.90% during the forecast period (2024-2031). Expansion in the public transportation industry is significantly driven by several reasons, including higher demand for government initiatives aiming to reduce traffic congestion among public. Many governments from across the globe are planning their intentions to increase the locality-based use of public transportation. So, the government through focusing on the deployment of technology, innovative finance, institutional arrangements, and even better experience of the user itself intends to promote more utility of public transport.
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Browse in-depth TOC on the “Public Transportation Market”
- Pages – 223
- Tables – 62
- Figures – 75
Public Transportation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 247.14 Billion |
| Estimated Value by 2031 | USD 652.37 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.90% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Mode Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Public transportation market expanding due to urbanization |
| Key Market Opportunities | Smart City Initiatives |
| Key Market Drivers | Integration of Mobility Solutions |
Online Sector Poised for Rapid Growth Amid Urbanization Trends
As per the public transportation market forecast, the online segment dominated the market. As a result of the urbanization process the world is undergoing, there is an increased need for better public transportation networks. About 55% of the world’s population lived in cities in 2023. This number will increase to 68% by 2050. That is, another 2.5 billion people will live in cities by 2050, the UN predicts. In cities where public transport is inadequate and roads are dangerous, a growing population is burdening the mobility and transportation infrastructure, causing traffic jams. This industry is employing digital transformation methods that include sophisticated web applications, smart solutions, and the use of smarter and intelligent solutions so that traffic congestion can be eased.
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Rail Segment Expected to Lead Growth Driven by Cost-Effective Travel
Between 2023 and 2030, the rail segment would show the highest growth within the public transportation industry. One of the key factors supporting this segment’s growth includes the fact that the rail segment is a long-distance customer who travels at low cost. Besides this, the increasingly high numbers of private and public vehicles on roads, and people commuting from rural to urban regions or vice versa. Moreover, rail transit remains one of the most reliable and fast methods of doing so. Therefore, the category has presented tremendous growth and high market share in the global market. ADAS in rail transport is applied with the purpose of optimization on energy efficiency, reduction on costs, safety, and better management of the overall operations.
Asia-Pacific Dominates Market Share Through Environmental Initiatives
Asia-Pacific recorded the highest public transportation market share during 2030 at more than 45%. Growth in the Asia Pacific market has been realized through the development of charging infrastructure, supporting government policies, and strict emission standards and regulations. The need for environmentally friendly automobiles in the region has been further fueled by the rising levels of pollution and the damaging environmental consequences of greenhouse gas emissions. The governments of many countries in the region have now announced tax cuts and monetary benefits for the procurement of electric buses to facilitate green modes of transportation. This means that the Asia-Pacific industry gradually grows as this initiative propels the manufacturing of electric buses into higher production rates.
Public Transportation Market Insights
Drivers
- Integration of Mobility Solutions
- Rising Fuel Prices
- Rapid Urbanization
Restraints
- Competition from Private Transportation
- Budget Constraints
- Geographical Limitations
Key Players Operating Within the Public Transportation Market
The following are the Top Public Transportation Companies
- BC Transit Corporation
- Berliner Verkehrsbetriebe
- Deutsche Bahn
- East Japan Railway Company
- Keolis
- Mass Transit Railway (MTR)
- Metropolitan Transportation Authority
- Southern California Regional Rail Authority (Metrolink)
- The Brussels Transport Company
- Transport for London (TfL)
Key Questions Covered in the Global Public Transportation Market Report
- What are the factors restricting the growth of the market?
- Who are the key players operating within the market?
- Which segment, under the mode type, accounted for the largest share in 2023?
- What are the key public transportation market trends?
- How big is the market?
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This report provides the following insights:
- Analysis of key drivers (rise in urbanization, increasing fuel prices), restraints (budget constraints, operational challenges) opportunities (focus on accessibility, expansion of services), and challenges (resistance to change, safety & security concerns) influencing the growth of the public transportation market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the public transportation market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the public transportation market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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