Market Overview
Market Research Future (MRFR) reveals the impact of COVID-19 on the worldwide Public Transport Market 2020. A detailed report analysis of COVID-19 pandemic short term and long term impact on the market is explained in the report. As per MRFR study, the expansion of the public transport market is expected to rise at 8.11% CAGR in the forecast period. The expansion of the Public Transport global Market can be attributed to increase in public transport lately. The rise in population base, along with rapid growth of cities can drive the expansion of the world public transport market in the years to come. The growing need for safe and efficient public transport solutions, in order to achieve sustainable economic rise is another factor that can boost the expansion of the market in the years to come.
Escalating investments made for public transport developments to prevent traffic congestions can support the rise of the market. The growing need to control emissions from private automobile can boost the expansion of the regional public transport market. High funding to building new transport facilities and upgrade existing infrastructure can promote the expansion of the world market in the years to come. The growing adoption of effective public transport solutions can underpin the rise of the market in the forecast period.
Market Segmentation
The segment study of the Global Public Transport Market is based on Type and Application. The type based segments the public transport world market are metro, regional taxi, bus, light rail, and tram. The high demand for light rail and increase in need for cost-effectiveness, along with rapid urbanization can promote the expansion of the world public transport market across the forecast period.
The application based, the public transport market can be segment into city and rural. The city segment can gain high traction in the years to come. Rapid urbanization and growing industries can support the expansion of the world market in the years to come. Governments across the globe are invested in modern public transport systems, developing advanced versions of metros and light trains in order to minimize the influence of population in cities that result in expansion of public transport in cities can boost the rise of the market.
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Regional Analysis
The expansion of the public transport market in South America and Middle East & Africa, is steady as compared to the excellent growth pace of the market in North America. The presence of powerful infrastructures for transport and increase in investment for public transport developments can cause North America public transport market to rise exponentially in the years to come. The increasing focus of governments to minimize private vehicles utility, along with it limit emissions can promote the expansion of the regional market in near future. In Europe, the expansion of the public transport market can be attributed to investments made in development for transportation infrastructure. APAC public transport market rise can be credited to high urban migration, rapid expansion of industries, and booming cab services. Digitalization and availability of cheap data packages can support the expansion of the regional market.
Key Competitors
MRFR profiled some Key Players that are operating in the world Public Transport Market. They are; MTR Corporation (Hong Kong), Transport For London (UK), Chicago Transit Authority (US), The Washington Metropolitan Area Transit Authority (US), Bay Area Rapid Transit (BART) (US), Massachusetts Bay Transportation Authority (US), Madrid Metro (Spain), The San Diego Metropolitan Transit System (US), Metropolitan Transportation Authority (US), and Seoul Metro (South Korea) among others.
