Public Transport market Report - Worldwide | Market Research Future (MRFR) Forecast Report

Public Transport Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Public Transport Market Research Report, Type, Application and Region - Forecast till 2027” the market size is projected to be worth USD 1352.7 Billion by 2027, registering a CAGR of 8.11% during the forecast period (2021 - 2027).

COVID-19 Analysis

The demand for public transport has declined due to the increasing corona infections through public services and public places. According to the World Economic Forum, in April 2020, the demand for public transportation has reduced by 75-85% in cities such as Washington, Buenos Aires, and Copenhagen. Besides, increased focus on personal care and hygiene will impact the future need for public transport services. Financial sensitivity owing to increasing unemployment will propel the regular use of public transport across the globe. Various government authorities that are focusing on systematically coordinated response and implementation of effective measures from the public transportation companies will support the industry expansion. Regional authorities are offering special protection for employees in public transport and rising focus on regular sanitization activities will offer market growth. Besides, international associations offer guidance, social awareness, and multiple measures to prevent the spread of the virus which is also adding market growth.

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Key Players

Eminent players profiled in the global public transport industry report include –

Seoul Metro (South Korea)
Transport For London (UK)
The San Diego Metropolitan Transit System (US)
MTR Corporation (Hong Kong)
Metropolitan Transportation Authority (US)
Chicago Transit Authority (US)
Bay Area Rapid Transit (BART) (US)
Massachusetts Bay Transportation Authority (US)

Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, new product launches, and others. For instance, MBMC had launched an intelligent transport system for monitoring unruly bus drivers. Bus stop skips, route changes, and over-speeding will be monitored through this technology. All this will be monitored through GPS on the IT dash board set up.

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Alluring Features that Boost Market Growth

As per the latest MRFR report, numerous factors are propelling the global public transport market share.

Public Transport Market Drivers/Public Transport Market Trends

Development in Infrastructure of Public Transport to Boost Market Growth

The development of public transport to prevent the congestion of the traffic and also control the emissions from public vehicles are likely to boost market growth.

Besides, increase in urban population and demand in the cities to have efficient public facilities of transport are also adding to the global public transport market value over the forecast period.

Opportunities

Shifting Consumer Preference to offer Robust Market Opportunities

The shifting consumer preferences towards bus transport, air transport, ride-sharing, railway transport, and carpooling will offer robust opportunities in the market in the forecast period.

Restraints

Security Issues to act as Market Restraint

Security issues related to public transport may act as a market restraint over the over the forecast period.

Challenges

Need for High Capital Investment to act as Market Challenge

The need for high capital investment to improve existing transport and also build new efficient transport facilities may as a market challenge over the forecast period.

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Market Segmentation

By type, the light rail segment will lead the market over the forecast period. It is cost-effective and drives by on electricity or diesel. It needs a double or a single engine as per the route. This is considered to a future public transport market owing to developing urbanization.

By application, the city application will dominate the market over the forecast period owing to the growing urban population and the need for facilitating the good transportation systems.

Regional Analysis

Asia Pacific to Head Public Transport Market

The Asia Pacific region will head the market over the forecast period. Increase in production and sale of passenger vehicles across India, South Korea, and China, the presence of strong economies including South Korea, India, Japan, and China, expansion of the e-commerce industry, the presence of a well-established supply chain network that caters to various industries including heavy machinery manufacturing, consumers goods manufacturing, shipbuilding, and automotive, growing urbanization, and rising population are adding to the global public transport market growth over the forecast period. However, disruptions to the supply chain catering to various industries owing to shutdown of production & manufacturing facilities and raw material shortage caused by the coronavirus pandemic has caused the market for witnessing a contraction in 2020.

Segmentation of Market covered in the research:

Information by Type (Bus, Light Rail, Regional Taxi, Metro and Tram), Application (City and Rural) and by Region (North America, Europe and Asia-Pacific)

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