The Global Public Transport Market is Estimated to Exhibit 8.11% CAGR by 2025| M
Posted by Preeti on February 3rd, 2021
According to Market Research Future (MRFR), the global public transport market is projected to reach USD 1,151,435.9 million, with an 8.11% CAGR from 2017 to 2025 (forecast period). The report discusses crucial innovations in the global public transport market in light of the novel COVID-19 pandemic. The report offers a meticulous overview of the different areas of the sector that are likely to be impacted by the pandemic.
Public transport (also known as public transport, public transportation, or mass transit) is the transport of passengers by group travel systems available for use by the general public, generally managed on a scheduled basis, operated on established routes, and which charge a fee for each ride.
The growing global population has increased the use of public transport, increasing the need for safer transport practices. As economies grow, demands for smart transport systems are also growing to remove any problems. Growing initiatives for smart cities have increased the demand for smart transport networks and are growing rapidly. The rapid growth of public transport has generated attractive growth opportunities for this market and is becoming more robust over time.
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COVID-19 Impact on the Global Public Transport Market
The public transport sector is greatly affected by the growing pandemic situation of COVID-19 around the world. Fluctuating consumer preferences, along with behavior due to the changing global pandemic scenario, will have a significant effect on the public transport industry over the expected timeframe. For example, the World Health Organization (WHO) announced in March 2020 that the COVID-19 was a global pandemic that resulted in many countries under lockdown. It also resulted in the closing of international borders and the introduction of curfews in a number of countries, which triggered a sharp decrease in demand for public transport around the globe. There is a high possibility that the coronavirus outbreak will have a long-term impact on consumer lifestyle and behavior. It may also result in decreased public transport usage due to an increased understanding of social distancing and the spread of the virus. In addition, travel bans, combined with restrictions on public gatherings, will further limit the market for public transport during the pandemic period.
Demand for public transport has decreased dramatically due to a rise in coronavirus across public places and services. For example, in April 2020, as per the World Economic Forum, demand for public transport in cities like Copenhagen, Buenos Aires, and Washington decreased by 75% to 85%. In addition, increased emphasis on personal hygiene and care will impact the potential demand for public transport services. However, financial sensitivity due to rising unemployment will push the daily use of public transport across the globe. Several government authorities focusing on systematically coordinated response and the introduction of effective measures by public transport companies will help the industry's growth. Regional authorities are offering special protection for public transport workers, and the growing emphasis on daily sanitation activities will accentuate demand growth over the projected period. In addition, international organizations, including the American Public Transport Association (APTA), the International Organization for Public Transport Authorities and Operators (UITP), and the Transport Research Board (TRB), provide guidelines, various steps, and social awareness to prevent the spread of disease that will help market growth.
The global market for public transport has been segmented based on type and application.
By type, the global public transport market has been segmented into bus, light rail, regional taxi, metro, and tram. Light rail is likely to be one of the critical segments of the global public transport market. The light train uses a certain number of passenger compartments connected to the engine and runs at a higher capacity and on a predefined route. The light rail is operated by diesel and electricity and operates on single or double engines, depending on the slope of the road. The demand for light rail is expected to rise due to its cost-effectiveness and urbanization.
By application, the global public transport market has been categorized into city and rural. In 2018, the city segment had the largest market share. Urbanization and the rise of the global population are projected to contribute to the need to improve public transport systems in urban areas. As per the United Nations, by 2050, about 2.5 billion more people will be added to the urban population, primarily in Africa and Asia. As a result, governments worldwide are investing in modern public transport systems, like metros and advanced versions of light trains, to minimize the effects of a growing population in cities, leading to an increase in public transport in cities.
By region, the global public transport market has been segmented into Asia Pacific, Europe, North America, and the Rest of the World.
The rest of the world public transport market, including the Middle East, Africa, and South America, is expected to see tremendous growth. Investment in the growth of public transport in the region is increasingly growing, with governments focusing on decreasing the use of private vehicles and restricting emissions.
The South American market includes Peru, Brazil, Argentina, Colombia, and Chile. The Government of Argentina is investing heavily in the development of public bus transport infrastructure. For example, in 2017, the World Bank Board of Directors approved a USD 45 million loan to support two main infrastructure projects: a new bus corridor (Metrobus) in the province of Buenos Aires and a transit center in the south of the city of Buenos Aires. These investments are expected to fuel the growth of the public transport market in South America during the forecast period.
In 2018, Europe had the second largest market share in the global public transport market. Growing investment in the development of public transport in European countries to avoid traffic congestion and reduce pollution from private cars is expected to fuel regional demand growth. The EU is collaborating with the Connecting Europe Facility (CEF) for Transport, the funding instrument for the introduction of a European transport infrastructure policy. The CEF has a budget of USD 26.8 billion for the period 2014-2020 to finance investment in the development of new transport infrastructure in Europe or to upgrade the current one. The adoption of public transport in the area is expected to increase during the forecast period.
The Asia Pacific is expected to dominate the global market for public transport. The rising population, coupled with rapid growth in urban population and urban development and expansion, is driving the need for good and reliable public transport facilities to achieve sustainable economic growth. These factors are expected to fuel the global public transport market's growth during the forecast period.
The industry giants in the Global Public Transport Market are Transport For London (UK), The San Diego Metropolitan Transit System (US), Chicago Transit Authority (US), Bay Area Rapid Transit (BART) (US), The Washington Metropolitan Area Transit Authority (US), MTR Corporation (Hong Kong), Massachusetts Bay Transportation Authority (US), Metropolitan Transportation Authority (US), Madrid Metro (Spain), and Seoul Metro (South Korea).
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Key Questions Addressed by the Report
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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About the AuthorPreeti
Joined: January 13th, 2021
Articles Posted: 385
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