Public Transportation Industry Overview
The global public transportation market size was valued at USD 206.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2028.
The market is significantly driven by vital economic growth across the world. Over the past few decades, population migration into the urban areas and the expansion of urban/metro cities are rapidly increasing. According to the United Nations data, around 55% of the world’s population lived in urban areas in 2018, and according to the projections, the figure is expected to reach 60% by 2030. This vast migration is anticipated to propel market growth. The market growth can be attributed to infrastructure development and technological advancements across the world. Bus rapid transit, metro, monorail, and light rail transit are being implemented by various governments to cater to the demand for public transportation in megacities, increasing public ridership and boosting the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Public Transportation Market
The market growth is restrained by the increasing commute preference for passenger cars and two-wheelers. Two-wheelers are a popular type of commute mode preferred by the middle-income class in developing nations including India, Vietnam, and Bangladesh. Additionally, biased political systems toward public transport investments hamper the global market growth.
The Covid-19 pandemic affected global public transportation, negatively impacting the market growth in 2020. With the spread of the Covid-19 infection, commuters preferred to use private and personal means of travel, declining public transport ridership steeply across the world. The market is expected to witness recovery in the forecast period under the shadow of the Covid-19 pandemic and exhibit a steady growth rate.
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Key Companies Profile
Some prominent players in the global public transportation market include:
- Transportation for London
- BC Transit Corporation
- Transport International Holdings Limited
- The Brussels Transport Company
- Trenitalia c2c Limited
- Metrolink
- Transdev
- Tobu Railway Co., Ltd.
- Berliner Verkehrsbetriebe
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Post COVID-19, the ride-hailing is about to jump off and the market size is about to make growth upto 55.9% from 2020 to 2021.
With perfect technical safety measures like mask detection for drivers, the ride-hailing is about to boom more than ever as public transportation is still a threat.
