New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Public Transport Market Research Report Information by Application, Region, and Type - Forecast Till 2030”, the global Public Transport Market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 a healthy growth rate of approximately 6%. The reports further project the market to attain a valuation of around USD 1100 Billion by the end of 2030.
Public Transport Market Overview:
The global market for Public Transport has recently displayed massive development. The main aspect causing a surge in the performance of the market is the moving consumer preferences towards bus transport, air transport, carpooling, ride-sharing, and railway transport. Furthermore, the increase in the urban population along with the easier & convenient ways for this population to travel are also considered vital aspects enhancing the performance of the market across the globe. Moreover, the growing emphasis of much raw material supplying industries to distribute their goods with the help of public transport is also likely to boost the market's performance over the assessment period.
Competitive Analysis
The listing of the prominent leaders across the global public transport market includes players such as:
- Seoul Metro (South Korea)
- Metropolitan Transportation Authority (US)
- Transport For London (UK)
- Chicago Transit Authority (US)
- The San Diego Metropolitan Transit System (US)
- Bay Area Rapid Transit (BART) (US)
- MTR Corporation (Hong Kong)
- Massachusetts Bay Transportation Authority (US)
- Among others.
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Public Transport Market USP Covered
Market Drivers
The global market for Public Transport has recently displayed massive development. The main aspect causing a surge in the performance of the market is the moving consumer preferences towards bus transport, air transport, carpooling, ride-sharing, and railway transport. Furthermore, the increase in the urban population along with the easier & convenient ways for this population to travel are also considered to be some of the vital aspects enhancing the performance of the market across the globe. Moreover, the growing emphasis of much raw material supplying industries to distribute their goods with the help of public transport is also likely to boost the market's performance over the assessment period. In addition, governments across various regions worldwide are focusing on the improvement of public transport infrastructure to attract more users towards it, which in turn is also likely to catalyze the growth of the market over the review timeframe. Public transport is known to offer intelligent transport solutions in order to save money & time. Furthermore, the factors such as expanding the communication and information sector along with the rising awareness of public transport in all industries are also anticipated to boost the market's development over the coming years.
Public Transport Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 1100 billion |
| CAGR during 2022-2030 | 6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Key Market Opportunities | Recent developments through artificial intelligence and the encouragement |
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Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is security issues. Furthermore, the need for high capital investment to improve existing transport and develop new efficient transport facilities is also likely to impede the performance of the market over the coming years.
Public Transport Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Public Transport market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Public Transport Market Segment Analysis
Among all the types, the regional taxi segment is predicted to ensure the top spot across the global market over the assessment era.
Among all the application areas, the city segment is anticipated to lead the global market over the coming years.
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Public Transport Market Regional Analysis
The Global Public Transport market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that South America and the middle east Asia region are predicted to secure the top position across the global Public Transport market over the assessment period. The main parameter supporting the development of the regional market is the emphasis on limiting emissions. Furthermore, the curtailment of the use of private vehicles is also considered to be one of the crucial parameters supporting market development.
The South American regional market for public transport is anticipated to grow considerably over the coming, given mainly to the government's growth in public bus transport infrastructure.
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The European regional market secured the top spot in the market in the year 2018, given mainly to the prevention of traffic and control of the emissions from private vehicles. Furthermore, the factors such as rapid investments in the expansion of public transport, investments in the new building infrastructure, and the development of the infrastructure of public transport are also anticipated to boost the regional market's development over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
