Dublin, June 30, 2023 (GLOBE NEWSWIRE) -- The "Public Bus Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global public bus services market is expected to grow from $221.89 billion in 2022 to $242.57 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The public bus services market is expected to reach $327 billion in 2027 at a CAGR of 7.8%. Asia-Pacific was the largest region in the public bus services market in 2022.
Where is the largest and fastest growing market for public bus services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
Technological advancements are a key trend gaining popularity
Public bus services firms are focusing on adopting advanced technologies to increase the efficiency and applications of public bus services and gain a competitive advantage. For example, in August 2020, the Chandigarh government (India) launched an intelligent transport system for public buses. In the first phase, 100 buses were integrated with the smart system that will provide real-time information on bus movement and a primary control station will keep track of all buses through GPS (global positioning system).
In October 2022, Transdev, a France-based private-sector company that operates public transport, acquired First Transit Inc for an undisclosed amount. With this acquisition, Transdev will expand its activities in the United States and Canada to offer additional services with specialized knowledge. First Transit Inc is a US-based transportation company with all-around expertise in both public and private transportation systems including public bus services.
Government initiatives for public transportation are driving the market
Governments are promoting public transportation to reduce environmental impact and safer transportation. Both the government and the people benefit from the growing use of public transportation. A cheap and safe form of transportation helps consumers, and the government make money from it. For instance, in March 2022, the UK government provided funding of £150 million ($184.8 million) for local transport services across England. This funding was aimed to support bus and light rail operators so that passengers can continue to travel and these services continue to run as the country emerges from the pandemic. Therefore, government initiatives for public transportation will support the public bus services market.
Reasons to Purchase the Report
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Key Attributes
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $242.57 billion |
| Forecasted Market Value (USD) by 2027 | $327 billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
A selection of the major companies mentioned in this report includes:
- BC Transit Corporation
- Transport International Holdings Limited
- The Brussels Intercommunal Transport Company
- Transdev
- The Berliner Verkehrsbetriebe
- Chicago Transit Authority
- MTR Bus
- Transport for London
- Eurobusways
- PostBus
For more information about this report visit https://www.researchandmarkets.com/r/hgp9i9
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