Dublin, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The "Public Bus Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global public bus services market has grown strongly in recent years. It will grow from $238.69 billion in 2023 to $258.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. Asia-Pacific was the largest region in the public bus services market in 2023. The expansion observed in the historical period can be ascribed to factors such as urbanization and population growth, governmental investments in public transportation, increasing environmental awareness and emphasis on sustainability, challenges related to traffic congestion and commuting, as well as the pursuit of affordable and cost-effective transportation solutions.
The public bus services market is expected to see strong growth in the next few years. It will grow to $346.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be linked to ongoing urbanization and the prevalence of megacity trends, sustained government dedication to promoting sustainable mobility, a heightened focus on reducing emissions and improving air quality, the integration of multi-modal transportation systems, and the implementation of smart city initiatives. Key trends expected in the forecast period encompass the adoption of hybrid bus models, the application of data analytics for optimization, collaborative partnerships with the private sector, adaptations in response to the COVID-19 pandemic, and innovations in payment systems.
Government efforts to promote public transportation are fueling the growth of the public bus services market. The emphasis on public transport is driven by a shared goal of reducing environmental impact and enhancing transportation safety. The mutual benefits for both the government and the public arise from the increased utilization of public transportation, which not only offers an affordable and secure mode of transport for consumers but also generates revenue for the government. For instance, in March 2022, the UK government allocated £150 million ($184.8 million) to support local transport services in England. This funding aimed to assist bus and light rail operators, ensuring the continuity of travel services as the country emerged from the pandemic. Thus, government initiatives play a pivotal role in supporting the public bus services market.
The escalating issue of traffic congestion is anticipated to drive the expansion of the public bus services market. In 2022, a report by the US-based software company INRIX highlighted a substantial increase in the time lost to traffic congestion for the average U.S. driver, with a total of 51 hours lost throughout the year. This represented approximately one hour lost each week, signifying a significant surge from the 31 hours lost in the previous year. Hence, the surge in traffic congestion is a driving force behind the growth of the public bus services market.
Prominent companies in the public bus services market are concentrating on innovating bus services tailored for specific destinations, such as ski resorts, to mitigate congestion and enhance accessibility. Ski destinations, characterized by snowy landscapes and winter sports facilities, experience increased traffic, and the introduction of specialized bus services aids in addressing congestion issues. For instance, in November 2023, the Utah Transit Authority (UTA) in the United States launched a ski bus service for the 2023/24 season to alleviate congestion leading to Utah's ski destinations. Operating at a 30-minute frequency, the service aims to improve accessibility, especially on peak skiing days. Despite facing operator shortages, UTA has made significant progress in recruitment and retention efforts.
Major players in the public bus services market are actively involved in the development of electric bus models to meet evolving market demands. Electric buses, powered by electricity rather than traditional internal combustion engines, represent a sustainable and environmentally friendly transportation option. For example, in February 2023, Mellor, a UK-based provider of specialist passenger transport solutions, unveiled its new electric bus, the Sigma 8, at EuroBus Expo, expanding its Sigma range. Accommodating 54 passengers with 27 seats and standing room, the eight-meter battery-electric bus addresses the growing demand for eco-friendly transport solutions. Mellor has secured over 100 Sigma orders in the UK and Europe, with confirmed orders from London Hire and an undisclosed regional operator.
In October 2022, Transdev, a France-based private-sector public transport operator, completed the acquisition of First Transit Inc. for an undisclosed sum. This strategic move enables Transdev to enhance its presence in the United States and Canada, providing additional services with specialized knowledge. First Transit Inc., a US-based transportation company, possesses comprehensive expertise in both public and private transportation systems, including public bus services.
Report Scope
Markets Covered:
1) By Type: Light and Medium Type; Large Type.
2) By Body Built: Fully Built; Customizable.
3) By Fuel Type: Diesel; Electric and Hybrid; Other Fuel Types.
4) By Application: Urban Transport; Long Distance Transport; Specialist Services.
Key Companies Mentioned: BC Transit Corporation; Transport International Holdings Limited; The Brussels Intercommunal Transport Company; Transdev Group; The Berliner Verkehrsbetriebe (BVG).
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
A selection of companies mentioned in this report includes:
- BC Transit Corporation
- Transport International Holdings Limited
- The Brussels Intercommunal Transport Company
- Transdev Group
- The Berliner Verkehrsbetriebe (BVG)
- Chicago Transit Authority
- MTR Corporation Limited
- Transport for London
- Eurobusways Ltd.
- PostBus Switzerland Ltd.
- Zhengzhou Yutong Bus Co. Ltd.
- AB Volvo Ltd.
- Scania AB
- Tata Motors Limited
- SML Isuzu Limited
- Hino Motors Ltd.
- MAN Truck & Bus SE
- Marcopolo S.A.
- Bridj Inc.
- OurBus Inc.
- Chariot Transit Inc.
- First Student Inc.
- Greyhound Lines Inc.
- Andhra Pradesh State Road Transport Corporation
- ComfortDelGro Corporation Limited
- FirstGroup plc
- National Express Group plc
- Stagecoach Group plc
- Nobina AB
- Arriva plc
- Durham School Services L.P.
- First Transit Inc.
- Keolis Transit America Inc.
- Kowloon Motor Bus Company Limited
- MV Transportation Inc.
- Petermann LLC
- Regie Autonome des Transports Parisiens Co.
- SBS Transit Ltd.
- SMRT Corporation Ltd.
- Stock Transportation Ltd.
- Student Transportation of America Inc.
- The Go-Ahead Group plc
- Tower Transit Group Limited
For more information about this report visit https://www.researchandmarkets.com/r/qhmnyn
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