The Public Transportation Market Size was valued at USD 231.44 billion in 2023 and is expected to reach USD 409.71 billion by 2031 and grow at a CAGR of 7.4% over the forecast period 2024-2031.
The need for public transportation vehicles has increased in recent years as industrialization and urbanization have increased. Public transportation vehicles are open to the general public and usually operate in regional and local passenger transit systems with established routes, fixed schedules, and a set fare for each journey. Most public transportation excursions, on the other hand, have predetermined pickup spots and require either walking to reach the destination or the use of private transportation services such as share taxis. Furthermore, public transportation vehicles provide a number of advantages, ranging from cost savings to reduced pollution.
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The worldwide public transportation market's demand and supply are steadily expanding. The net worth of this sector has increased dramatically as a result of advancements in public transportation facilities and the desire to save time in traffic while also reducing emissions from private vehicles, as well as the increasing development of public transportation facilities in various regions.
KEY DRIVERS:
Consumer preferences are shifting toward carpooling, train travel, ride-sharing, air travel, and bus travel.
Increase in urban population and easier and more convenient transportation for these people.
Many raw material supplying industries are shifting their focus to distributing their goods via public transportation.
The communication and information sectors are expanding.
Public transportation provides time and money-saving transportation options.
Increased public transportation knowledge across all industries.
RESTRAINTS:
Commute preference for passenger automobiles and two-wheelers is growing.
Political systems that favor public transportation investments stifle global market expansion.
People's rising living standards are leading them to choose private vehicles.
OPPORTUNITIES:
Government efforts to upgrade public transportation infrastructure in order to attract more users.
Increasing use of intelligent transportation systems.
The growing awareness of smart technology will create further prospects for public transportation.
CHALLENGES:
One of the biggest worries about public transportation is security.
High capital expenditure is required to construct new efficient transportation systems.
Accelerated urbanization has followed the rapid pace of economic reform.
The global pandemic of Covid-19 harmed public transportation, reducing industry growth in 2020. Commuters preferred to use private and personal transportation as the Covid-19 epidemic spread, causing public transportation ridership to plummet around the world. Under the shadow of the Covid-19 epidemic, the market is likely to recover and grow at a steady rate during the projection period. Governments all throughout the world have shut down public transportation vehicle services in the middle of the world's worst public health crisis, triggered by a unique coronavirus pandemic. Furthermore, severe social distancing rules have slowed the expansion of public transportation vehicles. With transmission rates greater in congested areas, global public transportation will continue to deteriorate in the near future.
MARKET ESTIMATION:
The market is divided into five categories based on the kind of type: bus, light rail, metro, regional taxi, and tram. The segment is growing due to increased availability and ridership of the road transportation system. The bus rapid system aims to provide more flexible, dependable, and speedier transportation while simultaneously contributing to the growth of the road segment.
The market is divided into applications, which are further divided into rural, and city. In 2023, the city sector had a strong market share. Urbanization and the worldwide population expansion are predicted to increase the need for improved public transportation networks in metropolitan regions
By Type:
Bus
Light rail
Metro
Regional taxi
Tram
By Application:
Rural
City
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South America and Middle East Asia, which are included in the rest of the world, have seen incredible growth in recent years, thanks to a focus on controlling emissions and rapid expansion in the public transportation region, as well as a reduction in the use of private vehicles. If we talk about the South American market, Argentina, Peru, Chile, and Columbia come to mind. Argentina's government has been expanding its public bus transportation system. The World Bank has granted a loan of USD 45 million to finance various infrastructure projects. During the foreseeable period, these investments are likely to promote global public transportation growth.
Asia Pacific to hold the market share of 48% in 2031.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Seoul Metro (South Korea), Madrid Metro, Transport For London (UK), The San Diego Metropolitan Transit System (US), TEMSA Global, MTR Corporation (Hong Kong), Metropolitan Transportation Authority (US), Gillig Corporation, Chicago Transit Authority (US), Bay Area Rapid Transit (BART) (US), and Massachusetts Bay Transportation Authority (US), are some of the major players in the industry.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 231.44 Billion |
| Market Size by 2031 | US$ 409.71 Billion |
| CAGR | CAGR of 7.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (Bus, Light rail, Metro, Regional taxi, Tram) • by Application (Rural, City), |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Seoul Metro (South Korea), Madrid Metro, Transport For London (UK), The San Diego Metropolitan Transit System (US), TEMSA Global, MTR Corporation (Hong Kong), Metropolitan Transportation Authority (US), Gillig Corporation, Chicago Transit Authority (US), Bay Area Rapid Transit (BART) (US), and Massachusetts Bay Transportation Authority (US) |
| Key Drivers | •Consumer preferences are shifting toward carpooling, train travel, ride-sharing, air travel, and bus travel. •Increase in urban population and easier and more convenient transportation for these people. •Many raw material supplying industries are shifting their focus to distributing their goods via public transportation. |
| RESTRAINTS | •Commute preference for passenger automobiles and two-wheelers is growing. •Political systems that favor public transportation investments stifle global market expansion. |
CAGR of Public Transportation market is 7.4% over the forecast period 2024-2031.
Public Transportation Market Size was valued at USD 231.44 billion in 2023.
Forecast period of Public Transportation market is 2024-2031.
Asia Pacific region is dominating the Public Transportation Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Public Transportation Market Segmentation, by Type
8.1 Bus
8.2 Light rail
8.3 Metro
8.4 Regional taxi
8.5 Tram
9. Global Public Transportation Market Segmentation, by Application
9.1 Rural
9.2 City
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 the USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 the UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Seoul Metro (South Korea),
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Madrid Metro
11.3 Transport For London (UK)
11.4 The San Diego Metropolitan Transit System (US)
11.5 TEMSA Global
11.6 MTR Corporation (Hong Kong)
11.7 Metropolitan Transportation Authority (US)
11.8 Gillig Corporation
11.9 Chicago Transit Authority (US)
11.10 Bay Area Rapid Transit (BART) (US)
11.11 Massachusetts Bay Transportation Authority (US)
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share analysis
12.3 Recent Developments
13. Conclusion
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