Global Public Transportation Market Size to Worth USD 407.84 Billion By 2032 | CAGR of 6.4%
The Global Public Transportation Market Size was valued at USD 219.32 Billion in 2022 and the Worldwide Public Transportation Market Size is expected to reach USD 407.84 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered:BC Transit Corporation, Berliner Verkehrsbetriebe, Deutsche Bahn, East Japan Railway Company, Keolis, Mass Transit Railway, Metropolitan Transportation Authority, Southern California Regional Rail Authority, The Brussels Transport Company, Transport for London, Transport International Holding Limited, Trenitalia c2c Limited, TOBU Railway Co. Ltd., Toronto Transit Commission, and Transdev and other key vendors.
New York, United States , Nov. 10, 2023 (GLOBE NEWSWIRE) -- The Global Public Transportation Market Size is To Grow from USD 219.32 Billion in 2022 to USD 407.84 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Public transportation is a system that enables the general public to travel using shared modes of transportation such as buses, trains, trams, subways, and ferries. It offers numerous advantages for urban areas by reducing traffic congestion, improving air quality, and providing cost-effective mobility options. Public transportation networks enhance accessibility, promoting social inclusion for various individuals. They contribute to sustainability efforts by reducing energy consumption and greenhouse gas emissions. Additionally, public transportation helps alleviate parking challenges and supports economic development by facilitating commuting to work, education, and leisure activities. Overall, it plays a pivotal role in creating connected, livable, and sustainable communities.
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*The online segment is expected to grow at a CAGR of around 6.5% during the forecast period*
Based on the distribution channel, the global public transportation market is segmented into online and offline. The online segment of the public transportation market by distribution channel is projected to experience the highest growth during the forecast period. This is primarily due to the increasing penetration of smartphones, widespread internet connectivity, and the convenience offered by online platforms. These platforms provide users with the ability to access real-time information, plan routes, purchase tickets, and even make cashless transactions. The growing popularity of mobile applications and online booking platforms has made it easier for passengers to navigate public transportation networks, reducing waiting times and improving overall travel experiences. The online segment's growth is driven by the demand for seamless, efficient, and user-friendly solutions that cater to the evolving needs and preferences of tech-savvy commuters.
*The rail segment is expected to grow at a CAGR of around 6.3% during the forecast period*
Based on the mode type, the global public transportation market is segmented into road, rail, and others. The rail segment is projected to experience the highest growth during the forecast period in the public transportation market. Rail systems, including metros, subways, and light rail, offer several advantages such as high capacity, speed, and energy efficiency. They are particularly well-suited for densely populated urban areas with heavy commuter traffic. Governments and urban planners are increasingly investing in expanding and improving rail infrastructure to address traffic congestion and promote sustainable transportation options. Additionally, rail systems provide a reliable and predictable mode of transportation, offering convenience and reducing travel times. The growth of the rail segment is driven by the need for efficient, environmentally friendly, and congestion-reducing transportation solutions in urban regions.
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*North America is predicted to grow at a significant CAGR of around 6.7% over the projected period*
Based on region, the North American region is projected to witness significant growth in the public transportation market for several reasons, because there is a growing awareness of the need for sustainable transportation solutions to reduce carbon emissions and combat climate change. Government initiatives and investments in developing public transportation infrastructure, including light rail systems, subway networks, and bus rapid transit, are driving market growth. Additionally, changing demographics and urbanization patterns, along with increasing traffic congestion and parking challenges in major cities, are pushing for more efficient and reliable public transportation options. Moreover, technological advancements, such as mobile ticketing and real-time information systems, are improving the user experience and attracting more ridership, contributing to the market's expansion in North America.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global public transportation market include BC Transit Corporation, Berliner Verkehrsbetriebe, Deutsche Bahn, East Japan Railway Company, Keolis, Mass Transit Railway, Metropolitan Transportation Authority, Southern California Regional Rail Authority, The Brussels Transport Company, Transport for London, Transport International Holding Limited, Trenitalia c2c Limited, TOBU Railway Co. Ltd., Toronto Transit Commission, and Transdev. And Other key Vendors.
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*Recent Developments*
*In February 2022*, TfL announced a partnership with the MTR Elizabeth Line and its construction company, Walker Construction Limited, to expand the Burnham station's area and enhance accessibility. In addition to new ticket vending machines, customer information displays, automatic ticket gates, and ticket office buildings with accessible ticket windows and automatic ticket gates, enhancements also include the addition of new ticket vending machines.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Public Transportation Market based on the below-mentioned segments:
*Public Transportation Market, By Distribution Channel*
· Online
· Offline
*Public Transportation Market, By Mode Type*
· Road
· Rail
· Others
*Public Transportation Market, Regional Analysis*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· UK
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of Middle East & Africa
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