Bus Rapid Transit Systems Market Share 2022: Global Trends, Key Players, Industry Analysis and Forecast to 2028

The global bus rapid transit (BRT) systems market is anticipated to grow at a significant CAGR of 7.9% during the forecast period (2022-2028).

BRT is a sophisticated transportation system that provides efficient, cost-effective, and adaptable urban mobility services. Smart public transportation systems, fare collection systems, terminals, automated lanes, public information systems, pedestrian subways, crossing signals, railings, and stations are all part of the BRT system. By providing safe and spacious routes for motor vehicles, pedestrians, and cyclists, BRT stresses the holistic development of a city. It also has user-friendly road markings and signage for children, seniors, the visually impaired, and those who are wheelchair-bound.

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Rapid urbanization around the globe, particularly in developing nations, is one of the key drivers of market expansion. Furthermore, the market is being propelled by the increasing number of vehicles on the road, which has resulted in an increase in demand for improved transportation infrastructure. BRT systems enable the improvement of road safety by minimizing the likelihood of accidents, injuries, and fatalities by controlling traffic congestion. In accordance with this, favorable government regulations encouraging the use of sustainable and efficient rapid transit systems with little environmental impact are additionally contributing to market growth. Other factors, such as infrastructure development and the widespread use of new communication technologies, are also expected to drive the growth of the BRT systems market.
The market players are additionally contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-

• In April 2022, On Van Ness Avenue, San Francisco's first BRT system was launched. After several modifications to beautify the corridor and make it simpler to move through, leaders have dubbed the region with the new Van Ness. The Van Ness BRT system has been in the works for 19 years and costs almost $350 million.

• In February 2020, Curitiba received 21 conventional buses, 13 B340M articulated buses, and 6 B340M bi-articulated buses from Volvo to improve the city's transportation infrastructure.
• In December 2019, Brampton Transit (Canada) awarded New Flyer a contract to supply 60-foot Xcelsior diesel-electric hybrid buses. It will send ten heavy-duty buses to enable Zum to expand its BRT fleet.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Bus Type
o By System Type
o By Fuel Type

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- AB Volvo, Ashok Leyland (Hinduja Group), BYD Co., Ltd., Cubic Corp., and Daimler AG, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global BRT Systems Market Report by Segment

By Bus Type
• Standard
• Articulated
• Others

By System Type
• Open BRT System
• Closed BRT System
• Hybrid BRT System

By Fuel Type
• Diesel
• Natural Gas
• Others

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This release was published on openPR.