Public Transportation Market Report 2023: Poor Demand in Underdeveloped Countries & High Growth Potential in Emerging Markets

Public Transportation Market is estimated to reach USD 343.83 Billion by 2030, The driving factor explains us a lot of firms that offer raw materials are refocusing on using public transit to deliver their products.

According to the insights provided by SNS Insider public transportation sector is witnessing a transformative shift, driven by a confluence of factors such as urbanization, sustainability goals, and technological advancements. With the increasing global emphasis on eco-friendly modes of transportation, public transit systems are evolving to cater to growing urban populations.

Market Size:

From its estimated value of USD 219 billion in 2022 to USD 343.83 billion by 2030, the Public Transportation Market is predicted to increase at a compound annual growth rate (CAGR) of 5.8%.

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Market Scope:  

Governments and private entities are investing in infrastructural developments and adopting intelligent transportation systems to enhance efficiency and commuter experience. The market's trajectory also reflects a rising awareness of the need for inclusive, accessible public transit solutions that address the diverse needs of urban communities. As technology continues to play a pivotal role, the integration of AI-driven analytics and smart infrastructure holds the potential to optimize routes, reduce congestion, and improve overall transit performance, ensuring a seamless and sustainable future for public transportation.

Opportunity Analysis:

As urbanization accelerates, there is an increased emphasis on efficient, eco-friendly public transportation systems. The analysis reveals a growing demand for innovative modes of transit, such as electric buses and autonomous vehicles, reflecting a commitment to reducing environmental impact. Furthermore, the integration of smart technologies, such as real-time tracking and predictive analytics, has become a focal point in enhancing the overall commuter experience.

Major Players:

TEMSA Global, MTR Corporation (Hong Kong), Metropolitan Transportation Authority (US), Gillig Corporation, Seoul Metro (South Korea), Madrid Metro, Transport For London (UK), The San Diego Metropolitan Transit System (US), 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.

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Segment Analysis:

The public transportation market is segmented by type into bus, rail, light rail, metro, and ferry. The bus segment accounts for the largest market share, with over 55% of global revenue in 2022. This is due to the wide availability of buses and their relatively low cost of operation. Buses are also a flexible mode of transportation, as they can be deployed to serve a variety of routes and schedules. The rail segment is the second-largest segment in the public transportation market, with over 25% of global revenue in 2022. Rail transportation is popular in urban areas, where it can provide a fast and efficient way to move people. Rail systems are also becoming increasingly popular in intercity travel, as they offer a comfortable and convenient alternative to air travel.

Regional Analysis:

APAC is the region which will be having the highest CAGR growth rate during the forecasted period. As urbanization accelerates and populations burgeon across APAC countries, the demand for efficient and sustainable public transportation solutions has surged. Notably, smart ticketing systems, electrification of fleets, and the integration of advanced communication technologies are reshaping the landscape. In countries like Japan and South Korea, high-speed rail networks exemplify the commitment to cutting-edge transportation infrastructure. Additionally, initiatives promoting last-mile connectivity through bike-sharing programs and electric scooters are gaining traction in densely populated urban areas.

Key Takeaways:

The integration of cutting-edge technology has emerged as a pivotal factor, enhancing the efficiency and accessibility of public transportation systems. The market is also marked by a surge in demand for seamless connectivity solutions, urging stakeholders to prioritize integrated and multimodal platforms.
As cities grapple with increasing urbanization, public transportation is evolving into a cornerstone of smart city initiatives, fostering economic growth and improving overall quality of life. In essence, the Public Transportation Market is navigating towards a future defined by sustainability, technological innovation, and a heightened focus on enhancing the passenger experience.

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Recent Development:  

ABB announced in October 2022 that it will be supplying electric bus charging infrastructure to the city of Oslo, Norway. The project will see the installation of over 200 electric bus chargers across the city, making it one of the largest electric bus charging networks in the world.
Alstom announced in September 2022 that it has developed a new hydrogen-powered train called the Coradia iLint. The Coradia iLint is the first commercial hydrogen-powered train in the world, and it is currently in operation in Germany and France.
Siemens announced in August 2022 that it has developed a new autonomous bus called the Navya Arma. The Navya Arma is a fully electric and autonomous bus that is designed to operate in urban and suburban environments.

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This release was published on openPR.