Press release
Bus Rapid Transit System Market Size, Share, Growth, Latest Trends, Industry Analysis By 2033
Bus Rapid Transit System Market
The Business Research Company offers in-depth market insights through Bus Rapid Transit System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The bus rapid transit system market size has grown rapidly in recent years. It will grow from $2.56 billion in 2023 to $2.83 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increased urbanization, environmental concerns, government initiatives, fuel price fluctuations, public awareness..
The bus rapid transit system market size is expected to see strong growth in the next few years. It will grow to $4.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to smart city initiatives, climate change mitigation goals, rise in remote working practices, government funding and policies, enhanced passenger experience.. Major trends in the forecast period include integration with intelligent transportation systems, innovations in articulated buses, digital payment and ticketing systems, data analytics for brt performance optimization, public-private partnerships (ppps)..
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Market Segmentation:
The bus rapid transit system market covered in this report is segmented -
1) By Type: Articulated, Bi-Articulated, Traditional Bus
2) By Seating Capacity: Less Than 50, 50-80 Seater, Above 80
3) By Level Of Service: Express, Semi-Express, Local
4) By Fuel Type: Diesel, Natural Gas, Other Fuel Types
5) By End-Use: Government, Private
Major Driver - Bus Rapid Transit System Market Growth Fueled By Rising Traffic Congestion And Air Pollution Concerns
The rising traffic congestion and air pollution are expected to boost the growth of the bus rapid transit system market going forward. Traffic congestion refers to a situation in which more vehicles are queuing up on the road, slower speeds, and longer travel times. Air pollution refers to harmful compounds or chemicals in the air, including those of biological origin, in amounts that endanger human health. Bus rapid transit system uses dedicated lanes set apart from mixed traffic to enable buses to move through cities more rapidly and avoid traffic congestion by other vehicles. It also uses clean vehicle technology like electric, hybrid, or compressed natural gas (CNG) buses that generate fewer pollutants than conventional diesel buses to lessen air pollution. For instance, in 2022, according to INRIX Inc., a US-based company that provides location-based data and software-as-a-service analytic solutions, in the United States, drivers sat in traffic for almost 4.8 billion hours in 2022, and the average American driver lost $869 in 2022 due to traffic delays, up from $305 in 2021. Furthermore, in 2023, according to the State of the Air 2023 report published by the American Lung Association, a US-based health organization, 119.6 million Americans, or approximately 36% of all Americans, continue to reside in areas that receive failing marks for harmful levels of ozone or particle pollution in 2021. Therefore, the rising traffic congestion and air pollution are driving the growth of the bus rapid transit system market.
Competitive Landscape:
Major companies operating in the bus rapid transit system market report are Mercedes-Benz Group AG, Siemens AG, BYD Auto Co Ltd., AB Volvo, Scania AB, Iveco S.p.A., Qingdao Hisense TransTech Co Ltd., Hino Motors Ltd., MAN SE, Transdev Group S.A., VDL Bus & Coach BV, Xiamen King Long Motor Group Co Ltd., Tata Motors Ltd., Zhengzhou Yutong Group Co Ltd., Ashok Leyland Ltd., Zhongtong Bus Holding Co Ltd., Solaris Bus & Coach sp. z o. o., NFI Group Inc., New Flyer Industries Inc., Marcopolo S.A., Gillig LLC, Anhui Ankai Automobile Co Ltd., Xiamen Golden Dragon Bus Co Ltd., Optare Group Ltd., Ebusco BV
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Top Trend - Leading Companies In The Bus Rapid Transit System Market Introduce Automated Transit Buses For Enhanced Customer Service
Major companies operating in the bus rapid transit system market are developing innovative products, such as automated transit buses, to provide reliable customer service. An automated transit bus is a bus that is capable of operating without a human driver and uses a variety of sensors and software to navigate the road, stop at designated stops, and open and close the doors. For instance, in January 2021, New Flyer of America Inc., a US-based provider of innovative mobility solutions, launched the Xcelsior AV automated transit bus. It is a fully functional, heavy-duty automated transit bus that incorporates advanced driver assistance systems (ADAS) technology to meet Society of Automotive Engineers (SAE) Standard J3016 Level 4 technology with the automated vehicle (AV) and harnesses the zero-emission power of New Flyer's Xcelsior CHARGETM battery-electric propulsion. It is designed with AutoDrive acting as the automated system's eyes and brain and processing the environment around the bus, and AutoDrive By Wire (drive-by-wire system) serving as the automated system's hands and feet to operate the steering, braking, and throttle, finally driving the bus along its route.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bus Rapid Transit System Market Characteristics
3. Bus Rapid Transit System Market Trends And Strategies
4. Bus Rapid Transit System Market - Macro Economic Scenario
5. Bus Rapid Transit System Market Size And Growth
…..
27. Bus Rapid Transit System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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