Press release
Public Bus Services Market to Reach $346.66 Billion by 2028 at 7.7% CAGR, Boosted by Smart City Initiatives and Emission Reduction
Public Bus Services Market Report
Public Bus Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $346.66 billion In 2028 At A CAGR Of 7.7%.
The public bus services market size has grown strongly in recent years. It will grow from $238.69 billion in 2023 to $258.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to urbanization and population growth, government investments in public transportation, environmental concerns and sustainability, traffic congestion and commuting challenges, affordability and cost-effective transportation.
The public bus services market size is expected to see strong growth in the next few years. It will grow to $346.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to continued urbanization and megacity trends, government commitment to sustainable mobility, focus on emission reduction and air quality improvement, integration with multi-modal transportation, smart city initiatives. Major trends in the forecast period include hybrid bus models, data analytics for optimization, partnerships with private sector, covid-19 pandemic adaptations, innovations in payment systems.
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Public Bus Services Market Major Segments
The public bus services market covered in this report is segmented -
1) By Type: Light And Medium Type, Large Type
2) By Body Built: Fully Built, Customizable
3) By Fuel Type: Diesel, Electric And Hybrid, Other Fuel Types
4) By Application: Urban Transport, Long Distance Transport, Specialist Services
Key Driver - Government Initiatives Fuel Growth In Public Bus Services Market
Government initiatives for public transportation are driving the public bus services market. Governments are promoting public transportation to reduce environmental impact and safer transportation. Both the government and the people benefit from the growing use of public transportation. A cheap and safe form of transportation helps consumers, and the government make money from it. For instance, in March 2022, the UK government provided funding of £150 million ($184.8 million) for local transport services across England. This funding was aimed to support bus and light rail operators so that passengers can continue to travel and these services continue to run as the country emerges from the pandemic. Therefore, government initiatives for public transportation will support the public bus services market.
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Prominent Trend - Innovative Bus Service For Easing Congestion And Enhancing Accessibility
Major companies operating in the public bus services market are focused on innovating bus services for various destinations such as ski destinations to ease congestion and enhance accessibility. Ski destinations refer to locations popular for skiing and snowboarding activities, typically characterized by snowy landscapes and equipped facilities for winter sports. For instance, in November 2023, Utah Transit Authority (UTA), a US-based multimodal public transportation agency, launched its ski bus service for the 2023/24 season to address traffic congestion leading to Utah's ski destinations. The service, running will help alleviate frustrations, especially on powder days. Buses will operate every 30 minutes, improving on last season's frequency. Despite an operator shortage, UTA has made strides in recruitment and retention.
Public Bus Services Market Players
Major companies operating in the public bus services market report are BC Transit Corporation, Transport International Holdings Limited, The Brussels Intercommunal Transport Company, Transdev Group, The Berliner Verkehrsbetriebe (BVG), Chicago Transit Authority, MTR Corporation Limited, Transport for London, Eurobusways Ltd., PostBus Switzerland Ltd., Zhengzhou Yutong Bus Co. Ltd., AB Volvo Ltd., Scania AB, Tata Motors Limited, SML Isuzu Limited, Hino Motors Ltd., MAN Truck & Bus SE, Marcopolo S.A., Bridj Inc., OurBus Inc., Chariot Transit Inc., First Student Inc., Greyhound Lines Inc., Andhra Pradesh State Road Transport Corporation, ComfortDelGro Corporation Limited, FirstGroup plc, National Express Group plc, Stagecoach Group plc, Nobina AB, Arriva plc, Durham School Services L.P., First Transit Inc., Keolis Transit America Inc., Kowloon Motor Bus Company Limited, MV Transportation Inc., Petermann LLC, Régie Autonome des Transports Parisiens Co., SBS Transit Ltd., SMRT Corporation Ltd., Stock Transportation Ltd., Student Transportation of America Inc., The Go-Ahead Group plc, Tower Transit Group Limited .
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the public bus services market in 2023. The regions covered in the public bus services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Public Bus Services Market Report Structure
3. Public Bus Services Market Trends And Strategies
4. Public Bus Services Market - Macro Economic Scenario
5. Public Bus Services Market Size And Growth
…..
27. Public Bus Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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