Transit And Ground Passenger Transport Market Key Drivers, Opportunities, Leading Players And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Transit And Ground Passenger Transport Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The transit and ground passenger transport market size has grown strongly in recent years. It will grow from $710.89 billion in 2023 to $777.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to rapid urbanization, aging population, lifestyle changes and increased safety threats, technology development, low oil prices and low interest rate environment..

The transit and ground passenger transport market size is expected to see strong growth in the next few years. It will grow to $1086.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to the rising population, emphasis on cutting carbon emissions, technological advancements and increasing number of corporates and new educational institutes will drive the growth.. Major trends in the forecast period include integrating advanced services, installing hybrid buses, integrating usb, wi-fi and large screen display services, implementing enhanced safety features, running electric buses to reduce carbon emissions, integrating advanced technology, use of app-based services, offering bike-taxi services, offering eco-friendly electric cab services and implementing big data analytics tools..

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Market Drivers and Trends:

The transit and ground passenger transportation markets' growth is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.

Companies are actively pursuing electricity to power buses to reduce carbon emissions and cut costs. Solar buses run on electric batteries, which, in some cases, are also charged by solar panels installed on the roof of the bus. This improves the fuel efficiency of the vehicle and increases the life of lithium batteries. Further, the technology has low-maintenance components, allowing the companies to save costs. For instance, Shenzhen in China converted its entire fleet of 16,000 buses to run entirely on electricity. This was made possible by having bus parking roofed with solar panels to enable charging facilities. Major companies involved in manufacturing electric buses include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.

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Major Key Players of the Market:

Uber Technologies, Inc., Didi Chuxing Technology Co., Lyft, Inc., Grab Holdings Inc., Gett, Inc., Addison Lee Limited, Daiichi Koutsu Sangyo Co., Ltd., ANI Technologies Pvt. Ltd., Yandex N.V., Daiwa Motor Transportation Co., Ltd., Ola Cabs, Nihon Kotsu, Didi Dache, Hailo, Stefano's RomeCabs, Rome Chauffeur, Domenico's Airport Transfers, Chauffeur Privé, LeCab, MyTaxi, Bolt, Prague Taxis, Taxify, Lyft Yellow Cab, Limo City, Cabify, BA Taxi, Careem, Dubai Taxi Corporation, Africa Ride, Oga Taxi, Little Cabs, Yookoo Rider

Transit And Ground Passenger Transport Market 2024 Key Insights:

• The transit and ground passenger transport market size is expected to see strong growth in the next few years. It will grow to $1086.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Faster Economic Growth Boost The Transit And Ground Passenger Transport Market
• Transitioning To Greener Public Transportation With Solar-Powered Buses
• Asia-Pacific was the largest region in the transit and ground passenger transport market in 2023

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