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Public Bus Services Market on Track for Strong Growth, Estimated to Grow at 7.3% CAGR Through 2029
Public Bus Services Market
What Is the Expected CAGR for the Public Bus Services Market Through 2025?
The market size for public bus services has seen robust growth in the past few years. It is projected to rise from $260.41 billion in 2024 to $281.75 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to this growth during the historic period include urbanization and population increase, government funding in public transit, environmental consciousness and sustainability, traffic issues and commuting difficulties, as well as economical and cost-efficient transportation.
What's the Projected Size of the Global Public Bus Services Market by 2029?
The market size for public bus services is predicted to witness robust expansion in the upcoming years, with a growth forecast of $374.14 billion in 2029 and a 7.3% compound annual growth rate (CAGR). Factors like ongoing urbanization, development of megacities, governmental endorsement of sustainable mobility, emphasis on cutting down emissions and enhancing air quality, multi-modal transportation integration and smart city initiatives are driving this growth in the forecast period. Forecasts also point towards significant trends such as the emergence of hybrid bus models, use of data analytics for optimization, collaborations with the private sector, adaptations due to COVID-19, and payment system innovations.
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Top Growth Drivers in the Public Bus Services Industry: What's Accelerating the Market?
Public bus services market is getting a boost with the increased government efforts towards public transportation. The aim is to mitigate environmental damage and ensure safer modes of travel, benefiting both the authorities and the citizens. It provides an affordable and secure means of travel for the public while also proving financially beneficial for the governments. For instance, in March 2022, local transport services across England received a funding of £150 million ($184.8 million) from the UK government. The fund was targeted towards assisting bus and light rail operators so that these services can operate efficiently and people can keep commuting even as the nation recovers from the pandemic. Therefore, such government initiatives intended to promote public transportation sustains the growth of the public bus services market.
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What Trends Will Shape the Public Bus Services Market Through 2029 and Beyond?
Major public bus services corporations are innovating their offerings for various destinations, such as those popular for skiing, to ease traffic and promote accessibility. Ski destinations are typically places frequented for snowboarding and skiing activities, complete with snow-covered landscapes and all necessary winter sports facilities. For example, in November 2023, the Utah Transit Authority (UTA), a public transportation agency with multiple modes of transport based in the US, initiated their ski bus service for the 2023/24 period intending to mitigate traffic bottlenecks leading to Utah's ski destinations. This service will reduce frustration, particularly on snow-enriched days. Buses are scheduled to operate at 30-minute intervals, enhancing the frequency of the previous season. In the face of an operator deficit, UTA has considerably progressed in its recruitment and retention efforts.
What Are the Main Segments in the Public Bus Services Market?
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
Subsegments:
1) By Light And Medium Type: Mini Buses, Midi Buses
2) By Large Type: Standard Buses, Articulated Buses, Double-Decker Buses
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Which Top Companies are Driving Growth in the Public Bus Services Market?
Major companies operating in the public bus services market include 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., OurBus 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., 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
Which Regions Will Dominate the Public Bus Services Market Through 2029?
Asia-Pacific was the largest region in the public bus services market in 2024. The regions covered in the public bus services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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