Transit And Ground Passenger Transport Market Growth to be Driven by Emerging Trends | $985.72 Billion by 2029

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What is the Projected Market Size of the Transit And Ground Passenger Transport Industry?
The market size for transit and ground passenger transport has seen robust growth in the past few years. Projected growth ranges from $650.72 billion in 2024 up to $704.31 billion in 2025, fueled by a compound annual growth rate (CAGR) of 8.2%. Multiple factors have contributed to this historic growth, including fast-paced urbanization, a growing elderly population, changes in lifestyle, heightened security concerns, technological advancements, reduced oil prices, and a beneficial environment of low interest rates.

What Will Be the Size of the Transit And Ground Passenger Transport Market by 2029?
Strong growth is anticipated in the transit and ground passenger transport market size in the coming years, with an expected increase to $985.72 billion in 2029, which represents a compound annual growth rate (CAGR) of 8.8%. Factors contributing to growth during the projected period include a growing population, a focus on reducing carbon emissions, technological progress and an increase in businesses and new educational institutions. The forecast period sees significant trends such as the incorporation of advanced services, the introduction of hybrid buses, the inclusion of USB, Wi-Fi and large screen displays, the application of improved safety features, the operation of electric buses to mitigate carbon emissions, the integration of cutting-edge technology, the utilization of app-based services, the provision of bike-taxi services, the supply of environmentally friendly electric cab services, and the use of big data analytics tools.

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What Are the Key Drivers Accelerating Growth in the Transit And Ground Passenger Transport Market?
The expansion of the transit and ground passenger transportation domains is facilitated by consistent economic advancement predicted in a number of developed and evolving countries. The surge in economic growth refers to a timeframe of rapid enlargement in an economy, defined by the escalation of crucial economic factors such as GDP, employment, investment, and consumer expenditure. Accelerated economic growth propels the transit and ground passenger transportation sector by escalating consumer spending and commuting requirements, whilst facilitating investments in infrastructure and the implementation of sophisticated transport technologies. It also instigates job creation, corporate travel, and tourism, further intensifying market demand. For example, in January 2024, the US Department of Commerce, a government entity based in the US, stated that the BEA noted a 3.3% annual expansion in real GDP for the closing quarter of 2023, outdoing predictions. This expansion was spurred by escalated consumer expenditure and job creation, with an addition of 2.7 million jobs throughout the year. Consumer assurance persisted to be vigorous, with a 4.9% ascent in retail sales (excluding automobiles and gas). Inflation-adjusted disposable personal earnings augmented by 4.2%, and the personal savings rate ascended to 4.5%. In comparison to the prior year, real GDP amplified by 3.1%, rising from 0.7% in 2022. Hence, swifter economic growth propels the transit and ground passenger transportation market.

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How Is the Transit And Ground Passenger Transport Market Segmented by Type, Application, and Region?
The transit and ground passenger transport market covered in this report is segmented -

1) By Type: Commuter Rail And Public Bus Services, Taxi And Limousine Services, School And Employee Bus Services, Charter Bus Services, Other
2) By Distance: Long Distance, Short Distance
3) By Destination: Domestic, International

Subsegments:
1) By Commuter Rail And Public Bus Services: Local Commuter Rail Services, City And Regional Bus Services, Rapid Transit Systems
2) By Taxi And Limousine Services: Traditional Taxi Services, Ride-hailing Services, Limousine And Luxury Vehicle Services
3) By School And Employee Bus Services: School Transportation Services, Corporate And Employee Shuttle Services
4) By Charter Bus Services: Private Charter Services For Groups, Tour And Travel Bus Services
5) By Other: Ridesharing Services, Intercity Bus Services, Specialized Transport Services

What Are the Key Trends Driving Growth in the Transit And Ground Passenger Transport Market?
Businesses are actively transitioning to electricity as a power source for buses in an effort to lower carbon emissions and reduce expenses. Solar-powered buses operate using electric batteries, which can be charged by solar panels fitted onto the bus roofs in some instances. This method enhances the fuel economy of the bus and extends the lifespan of lithium batteries. Additionally, the technology incorporates low-maintenance components, providing additional cost savings for businesses. An example of this is seen in Shenzhen, China where their entire fleet of 16,000 buses has been converted to run solely on electricity. This was achieved by equipping bus parking shelters with solar panels to facilitate charging. Notable manufacturers of 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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Who Are the Leading Companies Driving Growth in the Transit And Ground Passenger Transport Market?
Major companies operating in the transit and ground passenger transport market include Uber Technologies, Inc., Didi Chuxing Technology Co, Keolis, FirstGroup Plc, Metropolitan Transportation Authority, TRANSPORTE BRASILEIRO LTDA, Nihon Kotsu, Madrid Metro, MAILCAR S.R. L, Prague Taxis, Grupo CHAPÍN, Oga taxi, Gett, Stabus, Yandex., Chauffeur Privé, Bolt, Ashflex School Bus Services Limited, Golden Arrow Bus Services, The Coach People, Taxify, National Express Group, Intercape, EL CONDOR EMPRESA DE TRANSPORTE E.T. S. A, Santa Clara Valley Transportation Authority, Dresdner Verkehrsbetriebe, Cook-Illinois Corporation, Littele cabs, First Travel Solutions, Transdev North America Inc., Münchner Verkehrsgesellschaft, Hamburger Hochbahn, Budapesti Közlekedési Központ (BKK), PUTCO, tefano's RomeCabs, Yellow Bus Ghana, Cabify, Africa Ride, GSP Belgrade, Transport For London, Guangzhou Metro, Domenico's Airport Transfers, Transportation Charter Services, The Free Enterprise System, First Student, Royal Coach Tours, StorerCoachways, Transportes Del Tejar S. A, DATTCO Inc, The Port Authority of New York & New Jersey, Northfield Lines, Arrow Stage Lines, Rohrer Bus, All Board School Transportation, Student Transportation of Canada, TransLink wins, Zagrebacki elektricni tramvaj, Metro-North Commuter Railroad Co Inc, School Transport Services, Charter House, BATaxi, MK Chauffeur Drive, Washington Metropolitan Area Transit Authority, Velocity Buses Transportation, Emirates Transport Center, Columbia Transit Corp, Chicago Transit Authority (CTA), Xiaoche001, Energos Services India Pvt. Ltd., Employee Transport Services (ETS) LLC, Dubai Taxi Corporation, Yookoo rid, Beijing¬-tianjin, Grab Holdings Inc., Rome Chauffeur, Rainbow Coaches, LeCab and MyTaxi, Rea Vaya, Stagecoach Group, Arriva, Ola Cabs, Lyft, Inc.

Which Is the Leading Region in the Global Transit And Ground Passenger Transport Market?
Asia-Pacific was the largest region in the transit and ground passenger transport market in 2024. Western Europe was the second largest region in the transit and ground passenger transport market. The regions covered in the transit and ground passenger transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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