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Public Bus Services Market to Grow at 7.7% CAGR, Reaching $342.19 Billion by 2029
Public Bus Services
Public Bus Services Market Outlook: How is the Market Expected to Grow by 2025?
The market size for public bus services has seen substantial growth in recent years. The prediction is that it will increase from $237.42 billion in 2024 to $254.02 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The growth witnessed in the past can be associated with urban and population expansion, government funding in public transit, ecological issues and sustainability, problems with traffic congestion and commuting, as well as affordability and economical transit options.
Public Bus Services Market Forecast: What Size Will It Reach By 2029?
In the forthcoming years, the market size of public bus services is projected to exhibit robust expansion, reaching a valuation of $342.19 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.7%. This development over the forecast period can be credited to persistent urbanization and the rise of megacities, coupled with governmental dedication towards eco-friendly transportation. Furthermore, the emphasis on decreasing emissions and enhancing air quality, as well as incorporation of multi-modal transport and smart city projects also contribute to this growth. Some key trends anticipated in the forecast period comprise hybrid bus designs, utilization of data analytics for improvement, collaborations with the private sector, adaptations due to the COVID-19 pandemic, and innovative payment systems advancements.
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Which Key Market Drivers Will Shape Public Bus Services Industry Trends in 2025-2029?
Public bus services are getting a boost from government efforts aimed at promoting public transportation. The push is in part due to the recognition of the role public transport plays in reducing environmental impact, as well as providing safer transit options. The growing reliance on public transport comes with perks for both the government and its citizens. It offers an affordable and safe travel choice for people and also serves as a revenue source for the government. For instance, local transport services across England received a £150 million ($184.8 million) funding boost from the UK government in March 2022. The financial injection was intended to help bus and light rail operators, ensuring continuous service for passengers as normalcy resumes following the pandemic. As such, the public bus services market stands to benefit significantly from government incentives aimed at bolstering public transportation.
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What Are the High-Growth 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
Which Global Trends Are Driving Public Bus Services Market Expansion?
Major companies in the public bus services market are focusing on improving bus services for various travel points such as ski resorts to reduce overcrowding and improve accessibility. Ski resorts refer to locations renowned for skiing and snowboarding activities, typically marked by snowy environments and provided facilities for winter games. For instance, in November 2023, Utah Transit Authority (UTA), an American multimodal public transport organization, initiated its ski bus service for the 2023/24 season to tackle the issue of traffic congestion en route to Utah's ski resorts. The service, when operational, will assist in mitigating frustrations, particularly during snowfall days. Buses will run at intervals of every 30 minutes, which is an upgrade from last season's schedule. Even with a shortage of operators, UTA has made progress in terms of recruitment and retention.
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Who Are the Fastest-Growing Companies in the Public Bus Services Industry?
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
What Is the Regional Outlook for the Public Bus Services Market by 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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