PUBLISHER: Market Research Future | PRODUCT CODE: 1656045
PUBLISHER: Market Research Future | PRODUCT CODE: 1656045
Report on Public Transport Market Research Information by Mobility (Bus, Tram, Train, Car Sharing, and Others), By Propulsion (Diesel, Gasoline, Electric, and Others) By Ownership Type (Private Owned, and Public Owned) By End Use (Intracity, Intercity, and Others) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) Forecast Till 2032
The public transportation market was estimated at USD 2,67,300.19 million in 2023. The public transport market is expected to increase from USD 2,80,871.82 million in 2024 to USD 4,33,249.56 million by 2032, with a compound annual growth rate (CAGR) of 5.57% over the forecast period (2023-2032).
The public transportation market is changing because of technical advancements, urban population growth, environmental concerns, and shifts in consumer demand. There are various factors that influence PTP growth, but one of the most important is the increase in urbanization. As cities and populations grow, there is a greater demand for effective and efficient modes of mass transit. As markets become denser, traffic congestion becomes a concern in urban areas, emphasizing the importance of public transportation. Such authorities and planners are beginning to recognize the importance of investing in the development of public transportation systems as a means of decongesting highways, reducing travel time, and improving mobility for residents of such communities.
Market Segment insights
The Public Transport Market is divided into five segments based on mobility: bus, tram, train, car sharing, and others.
The market is segmented based on propulsion: diesel, gasoline, electric, and others.
The Public Transportation Market is divided into two segments based on ownership type: privately owned and publicly owned.
The market is divided into three segments based on end use: intracity, intercity, and others.
Regional insights
The study covers North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. By 2023, the Asia-Pacific Public Transport industry will account for roughly 34.58% of the global market. Asia Pacific public transportation has grown dramatically in recent years as urbanization, population growth, and environmental concerns have all increased. Asian countries such as China, India, Japan, and Australia lead the market due to their large urban populations and government initiatives aimed at reducing carbon emissions.
The public transportation market in North America has changed significantly in recent years because of demographic reasons, urbanization trends, technology advancement, and environmental effects. New York, Los Angeles, and Toronto are among the most populous cities in the United States and Canada, respectively, and they all rely on public transportation to meet the mobility needs of their growing urban populations. Transit vehicles such as buses, subways, light rail, ferries, and commuter trains dominate the market, and each play a role in ensuring connectivity.
Metropolitan Transportation Authority, Transport for London, MRT Corporation, Chicago Transit Authority, Madrid Metro, Massachusetts Bay Transportation Authority, Washington Metropolitan Area Transit Authority, Seoul Metro, Bay Area Rapid Transit (BART), and The San Diego Metropolitan Transit System are among the key players in the public transportation market.