What Factors Propelled The Growth Of The Transit And Ground Passenger Transport Market In The Past?
The transit and ground passenger transport market has seen considerable growth due to a variety of factors.
• There has been a significant increase in the market size of the transit and ground passenger transport sector over the past few years. The market, which is valued at $787.33 billion in 2024, is projected to rise to $862.64 billion in 2025, representing a compound annual growth rate (CAGR) of 9.6%.
This growth during the historical period is believed to be due to factors such as rapid urbanization, an aging population, lifestyle transformations, heightened safety concerns, progress in technology, reduced oil prices and a low-interest rate environment.
What are the Market Size and Expected Growth Rates for the Transit And Ground Passenger Transport Market?
The transit and ground passenger transport market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the transit and ground passenger transport market is poised for notable expansion. By 2029, this sector is estimated to balloon to a formidable $1183.04 billion, representing a compound annual growth rate (CAGR) of 8.2%.
Factors like population increase, emphasis on curbing carbon emissions, advancements in technology, and the emergence of new corporate entities and educational institutes are likely to fuel this growth. The forecast period will also usher in significant trends such as the adoption of advanced services, the introduction of hybrid buses, provision of amenities like usb, wi-fi, and large screen display services, enhancement of safety features, operation of electric buses for emission reduction, advanced technology integration, application-based services, bike-taxi services, eco-friendly electric cab services and the deployment of big data analytics tools.
What Key Factors and Trends are Driving the Growth of the Transit And Ground Passenger Transport Market?
The development and expansion of the transit and ground passenger transportation markets are facilitated by the projected stable economic growth in various developed and developing nations. A major economic upturn implies a rapid growth phase in an economy highlighted by an increase in central economic indicators such as GDP, employment, investments, and consumer expenditure. Quicker economic progress elevates the transit and ground passenger transport by intensifying consumer expenditure and the need for commuting, simultaneously allowing for infrastructure investments and the implementation of advanced transport technology. It further spurs job creation, business trips, and tourism, adding to the market demand. For example, in January 2024, the BEA, a US government agency under the US Department of Commerce, reported a yearly increase in real GDP for the fourth quarter of 2023 by 3.3%, exceeding expectations. This surge was propelled by increased consumer spending and job creation, adding 2.7 million jobs the same year. Consumer confidence remained firm, with a 4.9% rise in retail sales (excluding autos and gas). Real disposable personal income saw a growth of 4.2%, and the personal savings rate went up to 4.5%. Compared to the prior year, real GDP witnessed an increase of 3.1%, a substantial rise from 0.7% in 2022. Hence, quicker economic development aids in boosting the transit and ground passenger transport market.
How Is The Globa Transit And Ground Passenger Transport Market Divided Into Key Segments?
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
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What Trends Are Reshaping The Transit And Ground Passenger Transport Market?
Corporations are enthusiastically embracing electric power for buses as a strategy to reduce carbon footprint and minimize expenses. Solar buses function on electric batteries, which in certain cases are powered by solar panels set up on the bus roof. This boosts the efficiency of fuel consumption, augmenting the longevity of lithium batteries. Additionally, the technology prides itself on parts that require little maintenance, affording companies significant cost savings. For example, Shenzhen, China, transformed its impressive fleet of 16,000 buses to operate solely on electricity, facilitated by equipping bus parking areas with solar panel-covered roofs to assist with charging. Manufacturers leading this electric bus revolution include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.
Who Are the Key Players 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.
What are the Regional Insights into the 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
