Transit and Ground Passenger Transportation (Public Transport) Market Size, Share, Growth, And Industry Analysis, By Type (Commuter Rail and Public Bus Services, Taxi and Limousine Services, School and Employee Bus Services, Charter Bus Services, Transit, and Ground Passenger Transportation (Public Transport)), By Application (Public and Commercial), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Transit and Ground Passenger Transportation (Public Transport) Market Report Overview

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global transit and ground passenger transportation (public transport) market size was USD 635600 million in the year 2022 and market is projected to touch 1136160 Million by 2031, exhibiting a CAGR of 6.7% during the forecast period.

Transit and ground passenger transportation (public transport) is a service that provides transportation to people within a region, city, or town using various modes of transportation such as buses, subways, and trains. It is an essential service for commuters, students, and tourists who rely on it to travel to their destination safely, quickly, and cost-effectively. The service is used for various applications such as daily commutes, school transportation, leisure travel, and airport transportation, among others.

The market for transit and ground passenger transportation (public transport) is growing due to several factors. Firstly, rapid urbanization and increasing population are driving the demand for public transportation. As cities grow, the demand for efficient, reliable, and affordable public transportation services also increases. Secondly, the increasing focus on sustainable transportation is also driving the market. Public transportation is a sustainable alternative to private cars and reduces carbon emissions, which is essential for mitigating climate change. Thirdly, government initiatives and investments in public transportation infrastructure are also contributing to market growth. Governments worldwide are investing in public transportation infrastructure to improve service quality, expand service coverage, and reduce traffic congestion.

COVID-19 Impact: Navigating Uncharted Territory in the Transit and Ground Passenger Transportation Market

The COVID-19 pandemic has significantly impacted the transit and ground passenger transportation (public transport) market worldwide. Due to the pandemic, the demand for public transportation services has decreased significantly, and many public transportation providers have had to reduce their services or suspend them entirely to minimize their financial losses.

Moreover, the pandemic has accelerated the trend of shifting from public transportation to private transportation modes, which could have a long-term impact on the public transportation industry. The providers have had to adopt new safety protocols, such as social distancing measures, mandatory mask-wearing, and increased sanitation measures, to maintain the safety of commuters and employees.

Overall, the pandemic has caused a reduction in demand and revenue, highlighting the need for improved safety measures and adaptation to changing circumstances in the industry.

Latest Trends

"Advancements and Innovations to Shape the Market"

In recent years, the Transit and Ground Passenger Transportation market has witnessed significant technological advancements and innovations. One of the notable trends in the market is the adoption of electric buses and other sustainable modes of transportation. Governments and transportation providers across the globe are increasingly focusing on reducing carbon emissions and enhancing the sustainability of public transportation systems.

Another emerging trend is the integration of smart technology in public transportation systems. For example, many transit providers are deploying mobile ticketing and payment solutions, allowing passengers to purchase and validate tickets via their smartphones. Additionally, real-time passenger information systems, including GPS and Wi-Fi – based services, are becoming increasingly popular, enabling commuters to stay informed about service delays, route changes, and other relevant information.

Moreover, the rise of ride-sharing and micro mobility services, such as bike-sharing and scooter-sharing, is also impacting the Transit and Ground Passenger Transportation market. Many traditional transportation providers are partnering with these new mobility players to offer a wider range of transportation options and provide last-mile connectivity to commuters. The growing popularity of these services is also driving innovation in the market, with new players entering the market and established companies expanding their offerings.

Transit and Ground Passenger Transportation (Public Transport) Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into commuter rail and public bus services, taxi and limousine services, school and employee bus services, charter bus services, transit, and ground passenger transportation (public transport).

• By Application Analysis

Based on application, the market can be divided into public and commercial.

Driving Factors

"Government Initiatives to Support market growth"

The public transportation sector has been receiving significant support from governments around the world. Many countries have been investing in modernizing and expanding their public transportation infrastructure to meet the increasing demand from the public. Moreover, governments are also providing financial incentives to encourage the use of public transportation, which is promoting growth in the market.

"Growing Urbanization to level up market growth"

The increasing urbanization across the globe is also driving the demand for public transportation. With more and more people moving to urban areas, the demand for reliable, safe, and affordable transportation options is growing. Public transportation provides a cost-effective and efficient way to commute, which is fueling the growth of the market. Additionally, urbanization has also led to the development of smart cities, which are integrating technology to make public transportation more convenient and accessible.

Restraining Factors

"Rising Cost of Fuel and Increasing Preference for Ride-Sharing Services, to hinder Market Growth"

The transit and ground passenger transportation (public transport) market is facing several restraining factors that are affecting its growth. One of the major challenges for the market is the rising cost of fuel and maintenance, which is increasing the operational cost for transport providers.

Moreover, the lack of investment in infrastructure development and technological advancements is also restraining the growth of the market. Another factor that is impacting the market is the increasing preference for ride-sharing services and the rise of on-demand transportation options, which are competing with traditional public transport.

Additionally, the market is also facing challenges related to safety and security concerns, especially in the wake of recent terrorist attacks and incidents of crime on public transport.

Transit and Ground Passenger Transportation (Public Transport) Market Regional Insights

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"Asia Pacific to lead the market due the merging Opportunities and Trends in the Market"

The Asia Pacific region is the leading market for transit and ground passenger transportation due to the increasing population and urbanization in countries like India and China. The governments in these countries are also investing heavily in developing public transportation infrastructure. Furthermore, the rising demand for eco-friendly transportation modes, such as electric buses and trains, is expected to boost the market growth in the region.

North America is the second-largest market for transit and ground passenger transportation, owing to the high adoption rate of public transportation in countries like the United States and Canada. The government initiatives and investments in public transportation infrastructure, along with the increasing awareness about environmental concerns, are driving the market growth in this region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Transport For London
• Metropolitan Transportation Authority
• MTR
• Guangzhou Metro
• Madrid Metro

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.