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    Public Transport Market

    ID: MRFR/AM/7205-CR
    195 Pages
    Sejal Akre
    January 2025

    Public Transport Market Research Report 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) – Market Forecast Till 2032

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    Public Transport Market Summary

    As per Market Research Future Analysis, the Global Public Transport Market was valued at USD 2,67,300.19 million in 2023 and is projected to grow to USD 4,33,249.56 million by 2032, reflecting a CAGR of 5.57% from 2023 to 2032. The market is influenced by urbanization, technological advancements, and environmental concerns, leading to increased demand for efficient mass transportation. The shift towards electric and hybrid vehicles is notable, with electric buses and trains being deployed to meet sustainability goals. The market is characterized by a significant presence of private operators, with buses holding the largest share of the mobility segment. The Asia-Pacific region commands a substantial market share, driven by urban growth and government initiatives to reduce emissions.

    Key Market Trends & Highlights

    Key trends shaping the Public Transport Market include technological advancements and a shift towards sustainable transport solutions.

    • Public Transport Market Size in 2023: USD 2,67,300.19 million.
    • Projected Market Size by 2032: USD 4,33,249.56 million.
    • CAGR from 2023 to 2032: 5.57%.
    • Asia-Pacific Market Share in 2023: Approximately 34.58%.

    Market Size & Forecast

    2023 Market Size USD 2,67,300.19 million
    2032 Market Size USD 4,33,249.56 million
    CAGR 5.57%

    Major Players

    Key Companies include Metropolitan Transportation Authority, Transport for London, MRT Corporation, Chicago Transit Authority, and Madrid Metro.

    Public Transport Market Drivers

    Market Growth Projections

    The Global Public Transport Market Industry is poised for substantial growth, with projections indicating a market value of 280.9 USD Billion in 2024 and an anticipated increase to 509.8 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 5.57 percent from 2025 to 2035. Factors contributing to this expansion include urbanization, government investments, and technological advancements. The market's evolution reflects a broader trend towards sustainable and efficient public transport systems that cater to the needs of growing urban populations. As cities continue to develop, the demand for innovative public transport solutions is expected to rise.

    Technological Advancements

    Technological advancements are transforming the Global Public Transport Market Industry, enhancing efficiency and user experience. Innovations such as smart ticketing systems, real-time tracking, and electric vehicles are becoming increasingly prevalent. These technologies not only improve operational efficiency but also attract more users to public transport systems. The integration of data analytics and artificial intelligence into transport management systems is expected to optimize routes and reduce operational costs. As a result, the market is likely to witness a compound annual growth rate of 5.57 percent from 2025 to 2035, indicating a robust shift towards tech-driven public transport solutions.

    Changing Consumer Preferences

    Changing consumer preferences are reshaping the Global Public Transport Market Industry. As urban populations grow, there is a noticeable shift towards public transport as a preferred mode of commuting. Factors such as convenience, cost-effectiveness, and environmental impact are driving this change. Younger generations, in particular, are more inclined to utilize public transport over personal vehicles, reflecting a broader cultural shift towards sustainability. This trend is likely to contribute to the market's growth, with an anticipated value of 280.9 USD Billion by 2024. Public transport systems that adapt to these preferences by offering enhanced services and amenities may capture a larger share of the market.

    Urbanization and Population Growth

    The Global Public Transport Market Industry is experiencing a surge driven by rapid urbanization and population growth. As cities expand, the demand for efficient public transport systems intensifies. By 2024, the market is projected to reach 280.9 USD Billion, reflecting the increasing need for sustainable transport solutions. Urban areas are expected to house over 68 percent of the global population by 2050, necessitating robust public transport infrastructure. This trend indicates a shift towards integrated transport systems that can accommodate growing urban populations while reducing congestion and pollution, thereby enhancing the overall quality of urban life.

    Government Initiatives and Investments

    Government initiatives play a pivotal role in shaping the Global Public Transport Market Industry. Various countries are investing heavily in public transport infrastructure to promote sustainability and reduce traffic congestion. For instance, initiatives such as the European Union's Green Deal aim to enhance public transport systems across member states. These investments are likely to drive the market towards an estimated value of 509.8 USD Billion by 2035. Furthermore, governments are increasingly adopting policies that encourage the use of public transport, such as subsidies and tax incentives, which may further stimulate market growth and improve service accessibility.

    Environmental Concerns and Sustainability

    Growing environmental concerns are significantly influencing the Global Public Transport Market Industry. As awareness of climate change and air pollution rises, there is an increasing push towards sustainable transport solutions. Public transport systems are viewed as a viable alternative to reduce carbon footprints and promote eco-friendly commuting. Many cities are adopting electric and hybrid buses, which contribute to lower emissions. This shift towards sustainability is expected to bolster the market, with projections indicating a growth to 509.8 USD Billion by 2035. The emphasis on green transport solutions aligns with global efforts to combat climate change and promote sustainable urban development.

    Market Segment Insights

    Public Transport Market Platform Segment Insights

    Public Transport Mobility Insights

    Based on Mobility, the Public Transport Market segmentation includes Bus, Tram, Train, Car Sharing, and Others. Bus holds the majority share in 2023, contributing around 35.18% to the market revenue. The bus transport segment is one of the most popular and easily available segments of public transportation currently used in different countries. Buses transport both the urban and rural people, and are affordable means especially for the daily commuters.

    Sometimes, these public buses are partly or fully funded from taxpayers’ money to allow the passengers to pay reasonable fares for transport services; public buses are therefore an essential component of public transport infrastructure; this is particularly so in growing urban areas that cannot support the use of private cars due to traffic hold-up and pollution.

    Public Transport Propulsion Insights

    Based on the Propulsion, the Public Transport Market segmentation is Diesel, Gasoline, Electric, and Others. Diesel dominated the market in 2023. Diesel propulsion has been one of the most popular systems in public transport for many years. It is very popular with buses, trains and trucks which require high torque for the long distances they travel with heavy loads, and for their fuel economy.

    Cars that run on diesel are especially profitable in the areas where the supporting structures of other types of fuel are still in the process of being created. Furthermore, diesel has been applied to intercity and rural transportation systems where people cover long distances frequently and the installation of charging stations or refueling points of other resources is costly.

    Public Transport Ownership Type Insights

    Based on the Ownership Type, the Public Transport Market segmentation is Private Owned, and Public Owned. Private Owned dominated the market in 2023. Private operated public transport systems are those managed in the hands of private individuals, companies or organizations who are mainly involved with an intention to make profits.

    These services include large bus fleet operations, taxis, ride-hailing companies, and at times rail. The companies operating them are usually private firms and are in a better position to determine the prices, or introduce new services, or expand as they wish.

    FIGURE 2: PUBLIC TRANSPORT MARKET, BY OWNERSHIP TYPE, 2023 VS 2032 (USD MILLION)

    Public Transport End-Use Insights

    Based on the End-Use, the Public Transport Market segmentation is Intracity, Intercity, and Others. Intracity dominated the market in 2023. Intercity public transport is a type of transport that is used to transport people within a city or metropolitan region is called intra-city or urban or local public transportation.

    This segment mainly includes transportation like buses, tram, metro rail, local train, ferries and in some cases it may also include ridesharing covers taxis or ride hailing like services. The primary objectives of intra-city public transport are to offer affordable means of transport to the people within a city in order to transport people from residential areas to places of work, schools, hospitals, theatres and other social facilities.

    Get more detailed insights about Public Transport Market Research Report - Global Forecast till 2032

    Regional Insights

    By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. In 2023, the Asia-Pacific Public Transport market commands a significant share of the global market at approximately 34.58%. Asia Pacific public transportation has recorded tremendous growth over the past years due to the increasing growth of urban setting, expansion of the population, and increasing concern for the environment.

    The Asian countries like China, India, Japan, and Australia dominate the market as these countries have huge people living in urban areas and government policies to cut down green house emission. The public transport in the region is of different category which includes buses, rails, ferries and metros.

    Although, the bus and railway segment stand out since they have a broad coverage and are more affordable. Smart transport technologies are being adopted by governments globally to deliver better customer satisfaction, cost effective solutions and security. For instance, the China boasts of having a wider coverage of high speed rail which forms a large part of the region’s public transportation.

    The public transport market in North America has undergone a number of changes in the recent past due to factors such as demographic factors, trend of urbanization, technological development, and effects of the natural environment. New York, Los Angeles, and Toronto are some of the most populous cities in the USA and Canada respectively and they all depend on public transport to meet the mobility demand of their increasingly urban residents.

    The market is predominantly defined by transit vehicles such as buses, subway, light rail, ferries, and Commuter trains, all of which have their part to play with regard to connectivity. The problems of congestion and pollution, which are associated with the growth of urbanization, have given importance to public transport systems. However, North America public transport systems are diverse and established in some cities though the gap is very big especially in less populated areas.

    FIGURE 3: PUBLIC TRANSPORT MARKET SIZE, BY REGION 2023 VS 2032

    PUBLIC TRANSPORT MARKET SIZE, BY REGION 2023 VS 2032

    Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

    Key Players and Competitive Insights

    The Public Transport Market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Competitors in the public transport market include a wide range of organizations whose key role is to provide means of transport for the working population.

    MTA is the most significant actor in New York, which is overseeing the transport system that comprises of subways and buses. MTR Corporation operates in Hong Kong, the most efficient and punctual transport system, offering rail and bus services. The Chicago Transit Authority (CTA) is one of the important public transport systems in Chicago while focusing on accessibility and high technology.

    Key Companies in the Public Transport Market market include

    Industry Developments

    • In September 2024, Transport for London (TfL) has announced the launch of a new e-bike scheme aimed at enhancing sustainable transport options across the city. This initiative is part of TfL's ongoing efforts to promote greener travel and reduce congestion on public transport.
    • In August 2024, MTR Corporation has announced enhanced train services with more frequent trips on the East Rail Line, Tseung Kwan O Line, and Tuen Ma Line during various periods. This improvement aims to provide better connectivity and convenience for passengers.

    Future Outlook

    Public Transport Market Future Outlook

    The Global Public Transport Market is poised for growth at 5.57% CAGR from 2024 to 2035, driven by urbanization, technological advancements, and sustainability initiatives.

    New opportunities lie in:

    • Invest in electric and hybrid vehicle fleets to enhance sustainability. Develop integrated mobility platforms for seamless user experiences. Leverage data analytics for optimizing route planning and operational efficiency.

    By 2035, the market is expected to exhibit robust growth, reflecting evolving transportation needs and technological integration.

    Market Segmentation

    Public Transport End Use Outlook

    • Intracity
    • Intercity
    • Others

    Public Transport Mobility Outlook

    • Bus
    • Tram
    • Train
    • Car Sharing
    • Others

    Public Transport Propulsion Outlook

    • Diesel
    • Gasoline
    • Electric
    • Others

    Public Transport Ownership Type Outlook

    • Private Owned
    • Public Owned

    Public Transport Market Regional Outlook

    • {"North America"=>["US"
    • "Canada"
    • "Mexico"]}
    • {"Europe"=>["Germany"
    • "UK"
    • "France"
    • "Italy"
    • "Spain"
    • "Rest of Europe"]}
    • {"Asia-Pacific"=>["China"
    • "Japan"
    • "India"
    • "South Korea"
    • "Vietnam"
    • "Indonesia"
    • "Rest of Asia Pacific"]}
    • {"Middle East and Africa"=>["Saudi Arabia"
    • "UAE"
    • "South Africa"
    • "Rest of Middle East & Africa"]}
    • {"South America"=>["Brazil"
    • "Argentina"
    • "Rest of Middle East & Africa"]}

    Report Scope

    Report Attribute/MetricDetails
    Market Size 2022USD 2,67,300.19 million
    Market Size 2023USD 2,80,871.82 million
    Market Size 2032USD 4,33,249.56 million
    Compound Annual Growth Rate (CAGR)5.57% (2023-2032)
    Base Year2023
    Market Forecast Period2024-2032
    Historical Data2019- 2022
    Market Forecast UnitsValue (USD Million)
    Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments CoveredMobility, Propulsion, Ownership Type, End-User and Region.
    Geographies CoveredEurope, North America, Asia-Pacific, Middle East and Africa, and South America.
    Countries CoveredU.S. Canada Mexico Germany UK France Italy Spain China India Japan South Korea Saudi Arabia UAE South Africa Brazil Argentina And Others.
    Key Companies ProfiledMetropolitan Transportation Authority, Transport for London, MRT Corporation, Chicago Transit Authority, Madrid Metro, and Others.
    Key Market Opportunities·       Technological advancements improve operational efficiency and safety ·       Integration of smart technologies enhances user experience
    Key Market Dynamics·       Increasing urbanization driving demand for efficient transport systems ·       Growing environmental concerns promoting sustainable transportation solutions

    Market Highlights

    Author
    Sejal Akre
    Senior Research Analyst

    She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. Hands on expertise in management consulting, and extensive knowledge in domain including ICT, Automotive & Transportation and Aerospace & Defense. She is skilled in Go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.

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    FAQs

    How much is the Public Transport market?

    The Public Transport Market size is expected to be valued at USD 2,67,300.19 Million in 2023.

    What is the growth rate of the Public Transport market?

    The global market is projected to grow at a CAGR of 5.57% during the forecast period, 2023-2032.

    Which region held the largest market share in the Public Transport market?

    Asia-Pacific had the largest share of the global market.

    Who are the key players in the Public Transport market?

    The key players in the market are Metropolitan Transportation Authority, Transport for London, MRT Corporation, Chicago Transit Authority, Madrid Metro.

    Which mobility segment led the Public Transport market?

    The “Bus” dominated the market in 2023.

    Public Transport Market Research Report - Global Forecast till 2032 Infographic
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