Major companies in the transit and ground passenger transport market include Transport For London; Metropolitan Transportation Authority; MTR Corporation; Guangzhou Metro and Madrid Metro.
The global transit and ground passenger transport market is expected to grow from $412.97 billion in 2020 to $460.48 billion in 2021 at a compound annual growth rate (CAGR) of 11.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $634.99 billion in 2025 at a CAGR of 8%.
The transit and ground passenger transport market consists of sales of transit and ground passenger transportation services and related goods by entities (organizations, sole traders and partnerships) that provide a variety of passenger transportation services, such as urban transit systems, chartered buses, school buses, and interurban bus transportation. The transit and ground passenger transport market is segmented into commuter rail and public bus services; taxi and limousine services; school and employee bus services; charter bus services and other transit and ground passenger transportation.
Western Europe was the largest region in the global transit and ground passenger transport market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global transit and ground passenger transport market. Africa was the smallest region in the global transit and ground passenger transport market.
Companies are actively pursuing electricity to power buses to reduce carbon emissions and cut costs. Solar buses run on electric batteries which in some cases are also charged by solar panels installed on the roof of the bus. This improves fuel efficiency of the vehicle and increases the life of lithium batteries. Further, the technology has low maintenance components allowing the companies to save cost. For instance, Shenzhen in China converted its entire fleet of 16,000 buses to run entirely on electricity. This was made possible by making bus parking roofed with solar panels to enable charging facilities. Major companies involved in manufacturing electric buses include Kiira Motors, BYD Company, Heilongjiang Qiqiar Longhua New Energy Automobile Co., Ltd., Bauer’s Intelligent Transportation, Yutong, and Volvo buses.
Coronavirus Pandemic - The outbreak of coronavirus disease (COVID-19) has acted as a massive restraint on the transit and ground passenger transportation services market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the transit and ground passenger transportation services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Faster Economic Growth -The transit and ground passenger transportation market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
Our reports have been used by over 10K customers, including:
KEY FINDINGS The global micro mobility market is anticipated to grow with a CAGR of 12.09%, over the forecast period of 2021 to 2026. The growing congestion of cities, the shortage of parking spaces, depreciating battery prices, and travel cost savings, are among the key factors propelling market growth. MARKET...
The airport ground handling systems market is anticipated to register a CAGR of above 8.5% during the forecast period. - The growth in air passenger traffic led to the expansion of the fleet size by the airlines to cater to the rising demand for air travel. It resulted in increased frequency of flights or aircraft movements, which is...
The transport management system (TMS) market in India is estimated to register double-digit CAGR from 2019 to 2028.Growth of the eCommerce industry, digital transformation of logistic operations, and shifting end-user preference towards low cost of ownership will drive the growth of TMS solutions in the country.
This study covers the...
Global Automated Border Control Market By Component (Hardware, Software, Service), By Solution (ABC e-gate v/s ABC kiosk), By Application (Airport, Land port, Seaport), By Company, By Region, Forecast & Opportunities, 2026 The Global Automated Border Control Market is expected to grow at a formidable rate of around...
120 pages •
By Infiniti Research Limited
• Dec 2020
Global Fixed-Base Operators Market 2021-2025
The analyst has been monitoring the fixed-base operators market and it is poised to grow by $ 16.80 bn during 2021-2025 progressing at a CAGR of 14% during the forecast period. Our report on fixed-base operators market provides a holistic analysis, market size and forecast,...
Airports need to embrace digital transformation to enhance the passenger experience and improve cost efficiencies.This research service will focus on the global airport information technology market across the various Tiers of airports (5 Tiers in total) and across 6 key regions, Africa, Asia-Pacific, Europe, the Middle East, Latin America,...
The passenger information system market was valued at US$ 19,314.66 million in 2019 and is projected to reach US$ 45,717.11 million by 2027; it is expected to grow at a CAGR of 11.5% from 2020 to 2027. Passenger information system are established to make communication between transit authorities and passengers to delivering real-time...
Passenger flow management includes digital solutions that airports use to ensure a seamless passenger experience across touchpoints, reduce wait times, and increase dwell times to improve airports’ non-aeronautical revenue.Airports had been experiencing an increase in passenger traffic until the COVID-19 pandemic roiled the travel industry....
India Three Wheeler Market, By Vehicle Type (Passenger Carrier & Load Carrier), By Fuel Type (ICE) (Diesel & Petrol/CNG), By Battery Capacity (Electric) (101 Ah), By Region, Forecast & Opportunities, FY2016 – FY2026
India three wheeler market is anticipated to grow at double digit CAGR during the forecast...
For years, turboprops have established themselves as the smallest link to the airline routing structure.Although infamous in any airline fleet for the noise, lack of speed, and engine vibrations, turboprops remain the most reliable and cost-efficient solution to provide passenger services to rural areas and secluded destinations.
Air Passenger Transport
Airline Fleet Size
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.