Public Transportation Market Size Worth $ 433.34 Million By 2032 | CAGR: 7.50%

Public Transportation Market Size Worth $ 433.34 Million By 2032 | CAGR: 7.50%


The global public transportation market size is expected to reach USD 433.34 million by 2032, according to a new study by Polaris Market Research. The report “Public Transportation Market Share, Size, Trends, Industry Analysis Report, By Distribution Channel (Online, Offline), By Mode Type (Road, Rail), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The Singapore federal government's Smart Mobility 2030 Strategic Plan is driving the widespread adoption of big data analytics and data-driven methodologies to enhance the analysis of traveler experiences and enable smarter traffic management. Tools like the Orange Transport Video Alert are extensively employed to gain real-time insights into traffic congestion and street conditions through video streams. Similarly, in November 2022, the U.S. Department of Transportation announced substantial annual investments of $160 million over the next five years in two key programs.

The first program, Strengthening Mobility and Revolutionizing Transportation (SMART) grants will receive $100 million annually to fund projects that utilize data and technology to address real-world challenges faced by communities. The second program, the Advanced Transportation Technology and Innovation (ATTAIN) program by the Federal Highway Administration, will receive an investment of $60 million. This program aims to promote technological advancements that ensure safety and minimize travel times for transit riders and drivers.

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Government authorities and travel agencies in developed regions are actively reevaluating road pricing strategies to address the challenges of traffic congestion and pollution challenges. The World Economic Forum's Sustainable Road Transport and Pricing report, released in December 2021, highlighted the adoption of "congestion pricing" strategies in major cities like London, Singapore, Stockholm, and certain cities in the United States. These strategies involve implementing fees or charges for vehicles traveling on the busiest roads of these cities. The primary objective is to alleviate traffic congestion and incentivize the use of public transportation alternatives. As a result, local authorities strive to reduce traffic congestion while improving public transportation systems, ultimately contributing to the market's growth.

Several governments are implementing reduced fares and free services for specific age groups to promote travel via public transportation. Notably, in March 2022 and September 2021, Detroit and Miami introduced free public transportation options and convenient door-to-door services for individuals with disabilities and elderly passengers. As the costs associated with mass transit are generally lower than the fixed and operational costs of car ownership, people are increasingly drawn to utilizing public transportation. Consequently, local governments are actively engaging older adults in public transportation usage, aiming to alleviate traffic congestion and improve overall public transportation systems. These efforts are key drivers of market growth.

Public Transportation Market Report Highlights

  • Offline segment garnered the substantial share, as it is cost effective for the travel agencies, & respective government agencies
  • Road segment witnessed the highest growth rate, as governments are placing a strong emphasis on promoting public transportation on roads to reduce fuel consumption and lower pollution levels.
  • The global players include BC Transit Corporation, Berliner Verkehrsbetriebe, Deutsche Bahn, East Japan Railway Company, Keolis, Mass Transit Railway, Metropolitan Transportation Authority.

Polaris Market Research has segmented the public transportation market report based on mode type, distribution channel, and region:

Public Transportation, Mode Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Online
  • Offline

Public Transportation, Distribution Channel Outlook (Revenue-USD Million, 2019 - 2032)

  • Road
  • Rail
  • Others

Public Transportation, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

Public Transportation Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 243.61 million

Revenue forecast in 2032

USD 433.34 million

CAGR

7.50% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million and CAGR from 2024 to 2032

Segments covered

By Mode Type, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

BC Transit Corporation, Berliner Verkehrsbetriebe, Deutsche Bahn, East Japan Railway Company, Keolis, Mass Transit Railway, Metropolitan Transportation Authority, Southern California Regional Rail Authority (Metrolink), The Brussels Transport Company, Transport for London (TfL), Transport International Holding, Trenitalia c2c, TOBU RAILWAY, Toronto Transit Commission, and Transdev.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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