DUBLIN--(BUSINESS WIRE)--The "Transit And Ground Passenger Transport Global Market Report 2022: By Distance, By Destination" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global transit and ground passenger transport market as it emerges from the COVID-19 shut down.
The global transit and ground passenger transport market is expected to grow from $578.44 billion in 2021 to $638.28 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $911.78 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%.
Companies Mentioned
- Uber
- Daimler AG
- Metropolitan Transportation Authority
- Transport International Holdings Limited
- Transport for London (TFL)
- Duetsche Bahn AG
- FirstGroup plc.
- National Express Group plc.
- Lyft
- MTR Corp. ltd.
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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 main types in the transit and ground passenger transport market are 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. The school and employee bus services transport students to and from school and employees to and from offices by operating buses and other motor vehicles. The market is segmented by distance into long-distance and short-distance and by destination into domestic and international.
Asia Pacific was the largest region in the transit and ground passenger transport market in 2021. Western Europe was the second largest region in the transit and ground passenger transport market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 the forecast period.
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 the fuel efficiency of the vehicle and increases the life of lithium batteries.
Further, the technology has low maintenance components allowing the companies to save costs. 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.
For more information about this report visit https://www.researchandmarkets.com/r/ypth0w
