Bus Rapid Transit System Global Market Report 2024 - Market Poised for Strong Growth Amid Smart City Initiatives and Climate Change Mitigation Efforts
DUBLIN, Feb. 21, 2024 /PRNewswire/ -- The "Bus Rapid Transit System Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
DUBLIN, Feb. 21, 2024 /PRNewswire/ -- The "Bus Rapid Transit System Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The bus rapid transit system market size has grown rapidly in recent years. It will grow from $2.56 billion in 2023 to $2.83 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed during the historic period in Bus Rapid Transit (BRT) systems can be attributed to several factors, including increased urbanization, growing environmental concerns, government initiatives promoting sustainable transportation, fluctuations in fuel prices influencing public transportation choices, and heightened public awareness of the benefits of efficient and environmentally friendly transit solutions.
The bus rapid transit system market size is expected to see strong growth in the next few years. It will grow to $4.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period for Bus Rapid Transit (BRT) systems can be attributed to the increasing focus on smart city initiatives, goals related to climate change mitigation, the rise in remote working practices influencing transportation needs, government funding and policies supporting sustainable transit, and a continuous emphasis on enhancing the passenger experience. Major trends expected in the forecast period include the integration of BRT systems with intelligent transportation systems, innovations in articulated buses, the implementation of digital payment and ticketing systems, the use of data analytics for optimizing BRT performance, and the promotion of public-private partnerships (PPPs) in the development and operation of BRT infrastructure.
The projected rise in traffic congestion and air pollution is expected to significantly boost the bus rapid transit system market in the foreseeable future. Traffic congestion characterizes situations where increased vehicles on roads result in slower speeds and extended travel times. Simultaneously, air pollution encompasses harmful compounds in the air that pose health risks, often arising from vehicle emissions. Bus rapid transit systems offer dedicated lanes for buses, allowing them to traverse cities swiftly and bypass traffic congestion, thereby addressing this issue. Moreover, these systems incorporate clean vehicle technologies such as electric, hybrid, or compressed natural gas (CNG) buses, minimizing pollutants compared to conventional diesel buses.
The increasing demand for sustainable transportation stands as another influential factor fueling the growth of the bus rapid transit system market. Sustainable transport denotes transportation methods that limit adverse social and environmental impacts, focusing on energy efficiency, low or zero emissions, and affordability. Bus rapid transit (BRT) systems align with sustainable transport goals, offering numerous environmental and societal benefits. BRTs are designed to be energy-efficient and low-emission, contributing to reductions in transportation-related carbon emissions.
Local opposition poses a substantial constraint on the projected growth of the bus rapid transit system market within the forecast period. This opposition signifies resistance or objections originating from individuals or groups within specific communities or localities concerning proposed projects, policies, or changes that directly impact their area or neighborhood. The development and success of a bus rapid transit (BRT) system can be significantly affected by local opposition, influenced by factors such as objections from property owners, concerns regarding routes and infrastructure, and anxieties related to traffic congestion.
Prominent companies within the bus rapid transit system market are actively engaged in developing innovative products, notably automated transit buses, aimed at providing reliable and efficient customer service. An automated transit bus refers to a bus capable of operating without human intervention, employing a diverse array of sensors and software to navigate roads, halt at designated stops, and manage door operations.
The bus rapid transit system market includes revenues earned by entities by providing services such as traffic signal priority, off-board fare collection, elevated platforms and enhanced stations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The main types of Bus Rapid Transit systems include articulated, bi-articulated, and traditional buses. Articulated buses are high-capacity buses with two or more rigid sections connected by a pivoting joint, protected on all sides by bellows, and featuring a cover plate on the floor. Seating capacities can vary, categorized as less than 50, 50-80-seater, and above 80, often associated with express, semi-express, and local services. BRT buses are powered by different fuel types such as diesel, natural gas, and others, and are utilized by both government and private entities.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Key Markets Covered:
- By Type: Articulated; Bi-Articulated; Traditional Bus
- By Seating Capacity: Less Than 50; 50-80 Seater; Above 80
- By Level Of Service: Express; Semi-Express; Local
- By Fuel Type: Diesel; Natural Gas; Other Fuel Types
- By End-Use: Government; Private
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
- Mercedes-Benz Group
- Siemens AG
- BYD Auto Co Ltd.
- AB Volvo
- Scania AB
- Iveco S.p.A.
- Qingdao Hisense TransTech Co Ltd.
- Hino Motors Ltd.
- MAN SE
- Transdev Group S.A.
- VDL Bus & Coach BV
- Xiamen King Long Motor Group Co Ltd.
- Tata Motors Ltd.
- Zhengzhou Yutong Group Co Ltd.
- Ashok Leyland Ltd.
- Zhongtong Bus Holding Co Ltd.
- Solaris Bus & Coach sp. z o. o.
- NFI Group Inc.
- New Flyer Industries Inc.
- Marcopolo S.A.
- Gillig LLC
- Anhui Ankai Automobile Co Ltd.
- Xiamen Golden Dragon Bus Co Ltd.
- Optare Group Ltd.
- Ebusco
For more information about this report visit https://www.researchandmarkets.com/r/245gtz
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