TBRC Market research report covers Transit and Ground Passenger Transportation market size, Transit and Ground Passenger Transportation market forecast, major transit and transportation companies ground passenger traffic and their market share, key strategies to undertake, etc.
LONDON, Jan. 27, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the public transport and ground passenger transport market, the trend of electric cars is accelerating and taxi companies are s strive to include electric cars in their fleets. Global warming is a cause of concern around the world. Vehicle emissions are a major contributor to our planet’s carbon footprint. Fossil fuels have a finite existence and so electric cars have become the future of taxis. Considering the growing demand for an eco-friendly future, electric taxis tend to be the logical step. Norway is the first country with the highest number of electric vehicles per capita in the world. Electric cars are on the wish lists of many countries, which is why there is political will to make this happen. For this reason, taxi company owners and taxi drivers can benefit from various incentives and programs offered by their respective governments. In the United States, electric taxi services are in operation, including Electric Cab North America, whose taxis are considered to provide zero-emission micro-transit service in heavily congested metropolitan areas. Moreover, in India, as the government pushes the electrification of public mobility by including electric vehicles in its Vision 2030, taxi service provider Ola, India’s leading mobility platform, is turning to electric vehicles. Ola has raised INR 4 billion ($52.63 million) to fund Ola Electric Mobility Pvt Ltd., its electric mobility business.
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The global passenger transit and land transport market has grown from $412.7 billion in 2020 to $460.8 billion in 2021 at a compound annual growth rate (CAGR) of 11.%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The transit and ground passenger transport market growth is expected to reach $634.9 billion in 2025 at 8% CAGR.
In the future, increasing global population will drive the mass transit and ground passenger transportation market. The world’s population is growing and is expected to reach 10 billion by 2050. An increase in population creates an increased demand for public transportation services, including mass transit and ground passenger transportation services. The increase in population increases the demand for higher quality schools, universities, government and private offices coupled with better road infrastructure due to the growing need for mobility services. According to the Transit and Ground Passenger Transportation market study, businesses in the market are expected to benefit from an increasing demand for faster and safer mobility services to get to offices and schools by the growing population , over the forecast period.
The global transit and land passenger transport market is quite fragmented, with a large number of players. the top ten competitors in the market consisting of 11.38% of the total market in 2020. This may be due to the existence of a number of local players in the market serving customers in particular geographies. This fragmentation can be attributed to the presence of a large number of players due to lower barriers to market entry. Major players in the market are Uber Technologies, Inc., Didi Chuxing Technology Co., Keolis, FirstGroup Plc, Metropolitan Transportation Authority, Transport for London, National Express Group, Lyft, Inc., Grab Holdings Inc., and Madrid Metro.
The global mass transit and ground passenger transportation market is segmented by type into commuter rail and public bus services, taxi and limousine services, school and employee bus services, charter bus services, other public transport and ground passenger transport.
The transit and ground passenger transport market analysis identifies Western Europe as the greater region, accounting 39.0% of the total market in 2020. It was followed by Asia Pacific, then the other regions. In the future, the fastest growing regions on the transit and ground passenger transport market will be the Middle East and South America, where growth will be at CAGR of 28.4% and 28.1% respectively. Africa and Western Europe will follow.
Global Passenger and Ground Transportation Market Report 2022: Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide insights into the transportation market Transit and Ground Passenger Transportation, Transit and Ground Passenger Transportation market to analyze and forecast market size and growth for the overall market, Transit and Ground Transportation market segments and geographies Transit and Ground Passenger Transportation Market Trends, Transit and Ground Passenger Transportation Market Drivers, Transit and Ground Passenger Transportation Market Restraints , Transit, and Ground Passenger Transportation Revenue, Profiles, and Market Share of Top Transit Market Competitors ort in more than 1,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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