Overview and Scope
Public bus services are a system of vehicles such as buses that operate at regular times on fixed routes and are used by the public. The public bus services are run for a charge by the operators generally the government.
Sizing and Forecast
The public bus services market size has grown strongly in recent years. It will grow from $238.69 billion in 2023 to $258.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to urbanization and population growth, government investments in public transportation, environmental concerns and sustainability, traffic congestion and commuting challenges, affordability and cost-effective transportation..
The public bus services market size is expected to see strong growth in the next few years. It will grow to $346.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to continued urbanization and megacity trends, government commitment to sustainable mobility, focus on emission reduction and air quality improvement, integration with multi-modal transportation, smart city initiatives.. Major trends in the forecast period include hybrid bus models, data analytics for optimization, partnerships with private sector, covid-19 pandemic adaptations, innovations in payment systems..
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The public bus services market covered in this report is segmented –
1) By Type: Light And Medium Type, Large Type
2) By Body Built: Fully Built, Customizable
3) By Fuel Type: Diesel, Electric And Hybrid, Other Fuel Types
4) By Application: Urban Transport, Long Distance Transport, Specialist Services
Asia-Pacific was the largest region in the public bus services market in 2023. The regions covered in the public bus services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Government initiatives for public transportation are driving the public bus services market. Governments are promoting public transportation to reduce environmental impact and safer transportation. Both the government and the people benefit from the growing use of public transportation. A cheap and safe form of transportation helps consumers, and the government make money from it. For instance, in March 2022, the UK government provided funding of £150 million ($184.8 million) for local transport services across England. This funding was aimed to support bus and light rail operators so that passengers can continue to travel and these services continue to run as the country emerges from the pandemic. Therefore, government initiatives for public transportation will support the public bus services market.
Key Industry Players
Major companies operating in the public bus services market are focused on developing bus models and variants such as electric buses to meet market demands. An electric bus is a type of bus that is powered by electricity rather than traditional internal combustion engines. For instance, in February 2023, Mellor, an England-based provider of specialist passenger transport solutions, launched its new electric bus, the Sigma 8, at EuroBus Expo, expanding its Sigma range. The eight-meter battery-electric bus accommodates 54 passengers, with 27 seats and standing room. Mellor has also introduced additional variants for its Sigma 7 and Sigma 9 electric bus models. The company has received over 100 Sigma orders in the UK and Europe, with confirmed orders from London Hire and an unnamed regional operator.
The public bus services market report table of contents includes:
1. Executive Summary
2. Public Bus Services Characteristics
3. Public Bus Services Trends And Strategies
4. Public Bus Services – Macro Economic Scenario
5. Global Public Bus Services Size and Growth
…..
32. Global Public Bus Services Competitive Benchmarking
33. Global Public Bus Services Competitive Dashboard
34. Key Mergers And Acquisitions In The Public Bus Services
35. Public Bus Services Future Outlook and Potential Analysis
36. Appendix
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