Global Bus Rapid Transit System Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Bus Rapid Transit (BRT) is an advanced bus-based transit system engineered for enhanced capacity, reliability, and overall quality compared to traditional bus networks. BRT blends the flexibility and cost-effectiveness of regular bus routes with the efficiency and amenities reminiscent of light rail systems. It offers reliable and effective public transportation and provides efficient transportation, cutting down on travel time and enhancing the whole transit experience.

Sizing and Forecast

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 in the historic period can be attributed to increased urbanization, environmental concerns, government initiatives, fuel price fluctuations, public awareness..

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 growth in the forecast period can be attributed to smart city initiatives, climate change mitigation goals, rise in remote working practices, government funding and policies, enhanced passenger experience.. Major trends in the forecast period include integration with intelligent transportation systems, innovations in articulated buses, digital payment and ticketing systems, data analytics for brt performance optimization, public-private partnerships (ppps)..

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Segmentation & Regional Insights

The bus rapid transit system market covered in this report is segmented –

1) By Type: Articulated, Bi-Articulated, Traditional Bus
2) By Seating Capacity: Less Than 50, 50-80 Seater, Above 80
3) By Level Of Service: Express, Semi-Express, Local
4) By Fuel Type: Diesel, Natural Gas, Other Fuel Types
5) By End-Use: Government, Private

North America was the largest region in the bus rapid transit system market in 2023. The regions covered in the bus rapid transit system 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

The rising traffic congestion and air pollution are expected to boost the growth of the bus rapid transit system market going forward. Traffic congestion refers to a situation in which more vehicles are queuing up on the road, slower speeds, and longer travel times. Air pollution refers to harmful compounds or chemicals in the air, including those of biological origin, in amounts that endanger human health. Bus rapid transit system uses dedicated lanes set apart from mixed traffic to enable buses to move through cities more rapidly and avoid traffic congestion by other vehicles. It also uses clean vehicle technology like electric, hybrid, or compressed natural gas (CNG) buses that generate fewer pollutants than conventional diesel buses to lessen air pollution. For instance, in 2022, according to INRIX Inc., a US-based company that provides location-based data and software-as-a-service analytic solutions, in the United States, drivers sat in traffic for almost 4.8 billion hours in 2022, and the average American driver lost $869 in 2022 due to traffic delays, up from $305 in 2021. Furthermore, in 2023, according to the State of the Air 2023 report published by the American Lung Association, a US-based health organization, 119.6 million Americans, or approximately 36% of all Americans, continue to reside in areas that receive failing marks for harmful levels of ozone or particle pollution in 2021. Therefore, the rising traffic congestion and air pollution are driving the growth of the bus rapid transit system market.

Key Industry Players

Major companies operating in the bus rapid transit system market report are Mercedes-Benz Group AG, 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 BV

The bus rapid transit system market report table of contents includes:

1. Executive Summary
2. Bus Rapid Transit System Market Characteristics
3. Bus Rapid Transit System Market Trends And Strategies
4. Bus Rapid Transit System Market – Macro Economic Scenario
5. Global Bus Rapid Transit System Market Size and Growth
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32. Global Bus Rapid Transit System Market Competitive Benchmarking
33. Global Bus Rapid Transit System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bus Rapid Transit System Market
35. Bus Rapid Transit System Market Future Outlook and Potential Analysis
36. Appendix

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