Transit And Ground Passenger Transport Global Market Size, Growth, Statistics And Forecast 2032

The Transit And Ground Passenger Transport Global Market Report 2023 by The Business Research Company, provides transit and ground passenger transport market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.

 

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According to The Business Research Company’s Transit And Ground Passenger Transport Global Market Report 2023, the market size is expected to grow from$640.25 billion in 2022 to $698.74 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The transit and ground passenger transport market is expected to grow to $962.69 billion in 2027 at a CAGR of 8.3%.

Faster Economic Growth: The transit and ground passenger transportation markets’ growth is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s 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 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.

 

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The transit and ground passenger transport market is segmented:

1) By ype: Commuter Rail And Public Bus Services, Taxi And Limousine Services, School And Employee Bus Services, Charter Bus Services, Other Transit And Ground Passenger Transport
2) By Distance: Long-Distance, Short-Distance
3) By Destination: Domestic, International

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 New Energy Automobile Co., Ltd., Bauer’s Intelligent Transportation, Yutong, and Volvo buses.

The transit and ground passenger transport market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Transit And Ground Passenger Transport Market Characteristics
4. Transit And Ground Passenger Transport Market Product Analysis
5. Leading Products/ Services
…………………………….
21. Transit And Ground Passenger Transport Market Competitive Landscape
22. Key Mergers And Acquisitions In The Transit And Ground Passenger Transport Market
23. Market Background: Transportation Services Market
24. Recommendations
25. Appendix

 

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