Commuter Rail and Public Bus Services Global Market Report 2024

The commuter rail and public bus services market size has grown strongly in recent years. It will grow from $401.19 billion in 2023 to $440.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to factors such as increased urbanization, traffic congestion, environmental concerns, economic development, fluctuations in fuel prices, and population density.

The commuter rail and public bus services market size is expected to see strong growth in the next few years. It will grow to $628.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the rise of urban mobility solutions, the emphasis on electric and sustainable public transit options, the implementation of smart cities initiatives, the adoption of flexible transit services, and the integration of fare systems. Major trends expected in the forecast period include the incorporation of contactless payment systems, the implementation of real-time passenger information systems, the integration of Mobility as a Service (MaaS), the use of bus lane priority systems, and the enhancement of accessibility features in commuter rail and public bus services.

The anticipated stable economic growth in various developed and developing countries serves as a catalyst for the expansion of the commuter rail and public bus service markets. The International Monetary Fund (IMF) forecasts global GDP growth of 3.3% in 2020 and 3.4% in 2021, fostering favorable conditions for market growth. Recovering commodity prices, especially after a notable decline, are poised to contribute further to market expansion. Developed economies are expected to demonstrate consistent growth, and emerging markets are projected to outpace developed ones slightly during the forecast period. This stable economic outlook is anticipated to drive investments in end-user markets, thereby fueling growth in the commuter rail and public bus services market.

The surge in demand for transportation is expected to be a key driver propelling the growth of the commuter rail and public bus services market. Transportation, encompassing the movement of people and goods through various modes, relies significantly on commuter rail and public bus services to cater to the needs of millions, promoting a more environmentally friendly ecosystem. Notably, in November 2022, the Bureau of Transportation in the United States reported a substantial 9.2% increase in transportation demand, signifying a notable year-over-year upswing. Hence, the escalating demand for transportation emerges as a driving force behind the growth of the commuter rail and public bus services market.

The unprecedented outbreak of COVID-19 has posed substantial challenges to the commuter rail and public bus service markets in 2020. Governments worldwide imposed lockdowns and restricted movement to curb the virus's transmission, causing a significant decline in economic activity. Despite the adverse impact on businesses throughout 2020 and 2021, recovery from the shock is expected in the commuter rail and public bus markets.

Many bus service providers are introducing hybrid buses. Traditional diesel-powered buses release CO2 emissions, while hybrid buses utilize alternative fuels or a combination of fuel and electricity, offering a more environmentally friendly option without the heavy investment required for electric buses. Hybrid buses contribute to fuel economy improvements, with approximately 40% better fuel efficiency compared to standard diesel coaches and nearly 90% better than compressed natural gas buses. Key players in hybrid bus manufacturing include Arriva Bus, Stagecoach, Volvo Buses, Allison Transmission, and Jinlong.

Innovation remains a focal point for major companies in the commuter rail and public bus services market, with the introduction of new products such as SunRunner aimed at enhancing profitability. The SunRunner, a bus rapid transit route with 16 stops connecting Downtown and St. Pete Beach, was launched by the Tampa Bay Area Regional Transit Authority in July 2023. Notably, the service will offer free rides for the initial six months, showcasing a commitment to innovation and service expansion in the market.

Major companies operating in the commuter rail and public bus services market report are Duetsche Bahn AG, Metropolitan Transportation Authority Corporation, The East Japan Railway Company, Guangzhou Public Transport Group, The West Japan Railway Company, The Central Japan Railway Company, Transport for London (TFL), Keolis Group, Transdev SA, Nanjing Public Transport Group, RATP Group, The Canadian Pacific Railway Company, Transport International Holdings Limited, FirstGroup PLC, MTR Corp.Ltd., Go-Ahead Group, Arriva PLC, ComfortDelGro Corporation, National Express Group, Kyushu Railway Company, Stagecoach Group PLC, SBS Transit Ltd., SMRT Corporation, Guangzhou Metro Design & Research Institute Co. Ltd., Shanghai Shentong Metro Group, Wuhan Metro Group, The Kowloon Motor Bus Company Limited, Beijing Public Transport Holdings Co.Ltd., Shenzhen Bus Group, Hangzhou Public Transport Group, Suzhou Public Transport Group, Chengdu Public Transport Group, Xi'an Public Transport Group.

Western Europe was the largest region in the commuter rail and public bus services market in 2023. Asia-Pacific was the second largest region in the commuter rail and public bus services market. The regions covered in the commuter rail and public bus services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commuter rail and public bus services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The main types of services within the commuter rail and public bus services market include commuter rail services (such as metro and MMTS) and public bus services. Commuter rail services typically involve reduced fares, multiple rides, and commuter tickets, catering to passengers during peak morning and evening periods. The market is further segmented by distance into long-distance and short-distance, and by application into adults and children.

The commuter rail and public bus services market research report is one of a series of new reports that provides commuter rail and public bus services market statistics, including commuter rail and public bus services industry global market size, regional shares, competitors with a commuter rail and public bus services market share, detailed commuter rail and public bus services market segments, market trends and opportunities, and any further data you may need to thrive in the commuter rail and public bus services industry. This commuter rail and public bus services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The commuter rail and public bus services market includes revenues earned by entities by transporting goods and people with less traffic congestion to enhance productivity and reduce operational costs. 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 market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.