Transit and Ground Passenger Transport Global Market Report 2024

The transit and ground passenger transport market size has grown strongly in recent years. It will grow from $710.89 billion in 2023 to $777.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historic period can be ascribed to factors such as swift urbanization, an aging population, shifts in lifestyle, heightened safety concerns, advancements in technology, low oil prices, and a low-interest-rate environment.

The transit and ground passenger transport market size is expected to see strong growth in the next few years. It will grow to $1086.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be linked to factors such as population growth, a heightened focus on reducing carbon emissions, technological advancements, and the increasing establishment of corporate entities and new educational institutes, all of which are expected to drive this growth. Key trends expected in the forecast period include the incorporation of advanced services, the deployment of hybrid buses, the integration of USB, Wi-Fi, and large screen display services, the implementation of enhanced safety features, the adoption of electric buses for reduced carbon emissions, the incorporation of advanced technology, the utilization of app-based services, the provision of bike-taxi services, the offering of eco-friendly electric cab services, and the implementation of big data analytics tools.

The growth of the transit and ground passenger transportation markets is supported by the projected stable economic growth in numerous developed and developing countries. The International Monetary Fund (IMF) has forecasted global GDP growth at 3.3% in 2020 and 3.4% in 2021. The rebound in commodity prices, following a substantial decline in the historical period, is anticipated to further contribute to the market's growth. Developed economies are poised for stable growth in the forecast period, while emerging markets are expected to outpace developed markets. This stability in economic growth is likely to stimulate investments in end-user markets, thereby fostering market expansion during the forecast period.

The growing demand for ride-sharing services is anticipated to drive the growth of the transit and ground passenger transportation markets. Ride-sharing services act as platforms connecting individuals in need of rides with drivers utilizing their own vehicles for transportation. These services complement transit and ground passenger transportation by providing crucial first- and last-mile connectivity. This integration facilitates easier access to and utilization of ride-sharing options, ultimately enhancing overall mobility and transportation efficiency. For example, in March 2023, searches for vehicle sharing in the United Kingdom experienced a significant surge in 2022, with a notable 21.91% increase compared to 2021, as reported by the Driving Instructors Association, a UK-based independent association. Consequently, the escalating demand for ride-sharing services is a driving force behind the transit and ground passenger transportation markets.

Companies are actively embracing electricity as a power source for buses to mitigate carbon emissions and reduce operational costs. Solar buses utilize electric batteries, which, in certain instances, are charged through solar panels installed on the bus's roof. This enhances the vehicle's fuel efficiency and prolongs the lifespan of lithium batteries. Moreover, the technology incorporates low-maintenance components, enabling companies to achieve cost savings. A notable example is Shenzhen in China, where the entire fleet of 16,000 buses has been successfully converted to run solely on electricity. This conversion was facilitated by installing solar panels on bus parking roofs to facilitate charging facilities. Key players in the manufacturing of electric buses include Kiira Motors, BYD Company, Heilongjiang Qiqiar New Energy Automobile Co., Ltd., Bauer's Intelligent Transportation, Yutong, and Volvo buses.

In June 2023, National Express Group PLC, a UK-based public transport operator, collaborated with Liftango to introduce Trio, an innovative passenger transport technology poised to revolutionize the landscape of shared mobility solutions. This solution amalgamates the extensive transport management expertise of National Express Transport Solutions with Liftango's data-driven technology platform encompassing demand-responsive transport (DRT) technology, passenger applications, and management information. Trio employs advanced modeling techniques to analyze travel patterns and address transportation inequalities, delivering a customized solution with sustainability as its core focus. Liftango Pty Ltd. is an Australia-based provider of sustainable, shared, and convenient transport, offering on-demand shared transport systems globally.


Major companies operating in the transit and ground passenger transport market report are Uber Technologies, Inc., Didi Chuxing Technology Co, Keolis, FirstGroup PLC, Metropolitan Transportation Authority, TRANSPORTE BRASILEIRO LTDA, Nihon Kotsu, Madrid Metro, Grab Taxi, MAILCAR S.R. L, Prague Taxis, Grupo CHAPÍN, Oga taxi, Gett, Stabus, Yandex., Chauffeur Privé, Bolt, Ashflex School Bus Services Limited, Golden Arrow Bus Services, The Coach People, Taxify, National Express Group, Intercape, EL CONDOR EMPRESA DE TRANSPORTE E.T. S. A, Santa Clara Valley Transportation Authority, Dresdner Verkehrsbetriebe, Cook-Illinois Corporation, Littele cabs, First Travel Solutions, Transdev North America Inc., Münchner Verkehrsgesellschaft, Hamburger Hochbahn, Budapesti Közlekedési Központ (BKK), PUTCO, tefano’s RomeCabs, Yellow Bus Ghana, Cabify, Africa Ride, GSP Belgrade, Transport For London, Guangzhou Metro, Domenico’s Airport Transfers, Transportation Charter Services, The Free Enterprise System, First Student, Royal Coach Tours, StorerCoachways, Transportes Del Tejar S. A, DATTCO Inc., The Port Authority of New York & New Jersey, Northfield Lines, Arrow Stage Lines, Rohrer Bus, All Board School Transportation, Student Transportation of Canada, TransLink wins, Norfolk Southern Railway Company, Transdev Canada, Zagrebački električni tramvaj, Metro-North Commuter Railroad Co Inc., School Transport Services, Charter House, BATaxi, MK Chauffeur Drive, Washington Metropolitan Area Transit Authority, Velocity Buses Transportation, Emirates Transport Center, Columbia Transit Corp, Chicago Transit Authority (CTA) , Xiaoche001, Energos Services India Pvt. Ltd., Employee Transport Services (ETS) LLC, Dubai Taxi Corporation, Yookoo rid, Beijing¬-tianjin, Grab Holdings Inc., Rome Chauffeur, Rainbow Coaches, LeCab and MyTaxi, Rea Vaya, Stagecoach Group, Arriva, Ola Cabs, Lyft, Inc.

Asia-Pacific was the largest region in the transit and ground passenger transport market in 2023. Western Europe was the second largest region in the transit and ground passenger transport market. The regions covered in the transit and ground passenger transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the transit and ground passenger transport 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 transit and ground passenger transport market includes revenues earned by entities by reducing congestion appearing during travel, increasing land value, reducing costs, and reducing carbon emissions emitted by vehicles. 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 primary categories within the transit and ground passenger transport market comprise commuter rail and public bus services, taxi and limousine services, school and employee bus services, charter bus services, and other transit and ground passenger transportation. School and employee bus services play a crucial role in transporting students to and from schools and employees to and from offices, utilizing buses and other motor vehicles. The market segmentation is based on distance, distinguishing between long-distance and short-distance, and destination, categorizing into domestic and internation.

The transit and ground passenger transport market research report is one of a series of new reports that provides transit and ground passenger transport market statistics, including transit and ground passenger transport industry global market size, regional shares, competitors with a transit and ground passenger transport market share, detailed transit and ground passenger transport market segments, market trends and opportunities, and any further data you may need to thrive in the transit and ground passenger transport industry. This transit and ground passenger transport 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 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.