New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transit And Ground Passenger Transport Global Market Report 2022" - https://www.reportlinker.com/p06250342/?utm_source=GNW
The global transit and ground passenger transport market is expected to grow from $578.44 billion in 2021 to $638.28 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $911.78 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%.
The transit and ground passenger transport market consists of sales of transit and ground passenger transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide a variety of passenger transportation services, such as urban transit systems, chartered buses, school buses, and interurban bus transportation.
The main types in the transit and ground passenger transport market are 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.The school and employee bus services transport students to and from school and employees to and from offices by operating buses and other motor vehicles.
The market is segmented by distance into long-distance and short-distance and by destination into domestic and international.
Asia Pacific was the largest region in the transit and ground passenger transport market in 2021.Western Europe was the second largest region in the transit and ground passenger transport market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Faster Economic Growth -The transit and ground passenger transportation market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market 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 the 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.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the transit and ground passenger transportation market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and harmed businesses throughout 2020 and into 2021.
However, the transit and ground passenger transportation market started recovering from the shock.
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 Longhua New Energy Automobile Co., Ltd., Bauer’s Intelligent Transportation, Yutong, and Volvo buses.
The countries covered in the transit and ground passenger transport market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06250342/?utm_source=GNW
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