New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Public Bus Services Global Market Report 2023" - https://www.reportlinker.com/p06464129/?utm_source=GNW
The global public bus services market is expected to grow from $221.89 billion in 2022 to $242.57 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%.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, and affecting many every markets across the globe. The public bus services market is expected to reach $327.00 billion in 2027 at a CAGR of 7.8%.
The public bus services market includes revenues earned by entities by providing conventional bus, intercity bus, and rapid transit (BRT) bus services.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.
Public bus services are a system of vehicles such as buses that operate at regular times on fixed routes and are used by the public. The public bus services are run for a charge by the operators generally the government.
Asia-Pacific was the largest region in the public bus services market in 2022. The regions covered in the public bus services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types in public bus services include light and medium type, and large type.The body built incudes fully built and customizable.
A light type vehicle refers to a vehicle such as a scooter, motorbike, rickshaw meant to carry loads or a small number of passengers up to a legally set weight.Medium type refers to any goods carriage that is not a light motor vehicle or a heavy goods vehicle.
They are run on various fuel types such as diesel, electric and hybrid, and others. The applications include urban transport, long distance transport, and specialist services.
Government initiatives for public transportation are driving the public bus services market.Governments are promoting public transportation to reduce environmental impact and safer transportation.
Both the government and the people benefit from the growing use of public transportation.A cheap and safe form of transportation helps consumers, and the government make money from it.
For instance, in March 2022, the UK government provided funding of £150 million ($184.8 million) for local transport services across England. This funding was aimed to support bus and light rail operators so that passengers can continue to travel and these services continue to run as the country emerges from the pandemic. Therefore, government initiatives for public transportation will support the public bus services market.
Technological advancements are a key trend gaining popularity in the public bus services market.Public bus services firms are focusing on adopting advanced technologies to increase the efficiency and applications of public bus services and gain a competitive advantage.
For example, in August 2020, the Chandigarh government (India) launched an intelligent transport system for public buses. In the first phase, 100 buses were integrated with the smart system that will provide real-time information on bus movement and a primary control station will keep track of all buses through GPS (global positioning system).
In October 2022, Transdev, a France-based private-sector company that operates public transport, acquired First Transit Inc for an undisclosed amount.With this acquisition, Transdev will expand its activities in the United States and Canada to offer additional services with specialized knowledge.
First Transit Inc is a US-based transportation company with all-around expertise in both public and private transportation systems including public bus services.
The countries covered in the public bus services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The public bus services market research report is one of a series of new reports that provides public bus services market statistics, including public bus services industry global market size, regional shares, competitors with a public bus services market share, detailed public bus services market segments, market trends and opportunities, and any further data you may need to thrive in the public bus services industry. This public bus services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464129/?utm_source=GNW
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