Public Transportation Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Public Transportation Market, By Mode of Transport (Rail, Road, Others), By End-user (Adult, Children), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa). The report offers the value (in USD billion) for the above-mentioned segments.
Public Transportation Market Size
Market Size in USD
CAGR4.2%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 4.2% |
| Market Concentration | High |
| Major Players | Transdev, Mass Transit Railway (MTR), Transport for London (TfL), Deutsche Bahn, Keolis |
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Public Transportation Market Analysis
The Global Public Transportation Market is estimated to be valued at USD 504.2 Bn in 2024 and is expected to reach USD 750.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. Governments around the world are investing heavily in developing and upgrading public transport infrastructure to reduce traffic congestion and carbon emissions from private vehicles. Growing urbanization and rising environmental concerns have increased passenger preference for public transit.
The market is witnessing positive trends such as increasing millennial population, urbanization, and smart city initiatives that are emphasizing development of sustainable public transportation solutions. Moreover, rapid deployment of smart ticketing, route optimization, and passenger information systems by transit agencies provide a seamless travel experience and increase ridership. However, high investment costs involved in infrastructure upgradation and fluctuations in fuel prices remain challenges for market growth.