According to a report by Altus Market Research titled, “Transit And Ground Passenger Transport Global Market 2022 Opportunities And Strategies To 2030: By Type: (Commuter Rail And Public Bus Services; Taxi And Limousine Services; School And Employee Bus Services; Charter Bus Services; Other”, the transit and ground passenger transport market size reached a value of nearly $265,480.0 million in 2020, having decreased at a compound annual growth rate (CAGR) of -6.6% since 2015. The market is expected to grow from $265,480.0 million in 2020 to $649,153.6 million in 2025 at a rate of 19.6%. The market is then expected to grow at a CAGR of 7.6% from 2025 and reach $934,134.9 million in 2030.
Growth factors in the historic period include emerging markets growth, rapid urbanization, aging population, lifestyle changes and increased safety threats, technology development, low oil prices and low interest rate environment. Factors that hindered the growth of the transit and ground passenger transport market during the historic period include weak wage growth in developed economies, loss of time and speed, safety concerns and public lawsuits. Going forward, the rising population, emphasis on cutting carbon emissions, technological advancements and increasing number of corporates and new educational institutes will drive the growth. Factors that could hinder the growth of the transit and ground passenger transport market in the future include no rural services, increasing car ownership, intense competition, stringent regulations and COVID-19 implications.
The global transit and ground passenger transport market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 11.38% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies. This fragmentation can be attributed to the presence of large number of players due to less barriers to entry in the market. Major players in the market include Uber Technologies, Inc., Didi Chuxing Technology Co., Keolis, FirstGroup Plc, Metropolitan Transportation Authority, Transport For London, National Express Group, Lyft, Inc., Grab Holdings Inc., and Madrid Metro.
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Player-adopted strategies in the transit and ground passenger transport market include expand its footprint and enhance customer experience, introducing new technologies, forming partnership with top companies, strategic acquisition of emerging and established players and giving training to new employees.
The transit and ground passenger transport market is segmented by type into commuter rail and public bus services, taxi and limousine services, school and employee bus services, charter bus services, and other transit and ground passenger transport. The commuter rail and public bus services market was the largest segment of the transit and ground passenger market segmented by type, accounting for 58.7% of the total in 2020. Going forward, the other transit and ground passenger transport market is expected to be the fastest growing segment in the transit and ground passenger market segmented by type, at a CAGR of 22.4% during 2020-2025.
The commuter rail and public bus services market is segmented by type into commuter rail services (METRO and Multi-Modal Transport System (MMTS)) and public bus services. The commuter rail services (METRO and Multi-Modal Transport System (MMTS)) was the largest segment of the commuter rail and public bus services market segmented by type, accounting for 87.5% of the total in 2020. Going forward, the public bus services market is expected to be the fastest growing segment in the commuter rail and public bus services market segmented by type, at a CAGR of 28.3% during 2020-2025.
The taxi and limousine services market is segmented by type into online taxi services, tele and offline taxi services and limousine services. The tele and offline taxi services was the largest segment of the taxi and limousine services market segmented by type, accounting for 41.4% of the total in 2020. Going forward, the online taxi services market is expected to be the fastest growing segment in the taxi and limousine services market segmented by type, at a CAGR of 19.6% during 2020-2025.
The school and employee bus services market is segmented by type into student bus services and employee bus services. The student bus services was the largest segment of the school and employee bus services market segmented by type, accounting for 96.9% of the total in 2020. Going forward, the student bus services is expected to be the fastest growing segment in the school and employee bus services market segmented by type, at a CAGR of 17.8% during 2020-2025.
Western Europe was the largest region in the transit and ground passenger transport market, accounting for 39.0% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the transit and ground passenger transport market will be Middle East, and South America where growth will be at CAGRs of 28.4% and 28.1% respectively. These will be followed by Africa and Western Europe, where the markets are expected to grow at CAGRs of 23.7% and 20.0% respectively.
The top opportunities in the transit and ground passenger transport market segmented by type will arise in the commuter rail and public bus services segment, which will gain $240,386.8 million of global annual sales by 2025. The top opportunities in the commuter rail and public bus services market segmented by type will arise in the commuter rail services (Metro And MMTS) segment, which will gain $192,083.7 million of global annual sales by 2025. The top opportunities in the taxi and limousine services market segmented by type will arise in the online taxi services, which will gain $25,977.9 million of the global sales by 2025. Further, the top opportunities in the school and employee bus services market segmented by type will arise in the students bus services, which will gain $23,427.3 million of the global annual sales. The transit and ground passenger transport market size will gain the most in the UK at $46,052.2 million.
Market-trend-based strategies for the transit and ground passenger transport market include integrating advanced services, installing hybrid buses, integrating USB, Wi-Fi and large screen display services, implementing enhanced safety features, running electric buses to reduce carbon emissions, integrating advanced technology, use of app-based services, offering bike-taxi services, offering eco-friendly electric cab services and implementing big data analytics tools.
To take advantage of the opportunities, Altus Market Research recommends the transit and ground passenger transport companies to focus on environmentally friendly vehicles, focus on USB, wi-fi, and large screen displays on buses, focus on bike-taxi services, focus on app-based services, expand in emerging markets, outsource activities to low-cost countries to save costs, expand in developed markets, set up authorized distributors and sales representatives, offer competitive pricing, psychological pricing, dynamic pricing, leverage social media platforms to promote their services, focus on the middle class population in emerging economies and to focus on millennials.
