Bus Rapid Transit Systems (BRT) Market: Overview
Bus rapid transit systems (BRT) market are well-designed bus transport system that are developed to deliver efficient, cost-effective, and high public transportation services. It combines the capacity of metro system with the flexibility, cost, and simplicity of a bus system. These systems comprise of smart transport systems, stations, terminals, and right way of lanes.
The bus rapid transit systems (BRT) is a sophisticated approach to develop overall transport system in a city. Besides dedicated lanes for buses, the systems also encompass safe and wide corridors for motor vehicles, pedestrians, and cyclists, among others.
The systems comprises of Foot Over Bridges, platforms, bus stops, Pedestrian Subways, Pedestrian Crossing Signals, railings, Pedestrian Crossing Signals, curbs, Public Information System. In the systems, road markings, and signages are user friendly for all age groups (children and senior citizens), gender, and people with various physical conditions (vision impaired, pregnant woman, and wheel chair bound person).
Moreover, BRT systems is one of the key component in overall development of cities in a holistic manner.
The upcoming bus rapid transit systems (BRT) market analysis report provides insight about the upcoming trends and restraining factors likely to shape growth of the market during forecast period (2019-2028). The report also provides a comprehensive analysis of the key companies of the market and offers details about the capacities and competencies of these companies. The market report also focusses on the market’s competitive landscape and provided detail of the product portfolio of various companies.
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Bus Rapid Transit Systems (BRT) Market: Competitive Analysis
The bus rapid transport systems (BRT) market is fragmented in nature with presence of various players in the landscape. The key players present in the market are undertaking both organic and inorganic growth strategies to mark their presence in the global market.
Some of the organic growth strategies undertaken by the companies are innovation, development of new technology, and diversification of the product portfolios offered by them.
These companies are also involved in mergers and acquisitions, strategic collaborations, and partnership as their inorganic growth strategies. Following these strategies, the key companies are trying to expand their reach to regional and international market.
Some of the key companies operating in the global bus rapid transit (BRT) systems market are-
- Ashok Leyland
- Volvo Groups
- Tata Motos
Bus Rapid Transit Systems (BRT) Market: Key Trends
The bus rapid transit (BRT) transit market is likely to witness upsurge in demand due to rising urbanizations. Growing number of population in the cities are fuelling demand for better transport facilities to commute easily. Implementation of the bus transit system would enhance the efficiency of the transport system. This, in turn, is projected to increase the mobility.
Further, stringent regulations enforced by government bodies in various regions are anticipated to drive the global rapid transit systems market in the forecast period. Owing to battery powered buses, greenhouse gas emission is very less. As a result of reduced greenhouse gas emission, the urban environment is cleaner.
On the other hand, the makret is predicted to witness restricted growth rate, owing to high installation cost. Also, it is only suitable for urban cities.
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Bus Rapid Transit Systems (BRT) Market: Regional Analysis
In recent years, North America has emerged as a major contributor to the global bus rapid transit (BRT) systems, in terms of revenue. The market is likely to observe the same pattern in years to follow due to high adoption rate of the bus rapid transit systems in various countries of the region including the U.S. during the forecast period.
Meanwhile, the Asia Pacific region is estimated to show progressive growth rate. The growth rate is predicted on the basis of urbanization in emerging economies such as India and China, followed by growing demand for efficient transport system.