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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.