Public Transportation Service Market: Introduction
- Public transportation service market comprises companies, establishments, corporations and agencies that primarily provide transportation services and operate in regional and local passenger transportation systems with regular routes and fixed schedules
- Public transportation has the potential to provide low-cost and safety mobility to citizens in order to facilitate a healthy environment and strong metropolitan areas by reducing traffic congestion and pollution. This, in turn is estimated to drive the market during the forecast period.
Key Drivers of Public Transportation Service Market
- The rapid rate of economic reforms witnessed globally accompanied by an increase in urbanization is fuelling the global public transportation service market. The global transportation service industry plays a vital role in the global economy, with all types of business sectors reliant on transportation services to distribute their goods and access raw materials. Moreover, the market offers low-cost, affordable, and safe transportation to the population, accessible in rural as well as urban areas. Therefore, consumers are increasingly seeking public transportation services, which in turn propels the market.
- The players in the transportation market compete in terms of efficiency and reliability, meeting the consumer’s timely pick-up and delivery expectations. The primary concern of companies in the public transportation services is to focus on security, reliability, customer care, and maintaining speed of distribution in order to remain competitive.
- Increase in investments by governments toward development of public transport in countries across Asia, Europe as well as the Americans, in order to prevent traffic congestions and curb emissions from private vehicles, is anticipated to boost the global public transportation service market. For instance, the government of Argentina is substantially investing in the development of public bus transport infrastructure. In 2017, The World Bank Board of Directors approved a US$ 45 million loan to support two key infrastructure projects viz., a new bus corridor (Metrobus) in Buenos Aires Province and a transfer center in the south of the City of Buenos Aires.
- The EU is also working with the Connecting Europe Facility (CEF) for Transport, the funding instrument to enhance the quality of transport infrastructure across Europe. Previously, for the period 2014–2020, the CEF had a total budget of US$ 26.8 billion to support investments toward building new transport infrastructure in Europe or the upgrade of existing one. Such investments are expected to increase the adoption of public transport services globally and consequently, boost the global public transportation service market.
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Asia Pacific is anticipated to dominate global public transportation service market
- In terms of region, the global public transportation service market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to hold a major share of the global public transportation service market owing to an increase in production and sale of passenger vehicles across the China, South Korea, and India.
- Asia Pacific has presence of strong economies including China, Japan, India, and South Korea. Expansion of the e-commerce industry coupled with the presence of well-established supply chain network catering to various industries including automotive, shipbuilding, consumers goods manufacturing, heavy machinery manufacturing is increasing the demand for material handling, cargo transportation and public transportation. This, in turn, is expected to drive public transportation service market in the region.
- However, disruptions to the supply chain catering to various industries owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world has caused the market for witness a contraction in 2020. The coronavirus pandemic has hampered the public transportation service market across the world. The market is anticipated to recover by increasing production volume of vehicle components as well as vehicle production in 2021. This, in turn, is expected to offer significant opportunities for players in supply chain of the public transportation service market during the forecast period.
Key Players Operating in Public Transportation Service Market
The global public transportation service market is highly concentrated due to the presence of top manufacturers. A few key players operating in the public transportation service market are:
- Bay Area Rapid Transit
- Chicago Transit Authority
- Cubic Transportation Systems
- Goal Systems
- Grupo Etra
- Guangzhou Metro
- Link Technologies
- Madrid Metro
- Massachusetts Bay Transportation Authority
- Metropolitan Transportation Authority
- MTR Corporation
- Prodata Mobility Systems
- Seoul Metro
- The San Diego Metropolitan Transit System
- The Washington Metropolitan Area Transit Authority
- Transport For London
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Global Public Transportation Service Market: Research Scope
Global Public Transportation Service Market, by Application
Global Public Transportation Service Market, by Type
- Public Buses
- Electric Buses
- Auto Rickshaws
- Other Public Transport Vehicles
Global Public Transportation Service Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.