LONDON, Jan. 27, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the transit and ground passenger transport market, the trend of electric cars is picking up and taxi companies are putting efforts to include electric cars into their fleet. Global warming is a cause of concern across the world. Vehicle emission is a major contributor to the carbon footprint on our planet. Fossil fuels have a finite existence and so electric cars have become the future of taxis. Given the growing demand for an eco-friendly future, electric taxis tend to be the logical step. Norway is the leading country with the highest number of electric vehicles per capita worldwide. Electric cars are on many countries’ wish lists, which is why there is a political will for this to happen. Due to this, taxi company owners and taxi drivers may benefit from various incentives and schemes offered by their respective governments. In the USA, electric cab services are in operation, including Electric Cab North America, whose cabs are considered to provide zero emission micro-transit services in heavily congested metropolitan areas. Also, in India, as the government pushes electrification of public mobility by including electric vehicles into its Vision 2030, cab services provider Ola, India’s leading mobility platform, is shifting towards electric vehicles. Ola has raised a sum of INR 4 billion ($52.63 million) to fund Ola Electric Mobility Pvt Ltd., its electric mobility business.
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The global transit and ground passenger transport market grew from $412.7 billion in 2020 to $460.8 billion in 2023 at a compound annual growth rate (CAGR) of 11.%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The transit and ground passenger transport market growth is expected to reach $634.9 billion in 2025 at a CAGR of 8%.
Going forward, the increasing global population will drive the transit and ground passenger transport market. The world population is growing and is expected to reach 10 billion by 2050. An increase in population creates more demand for transit transportation services including transit and ground passenger transport services. The rising population increases the demand for better schools, universities, government and private offices coupled by a better road infrastructure due to the increasing need for mobility services. As per the transit and ground passenger transport market research, companies in the market are expected to benefit from a rising demand for quicker and safer mobility services to commute to offices and schools by the growing population, during the forecast period.
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.
The global 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, other transit and ground passenger transport.
The transit and ground passenger transport market analysis identifies Western Europe as the largest region, accounting for 39.0% of the total market 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 the 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.
Transit And Ground Passenger Transport Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide transit and ground passenger transport market overviews, transit and ground passenger transport market analyze and forecast market size and growth for the whole market, transit and ground passenger transport market segments and geographies, transit and ground passenger transport market trends, transit and ground passenger transport market drivers, transit and ground passenger transport market restraints, transit and ground passenger transport market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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