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With rising industrialization and urbanization, the need for public transport vehicles has accelerated in recent years. Public transport vehicles are available for the general public and primarily operate in regional and local passenger transportation systems with regular routes, fixed schedules and charge a posted fee for each trip. However, most public transport trips have fixed pickup points according to prearranged timetable and need either walking to reach to the destination or is complemented by private transport services like share taxis. Moreover, public transport vehicles offer a wide variety of benefits ranging from cost-saving to reducing air pollution.
COVID-19 scenario analysis:
The rising population along with developing suburbs is primarily fueling the public transport vehicle market. Additionally, public transport vehicle provides low-cost and safe mobility solutions to citizens, to facilitate a healthy environment and strong metropolitan. Besides, increasing the adoption of public transport reduces traffic congestion on roads. Moreover, rising fuel prices are propelling the demand for public transport vehicles. However, availability of ridesharing vehicles is restraining the market growth. Furthermore, increasing government expenditure on developing public transport infrastructure is proliferating the market growth.
The Public Transport Vehicle market trends are as follows:
The increase in adoption of public transport vehicles is beneficial to the government as well as consumers. Consumers benefit from a low-cost and safer mode of transportation and the government receives financial benefits from it. As a result, the investment in developing the infrastructure required for the functioning of public transport sector has proliferated in recent years. For instance, in 2020, the UK government has announced a £5 billion investment to develop local public transport which includes 4,000 new zero-emission buses. Besides, India unveiled a USD 9.62 billion budget for railways in the 2019 budget.
To curb the emission from public transport, the public transport vehicle has a vital role to play. High-quality public transport services are highly convenient and serve various routes according to demand. Besides, it provides a fast travel option along with enhanced safety. With the introduction of higher internet speeds and IoT, the shuttle bus providers have proliferated in recent years. In 2018, Uber company started its shuttle service in Egypt. Besides, in 2015, Didi Kuaidi invested USD 80.55 million for shuttle service in China.
Key benefits of the report:
Questions answered in the public transport vehicle market research report:
Key Market Segments
Key Market Players