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Transit-oriented development has been gaining recognition as an instrument to bring about sustainable development throughout the world. To alleviate the reliance on vehicles, it is necessary to manage local and regional urban growth, reinstate facilities and communities and make use of the land with stable transport. Transit-oriented development aims to carry out these objectives by developing efficient and pedestrian-friendly zones across the main public transport stations. The development aims to bring transit-oriented changes to a maximum scale in accordance with the conditions of the impact it will be able to have on municipalities, the populations, and personal lives. Transit-oriented development is increasingly becoming a popular tool that allows cities to build more habitable neighborhoods and minimize the urban stretch, which has multiple negative economic, cultural, environmental, and social implications. In addition, transit-oriented development implies sustainable urban development, environmentally friendly communities, and transit modes in a comprehensive approach. Furthermore, transit-oriented development is helping municipalities redefine and reorganize themselves.
COVID-19 Scenario Analysis:
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The development of accessible and permeable urban areas that are designed by keeping in mind pedestrians' convenience, reduction of car use, and development of pollution-free or eco-friendly public transports are the factors driving the growth of the Transit Oriented Development Market. In addition, it offers easy access to public transport for a large number of people which is propelling the growth of the market. However, the high cost incurred in developing the service and lack of proper infrastructure is the factors hampering market growth. Furthermore, the development of smart cities and increased government spending to improve the mobility of transit vehicles are expected to provide lucrative opportunities.
The Trends for Transit Oriented Development Market:
Technological Advancements to Drive the Growth of the Market:
The adoption of latest technologies in the transit sector may rejuvenate the market during the forecasted period. The companies look for developing the infrastructure to enhance the mobility of citizens. The concept of smart cities is also one of the major reasons for the growth of the Transit Oriented Development Market. Enhancing urban mobility is the most pressing need in the citizen engagement exercises performed in many cities. Using technological advancements as an opportunity, these cities are now looking forward to create liveable ecosystems with improved quality of life by enhancing the urban mobility situation.
Asia-Pacific Region to Observe Significant Growth:
Asia-Pacific region is expected to observe significant growth during the forecasted period owing to the technological advancements and high focus on smart growth techniques to achieve economic growth of countries in the region. The governments of various countries such as India, China, South Korea, and others in the region are attempting to develop a high-quality marketplace by area regeneration and redevelopment of industrial walkways with businesses and shops.
Key Benefits of the Report:
Questions Answered in the Transit Oriented Development Market Research Report:
Key Market Segments
Key Market Players