Bus Rapid Transit Market is set to gain impetus from the implementation of strict rules by the governments of China and India to reduce emissions of greenhouse gas. Therefore, several manufacturers have started producing battery-electric buses.
Fortune Business Insights™ in a new report, titled, “Bus Rapid Transit (BRT) Market Size, Share & COVID-19 Impact Analysis, By Bus Type (Standard, Articulated, Others), By Application (Urban Areas, Others), and Regional Forecast, 2020-2027.” The report further states that the bus rapid transit market size was USD 822.86 million in 2019 and is projected to reach USD 1040.27 million by 2027, exhibiting a CAGR of 8.1% during the forecast period.
The outbreak of the COVID-19 pandemic has created immense disturbances in supply chains and has thereby caused a complete halt in operations. Several medical institutes are looking forward to discovering a vaccine to cure coronavirus. Our reports would provide in-depth information about the effects of this pandemic on every market. You can choose the best strategy applicable to regenerate business growth.
This Report Answers the Following Questions:
Drivers & Restraints-
Rising Demand for Road Safety will Favor Growth
Bus rapid transit corridors help in lowering the frequency of fatalities, injuries, and traffic incidents. They also enhance traffic safety. The TransMilenio BRT in Bogota, for instance, successfully lowered the rates of injuries and crashes of two main corridors. Besides, EMBARQ stated that it conducted thorough safety impact assessments that consisted of the before and after data for four BRT systems in Latin America, Australia, and India. The result was a reduction in the overall rate of crashes. The increasing implementation of BRT corridors stoked by the urgent need to surge road safety would propel the bus rapid transit market growth in the near future.
However, the COVID-19 pandemic has increased the risks of traveling with other passengers. The public transportation systems in various countries worldwide have been stopped owing to lockdown and social distancing measures to prevent the transmission of coronavirus. This factor may hinder the market growth.
Articulated Segment to Show Largest Share Fueled by Need for Ballooning Ridership
Based on bus type, the market is segregated into articulated, standard, and others. Out of these, the articulated segment is expected to generate the largest bus rapid transit market share in the coming years. This growth is attributable to the need for ballooning ridership and accommodating large-volume loading.
Need for High-capacity Public Mode of Transport to Propel Growth in Asia Pacific
In 2019, Asia Pacific held USD 306.4 million in terms of revenue. The region is anticipated to exhibit considerable growth backed by the increasing demand for ecologically friendly, cost-effective, and high-capacity public mode of transportation in many Asian countries. The main reason for this is the uncontrolled and rapid development of transportation systems in these countries that further cause issues to the environment and human welfare. Thus, the region is set to gradually adopt BRT systems to fulfill these criteria.
North America, on the other hand, is likely to grow significantly owing to the presence of countries, such as Ottawa that support transport oriented development (TOD). To do so, these countries are emphasizing on land use policy to accelerate growth, thereby maintaining and raising transit ridership.
Key Players Focus on Achieving New Orders from Prominent Agencies
The market consists of a large number of manufacturers that are persistently striving to gain a competitive edge by bagging contracts from other agencies. Through such contracts, they would be able to deliver their in-house BRT systems and buses for enhancing transportation networks. Below are two of the latest industry developments:
Fortune Business Insights™ lists out the names of all the prominent BRT system manufacturers operating in the global market. They are as follows:
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Table of Content
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