Public Transportation Market size is expected to reach USD 309.1 billion by 2028
Public Transportation Industry Overview The global public transportation market size was valued at USD 206.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2028. The market is significantly driven by vital economic growth across the world. Over the past few decades, population migration into the urban areas and the expansion of urban/metro cities are rapidly increasing. According to the United Nations data, around 55% of the world’s population lived in urban areas in 2018, and according to the projections, the figure is expected to reach 60% by 2030. This vast migration is anticipated to propel market growth. The market growth can be attributed to infrastructure development and technological advancements across the world. Bus rapid transit, metro, monorail, and light rail transit are being implemented by various governments to cater to the demand for public transportation in megacities, increasing public ridership ...