Public Transportation Service Market: Introduction
Public transportation service market comprises companies, establishments, corporations and agencies that primarily provide transportation services and operate in regional and local passenger transportation systems with regular routes and fixed schedules
Public transportation has the potential to provide low-cost and safety mobility to citizens in order to facilitate a healthy environment and strong metropolitan areas by reducing traffic congestion and pollution. This, in turn is estimated to drive the market during the forecast period.
Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=78208 Key Drivers of Public Transportation Service Market
The rapid rate of economic reforms witnessed globally accompanied by an increase in urbanization is fuelling the global public transportation service market. The global transportation service industry plays a vital role in the global economy, with all types of business sectors reliant on transportation services to distribute their goods and access raw materials. Moreover, the market offers low-cost, affordable, and safe transportation to the population, accessible in rural as well as urban areas. Therefore, consumers are increasingly seeking public transportation services, which in turn propels the market.
The players in the transportation market compete in terms of efficiency and reliability, meeting the consumer’s timely pick-up and delivery expectations. The primary concern of companies in the public transportation services is to focus on security, reliability, customer care, and maintaining speed of distribution in order to remain competitive.
Increase in investments by governments toward development of public transport in countries across Asia, Europe as well as the Americans, in order to prevent traffic congestions and curb emissions from private vehicles, is anticipated to boost the global public transportation service market. For instance, the government of Argentina is substantially investing in the development of public bus transport infrastructure. In 2017, The World Bank Board of Directors approved a US$ 45 million loan to support two key infrastructure projects viz., a new bus corridor (Metrobus) in Buenos Aires Province and a transfer center in the south of the City of Buenos Aires.
The EU is also working with the Connecting Europe Facility (CEF) for Transport, the funding instrument to enhance the quality of transport infrastructure across Europe. Previously, for the period 2014–2020, the CEF had a total budget of US$ 26.8 billion to support investments toward building new transport infrastructure in Europe or the upgrade of existing one. Such investments are expected to increase the adoption of public transport services globally and consequently, boost the global public transportation service market.
Asia Pacific is anticipated to dominate global public transportation service market
In terms of region, the global public transportation service market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to hold a major share of the global public transportation service market owing to an increase in production and sale of passenger vehicles across the China, South Korea, and India.