The minibus market is expected to grow at a CAGR of 5.1% during the forecast period of 2024 to 2032, driven by increasing demand for efficient public transportation solutions, rising adoption in the tourism and hospitality sector, and technological advancements in vehicle design and features. While market drivers such as urbanization, travel trends, and innovation fuel growth, challenges such as regulatory compliance, safety standards, and environmental concerns pose restraints to market expansion.
The inland water passenger transport market primarily focuses on the transportation of passengers via freshwater routes such as rivers, lakes, and canals. This form of transportation has historically been crucial for cities and civilizations that developed along freshwater sources. From traditional ferries to luxurious river cruises, the sector offers a wide variety of services. While road and air transport have dominated in recent decades, there's a resurgent interest in inland water passenger transport due to its unique advantages and the challenges faced by other modes of transportation.
The global reach stacker market is expected to grow at a CAGR of 5.5% during the forecast period of 2024 to 2032. Hence, as a result of the increased global mobility of products and commodities. This will undoubtedly raise the demand for reach stackers in a variety of sectors and ports. Major producers of material handling equipment are spending to expand the load capacity of reach stackers.
The electric buses market worldwide is expected to grow with a CAGR of 22.9% during the forecast period. Electric vehicles have emerged as a viable solution for curbing the enormous air pollution caused by conventional fossil fuel vehicles. Of these, electric buses are expected to emerge as the most promising segment due to ongoing government initiatives across the world. Electric buses offer clean, safe, reliable and comfortable mode of public transport, thereby reducing significant amount of CO2 emissions in the environment.
The global public transport smart cards market is growing proficiently, projected to grow at a CAGR of 10.20% during the expected period from 2024 to 2032, starting from US$ 68.86 Bn in 2021.
The global market for public transportation is expected to cross $300 billion by 2030 by registering a CAGR of 6% during the forecast of 2023 to 2031. The market is significantly driven by the global economy's robust expansion. Population migration towards urban areas and the rise of urban/metro cities have accelerated in recent decades. According to United Nations figures, around 55% of the world's population resided in urban areas in 2018, and projections indicate that the number would rise to 60% by 2030. This massive migration is predicted to stimulate market expansion. The expansion of the market can be attributed to global infrastructure development and technological progress. Many governments are implementing bus rapid transit, metro, monorail, and light rail transit to meet the demand for public transportation in megacities, hence increasing public ridership and driving market growth.
The increasing population and expanding suburbs are the primary forces driving the public transportation vehicle market. Moreover, public transportation provides individuals with cost-effective and secure mobility options in order to promote a healthy environment and robust metropolitan area. Therefore, boosting the use of public transportation decreases road congestion. In addition, growing fuel costs are driving the need for public transportation vehicles. However, the availability of ridesharing vehicles is impeding industry expansion. Increasing government expenditures on the development of public transportation infrastructure also contributes to market expansion.
Increased use of public transportation vehicles is advantageous for both the government and consumers. The government gains monetary benefits from a low-cost and safe means of transportation for consumers. In recent years, there has been a proliferation of investments in constructing the infrastructure necessary for the running of the public transportation sector. In 2020, the government of the United Kingdom announced a $5 billion investment in the development of local public transportation, which will include 4,000 new zero-emission buses. In addition, India allocated USD 9.62 billion for railways in its 2019 budget.
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