The market size of mass transit services is expected to reach USD 180.3 billion by 2030, registering a CAGR of 16.9%, driven by the rising trend of demand-responsive transportation

The market size of mass transit services is expected to reach USD 180.3 billion by 2030, registering a CAGR of 16.9%, driven by the rising trend of demand-responsive transportation

TOKYO, Sept. 20, 2022 (GLOBE NEWSWIRE) — The Global Transport services market The size accounted for USD 44.8 billion in 2021 and is expected to generate a market size of USD 178.2 billion by 2030, growing at a CAGR of 17% from 2022 to 2030.

Key Highlights of the Transit Services Market Report

  • The global market value of ride-sharing services stood at USD 44.8 billion in 2021, growing at a CAGR of 16.9% from 2022 to 2030
  • The North America transport services market dominates with more than 35% market share in 2021
  • According to surveys, 15 million carpool rides take place every day, and this number is expected to skyrocket to 100 million by 2030.
  • According to the US Bureau of Labor Statistics, full-time drivers are 40% more likely to be employed than part-time drivers.
  • Low Vehicle Ownership Among Millennials Drives Transit Services Market Size

Free Sample Report Request @ https://www.acumenresearchandconsulting.com/request-sample/2992

Report cover:

Market Transport services market
Transport services market Size 2021 $44.8 billion
Transport services market Forecast 2030 $178.2 billion
Transport services market CAGR from 2022 to 2030 17%
Transport services market Analysis period 2018 – 2030
Transport services market base year 2021
Transport services market Forecast data 2022 – 2030
Segments Covered By offer and by geography
Transport services market Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled key companies Addison Lee, BlaBlaCar, Didi Chuxing, Grab, Gett, Lyft, My Taxi, Ola, Uber, ViaVan, Zoox and Yandex.taxi.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

In recent years, the demand for ride sharing services in developed regions like Europe and the United States has increased along with growing passenger preferences in developing countries like India, China, Vietnam, etc. Emergence of demand-responsive transportation service model, creation of job opportunities, and low incidence of car ownership among millennials drive revenue growth of global transit service market . Additionally, advancements in connected and fully automated vehicles to reduce carbon dioxide emissions, along with a significant increase in sales of such automobiles for use with ride-hailing services, are driving the growth of the global ride-hailing services market.

In addition, the rapid increase in urban population due to relocation from rural areas to better opportunities leads to increased traffic congestion and shortage of parking spaces. These factors encourage consumers to use VTCs and taxis for transportation, which will contribute to the trend of the VTC services market in the projected period.

Impact of COVID-19 on the Global Public Transport Services Market

During the pre-pandemic period, ride-sharing services grew in popularity due to benefits such as reduced travel costs, traffic congestion, as well as emission levels. Despite this, due to the effects of COVID-19, the market share of carpooling in an insurgency as a mode of transportation has declined. According to a research study by Scholastica, public transportation has dropped dramatically during the pandemic. The decrease in carpooling trips was much greater than the decrease in the total number of passengers. Second, during the pandemic, unshared travel distances were much longer, although travel times were not necessarily longer due to general traffic network issues. Third, as the distance between census tracts continued to increase, the number of short trips between census tracts decreased. According to the results of this study, pre-pandemic travelers were more likely to use carpooling for short trips, but these trips declined during the global outbreak.

View the report’s detailed table of contents @

https://www.acumenresearchandconsulting.com/table-of-content/ride-hailing-services-market

Market segmentation

The global ridesharing services market has been segmented by Acumen Research and Consulting based on supply and geography. By offering, the market is separated into e-hailing, rental and carpooling. According to the ride-sharing services market forecast, the email segment is expected to hold major market shares in the coming years.

Regional outlook of the global public transport services market

The global ridesharing services market is divided into five geographical regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

North America has the largest market share; Asia-Pacific will have the fastest growing CAGR in the transit services market.

North America dominated the public transportation services market in 2021 and is expected to continue to do so for the rest of the forecast period. The presence of large companies in this region is one of the main factors for the growth of the regional market. According to the ICCT report, Uber controls more than 65% of the American industry. Lyft and other major players are responsible for almost all non-Uber trips in the United States. Apart from that, the rapid expansion of these services has had a sideways impact on urban centers, accelerating protests, lawsuits and regulations. According to a report published by the Inter-American Development Bank, the percentage of seniors in the United States representing the use of Internet-connected mobile applications that connect them with vehicle owners at least once increased from 15% 36% between 2015 and 2018. These elements support the overall growth of the carpooling services market.

On the other hand, according to the analysis of the ridesharing services industry, Asia-Pacific is expected to experience the fastest rising CAGR in the ridesharing services market over the next few years. The increasing modernization of ride-sharing services is contributing to the expansion of the Asia-Pacific regional market. Due to the influence of the charging infrastructure, electric cars are becoming more and more attractive for car journeys. These notable developments are fueling the growth of the regional market, which in turn contributes to the overall market growth.

The future Of Latin America carpooling services market

According to a report by the Inter-American Development Bank, the digital revolution has the potential to improve the functioning of markets that are characterized by poor coordination of problems and high levels of fragmentation, such as the transport market. The current adoption of electronic portals in Latin America, particularly in ride-sharing services, is admirable. These recent advances improve the availability of better employment opportunities in this region. Based on these notable developments, he is leveraging ride-sharing platforms to improve the lives of Latin American drivers, including enabling the participation of women and migrants as motorists, improving economic inclusion and literacy finance, and other initiatives.

Buy this premium research report –

https://www.acumenresearchandconsulting.com/buy-now/0/2992

Public Transport Services Market Players

Some of the leading companies in the transportation services market are Addison Lee, Bolt Technology OÜ, Didi Chuxing, Gett, My Taxi, Uber, BlaBlaCar, Grab Holdings Inc., Lyft, Ola, ViaVan, Yandex.taxi, Curb Mobility, and Zoox.

  • In April 2021, Gett signed a partnership with Curb to increase post-pandemic business travel. The partnership between the two companies will allow it to offer corporate clients on its platform limousine, local taxi and ride-sharing services such as Lyft.
  • In June 2021, Hyundai Motor Group and Grab Holdings Inc. (Grab) entered into a strategic partnership in mobility services. The first phase of the collaboration will accelerate the adoption of electric vehicles in Southeast Asia. The group and delivery partners will collaborate to develop new pilots and initiatives that will lower barriers to entry for partner organizations by lowering total cost of ownership and reducing lineup anxiety.

Browse more research topics on automotive related:

The Global Retail logistics market the size accounted for USD 231 billion in 2021 and is expected to reach USD 622 billion by 2030.

The Global off-road tire market The size was recorded at USD 459.6 billion in 2021 and is expected to reach the value of USD 849.3 billion by 2030, growing at a CAGR of 7.3% during the forecast period from 2022 to 2030.

The Global outboard boat market The size was USD 5,683 million in 2021 and is expected to reach USD 10,669 million by 2030, growing at a CAGR of 7.5% from 2022 to 2030.

About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of information and consulting services in the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps investment communities, IT professionals, and business leaders make fact-based decisions about technology purchases and develop business growth strategies to compete in the marketplace . With a team of over 100 analysts and a collective industry experience of over 200 years, Acumen Research and Consulting ensures to provide a combination of industry knowledge with global and national level expertise.

For the latest update, follow us on Twitter and, LinkedIn

Contact us:

Mr. Richard Johnson

Acumen Research and Consulting

USA: +13474743864

India: +918983225533

E-mail: sales@acumenresearchandconsulting.com

#market #size #mass #transit #services #expected #reach #USD #billion #registering #CAGR #driven #rising #trend #demandresponsive #transportation

Leave a Comment

Your email address will not be published.