IMARC Group, a leading market research company, has recently releases report titled “Bus Rapid Transit Systems (BRT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global bus rapid transit systems (BRT) market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the bus rapid transit systems (BRT) market?
The global bus rapid transit systems (BRT) market size reached US$ 797.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,251.9 Million by 2028, exhibiting a growth rate (CAGR) of 7.9% during 2023-2028.
What is bus rapid transit systems?
Bus rapid transit (BRT) system stands for a transport solution that offers efficient and cost-effective urban transit services. It focuses on the integrative development of a city by providing smart public transit systems, fare collection systems, terminals, public information systems, foot over bridges, automated lanes, crossing signals, railings and stations, etc. BRT system also offers road markings and signages that can be used by children, senior citizens, wheel-chair bound, and visually impaired individuals.
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What are the growth prospects and trends in the bus rapid transit systems industry?
Rapid urbanization, especially across developing countries, has led to the adoption of advanced transportation systems. Moreover, the growing investments in the upgradation of the existing transit systems to facilitate safe and wide corridors for pedestrians, motor vehicles and cyclists, are further catalyzing the market growth.
Additionally, governments across various nations are emphasizing on improving road safety by managing traffic congestion and mitigating the risks of fatalities, accidents, and injuries, thereby bolstering the adoption of BRT systems. Besides this, the rising environmental concerns towards high air pollution levels have led to the introduction of battery-powered buses with high energy efficiency and nominal greenhouse gas (GHG) emissions. All of the aforementioned factors will continue to propel the market for BRT systems in the coming years.
Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the bus rapid transit systems (BRT) market has been studied in the report with the detailed profiles of the key players operating in the market.
Bus Rapid Transit Systems Key Companies:
- AB Volvo
- Ashok Leyland (Hinduja Group)
- BYD Company Limited
- Cubic Corporation
- Daimler AG
- MAN SE (Volkswagen AG)
- Marcopolo S.A.
- Tata Motors Limited (Tata Group)
- Xiamen King Long Motor Group Co. Ltd.
- Zhengzhou Yutong Bus Co. Ltd.
Key Market Segmentation:
The report has segmented the bus rapid transit systems (BRT) market on the basis of bus type, system type, fuel type and region.
Based on Bus Type:
Based on System Type:
- Open BRT System
- Closed BRT System
- Hybrid BRT System
Based on Fuel Type:
- Natural Gas
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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