Major companies in the commuter rail and public bus services market include East Japan Railway; MTR; Central Japan Railway; Canadian Pacific Railway and West Japan Railway. The global commuter rail and public bus services market is expected to grow from $261.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commuter Rail And Public Bus Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025330/?utm_source=GNW
98 billion in 2020 to $285.08 billion in 2021 at a compound annual growth rate (CAGR) of 8.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $400.31 billion in 2025 at a CAGR of 9%.
The commuter rail and public bus services market consists of sales of commuter rail and public bus services and related goods by entities (organizations, sole traders and partnerships) that operate local and suburban ground passenger transit systems using more than one mode of transport over regular routes and on regular schedules within a metropolitan area and its adjacent nonurban areas. Commuter rail is usually characterized by reduced fares, multiple ride and commutation tickets, and mostly used by passengers during the morning and evening peak periods. The commuter rail and public bus services market is segmented into commuter rail services (metro and mmts) and public bus services.
Western Europe was the largest region in the global commuter rail and public bus services market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global commuter rail and public bus services market. Africa was the smallest region in the global commuter rail and public bus services market.
Many bus service providers are introducing hybrid buses to reduce carbon emissions. Buses are generally powered using diesel which release CO2 emission to the environment. On the contrary, hybrid buses utilize alternate fuel and do not require heavy investment like electric buses. A hybrid bus is powered by two alternate fuels or fuel combined with electricity, diesel-natural gas or diesel-electric. In addition to that, these buses offer a quieter experience, and reduced maintenance cost. According to a research by Environmental and Energy Study Institute, hybrid busses offered about 40% improvement in fuel economy in comparison to standard diesel coach and nearly 90% improvement over compressed natural gas buses. Major companies involved in manufacturing of hybrid buses are Arriva Bus, Stagecoach, Volvo Buses, Allison Transmission, and Jinlong.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the commuter rail and public bus services market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the commuter rail and public bus services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The commuter rail and public bus services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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