Public Transportation Market To Witness Massive Growth By 2030
Public Transportation Market Summary The global public transportation market size was valued at USD 214.54 billion in 2022 and is expected to grow significantly, reaching USD 374.15 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. The expansion of the public transportation sector is primarily driven by increasing government initiatives aimed at encouraging public transport use and addressing critical urban challenges such as traffic congestion, pollution, and over-reliance on private vehicles. Around the world, governments are formulating strategic plans to promote the use of public transportation among citizens. These plans include deploying modern technologies, implementing innovative financing mechanisms, revising institutional frameworks, and enhancing the overall user experience. Such measures aim to make public transportation more efficient, reliable, and appealing to the general population, which in turn bo...