Bus Rapid Transit Market will exhibit a CAGR of 8.1% during the forecast period, and reach USD 1040.27 million by 2027, and the Market value as per 2019 was USD 822.86 million.
Fortune Business Insights™ in a new report, titled, “Bus Rapid Transit (BRT) Market Size, Share & Industry Analysis, By Bus Type (Standard, Articulated, Others), By Application (Urban Areas, Others), and Regional Forecast, 2020-2027.”
Bus Rapid Transit Market Drivers and Restraint:
Rising Demand for Road Safety will Favor Growth
Bus rapid transit corridors help in lowering the frequency of fatalities, injuries, and traffic incidents. They also enhance traffic safety. The TransMilenio BRT in Bogota, for instance, successfully lowered the rates of injuries and crashes of two main corridors. Besides, EMBARQ stated that it conducted thorough safety impact assessments that consisted of the before and after data for four BRT systems in Latin America, Australia, and India. The result was a reduction in the overall rate of crashes. The increasing implementation of BRT corridors stoked by the urgent need to surge road safety would propel the bus rapid transit market growth in the near future.
However, the COVID-19 pandemic has increased the risks of traveling with other passengers. The public transportation systems in various countries worldwide have been stopped owing to lockdown and social distancing measures to prevent the transmission of coronavirus. This factor may hinder the market growth.
List of Key Players Covered in the Bus Rapid Transit Market Report:
- AB Volvo (Gothenburg, Sweden)
- Tata Motors (Mumbai, India)
- MAN (Munich, Germany)
- Ashok Leyland (Chennai, India)
- Yutong (Zhengzhou, China)
- Marcopolo S.A. (Caxias do Sul, Brazil)
- King Long (Xiamen, China)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/bus-rapid-transit-brt-market-103436
Some of the key industry developments in the Bus Rapid Transit Market Include:
- February 2020: Volvo Buses provided 21 conventional, 13 B340M articulated, and 6 B340M bi-articulated buses to Curitiba for improving its transportation system.
- December 2019: New Flyer bagged a contract from Brampton Transit (Canada) to provide 60-foot Xcelsior diesel-electric hybrid buses. It will be delivering 10 heavy-duty buses for broadening the Zum bus rapid transit fleet.