Market Research Report
Bus Rapid Transit Systems (BRT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Bus Rapid Transit Systems (BRT) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: September 16, 2021
IMARC Services Private Limited
Content info: 143 Pages
Delivery time: 2-3 business days
The global bus rapid transit systems (BRT) market exhibited moderate growth during 2015-2020. The bus rapid transit system (BRT) refers to a sophisticated transport solution that delivers efficient, cost-effective and flexible urban mobility services. It consists of smart public transit systems, fare collection systems, terminals, automated lanes, public information systems, foot over bridges, pedestrian subways, crossing signals, railings and stations. The utilization of BRT emphasizes on the holistic development of a city by providing safe and wide corridors for motor vehicles, pedestrians and cyclists. It also offers user-friendly road markings and signages that can be used by children, senior citizens, visually impaired and wheel-chair bound individuals.
Rapid urbanization across the globe, especially in developing economies, represents one of the key factors driving the growth of the market. Furthermore, the rising global population, which has resulted in the increasing demand for improved transportation facilities, is providing a thrust to the market growth. BRT systems aid in enhancing road safety by managing traffic congestion and reducing the risks of accidents, injuries and fatalities. In line with this, the implementation of favorable government policies promoting the adoption of sustainable and efficient rapid transit systems that have minimal impact on the environment are also contributing to the market growth. BRT system vendors are developing innovative battery-powered buses that have minimal energy requirements with negligible greenhouse gas (GHG) emissions. They are also manufacturing buses that can efficiently run on cleaner fuels, such as biodiesel, compressed natural gas (CNG) and liquified petroleum gas (LPG). Other factors, including significant infrastructural development, along with the utilization of advanced communication technologies across the globe, are anticipated to drive the market further. Looking forward, IMARC Group expects the global bus rapid transit systems (BRT) market to grow at a CAGR of around 7% during 2021-2026.
Figure 11 Global: Bus Rapid Transit Systems (Articulated) Market Forecast: Sales Value (in Million US$), 2021-2026