Global Bus Rapid Transport Systems (BRT) Market to Reach US$3407.2 mn by 2026 as Demand for High Capacity Public Transportation Rises
(PRUnderground) February 6th, 2020
QY Research recently published a report titled, “Global Bus Rapid Transport Systems (BRT) Market Size, Status and Forecast 2020-2026”. In 2019, the global bus rapid transport systems (BRT) market size was US$2240.8 mn and it is expected to reach US$3407.2 mn by the end of 2026, rising at a CAGR of 6.1% during 2021-2026.
Efficiency and Cost-effective Design will Significantly Impact Growth
Global bus rapid transport systems (BRT) market will expand considerably in forecast years as it has been designed to deliver efficient and cost-effective solutions. Today, metro cities require high quality and affordable transit that run on essential hygienic conditions. BRTs are faster and safer means of transportation that use intelligent transport systems such as terminals, stations, and right-of-way lanes. These systems have received support from governments from across the globe as they make transport systems better for common people with safer and organized operations.
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Additionally, it has also been approved by EPA regulatory agency and other regulatory bodies as it will not only reduce the amount of pollutants released but also help control global warming scenario. These factors are expected to encourage the overall growth of the market.
Urban Area Segment to Hold Largest Share in Global Market
The urban area segment is expected to hold the largest share in the market as government in these areas are investing heavily in infrastructural developments and making urban transportation system convenient and faster.
North America Expected to Remain Dominant Player
North America is expected to remain the dominant player, however, Asia Pacific will also hold a significant position in the market. Adoption of BRT system in the urban cities of developing countries like India and China to ensure high quality mass transit, boosting the regional market.
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Manufacturers to Focus on Providing Passengers with High-quality Buses for Easy Mobility
In 2015, Volvo started its leadership by signing a total of 40 Volvo BRT 7300 buses within the BRT segment in Mexico. With this, the company delivered Metrobus line 6, in Mexico City. This order includes 10 Volvo BRT 7300 Biarticulated buses and 30 Volvo BRT 730 Articulated buses. The Metrobus Line 6 which connects Aragón to Rosario, benefits 145,000 passengers per day by providing high-quality buses, for faster, more comfortable, safe, and cost-efficient mobility.
The key players covered in this report includes Volvo, Tata, Volkswagen, Qingnian, Yutong, Daimler, JINLONG, Macropolo, and others.
About QY Research
QY Research is a leading global market research and consulting company. Established in 2007 in Beijing, China, QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and custom research to help our clients in providing non-linear revenue models and make them successful. We are globally recognized for our expansive portfolio of services.
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