LONDON--(BUSINESS WIRE)--The global bus rapid transport systems (BRT) market is expected to grow at a CAGR of close to 10% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global bus rapid transport systems market by service type, including open BRT system, closed BRT system, and hybrid BRT system. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rapid urbanization across the world
In 2016, more than 50% of the world’s population was residing in urban areas, which makes the urban population higher than the rural population, globally. In 1950, only 30% of the world’s population lived in urban areas. By 2050, the global urban population is expected to increase by more than 65%.
According to a senior analyst at Technavio for transportation and distribution research, “At present, regions such as North America and Europe are the most urbanized regions across the world with more than 80% and 70% of the population, in the respective regions, staying in urban areas. However, the African and Asian region urbanization levels are more than 40% and 46%. The rate of urbanization in Africa and Asia are much faster than the other regions and are projected to have more than 55% and 63% of the urban population by 2050, respectively.”
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Market trend: surge in high capacity BRT systems
There were more than 1000 cities across the globe with populations of more than 0.5 million in 2016. Metropolitan regions such as Mexico City, New York, Tokyo-Yokohama, Mumbai, Sao Paulo, and Seoul consists of around 20-40 million of the population. More than 50% of the world's population lived in a city since 2008. By 2050, it is expected to reach more than 70%. In busy cities, mobility is a chief concern. Such challenges cannot be solved with private transportation. In countries such as Netherlands, Belgium, and Germany, every citizen on an average spends over 40 hours per year in traffic tailback.
Market challenge: delay in implementation of BRT system projects
Delay in the implementation of BRT system projects is one of the major challenges faced by BRT systems. Due to these delays, BRT system operations for passengers are deferred, thereby resulting in huge losses incurred by the governments of various countries.
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