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Public Transportation - Caribbean

Caribbean

The Public Transportation market in Caribbean is expected to witness a significant growth in revenue, with a projected revenue of US$0.67bn by 2024.
The market volume is expected to reach US$0.76bn by 2029, with an annual growth rate of 2.55% during 2024-2029.
The user base is also expected to rise to 23.47m users by 2029, with a user penetration rate of 56.4%, down from 52.4% in 2024.
The average revenue per user (ARPU) is anticipated to remain steady at US$31.67.
Online sales are projected to contribute 19% of the total revenue by 2029.
It is noteworthy that United States is expected to generate the highest revenue among all the countries, with a projected revenue of US$52bn in 2024, in the global comparison.
In Caribbean countries such as Jamaica and Trinidad and Tobago, public transportation is dominated by privately owned minibuses and taxis, leading to issues with safety and reliability.

Key regions: South America, Malaysia, China, Thailand, United States

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Analyst Opinion

The Public Transportation market in Caribbean is experiencing significant growth and development.

Customer preferences: Customers in the Caribbean have shown a strong preference for public transportation due to several factors. Firstly, the high cost of owning and maintaining a private vehicle has led many individuals to rely on public transportation as a more affordable alternative. Additionally, the limited availability of parking spaces in urban areas has made public transportation a more convenient option for daily commuting. Furthermore, the increasing awareness of environmental issues has also influenced customer preferences, with many individuals opting for public transportation as a greener mode of transportation.

Trends in the market: One of the key trends in the Caribbean public transportation market is the expansion and improvement of existing transportation infrastructure. Governments in the region are investing heavily in the development of new roads, bridges, and public transportation systems to meet the growing demand. This includes the introduction of new bus routes, the expansion of existing subway lines, and the implementation of modern technologies to enhance the efficiency and reliability of public transportation services. Additionally, there is a growing focus on integrating different modes of transportation, such as buses, trains, and ferries, to provide passengers with seamless and convenient travel options. Another trend in the Caribbean public transportation market is the adoption of smart transportation solutions. This includes the implementation of electronic ticketing systems, real-time passenger information systems, and mobile applications that allow passengers to plan their journeys and track the arrival and departure times of buses and trains. These technological advancements not only improve the overall passenger experience but also help transportation authorities to better manage and optimize their services.

Local special circumstances: The unique geography and demographics of the Caribbean region present special circumstances that impact the public transportation market. The presence of numerous islands and archipelagos requires the establishment of efficient ferry services to connect different locations. Additionally, the high tourism industry in the Caribbean, with millions of visitors each year, necessitates the provision of reliable and convenient transportation options to accommodate the needs of both locals and tourists.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the public transportation market in the Caribbean. Economic growth and increasing urbanization in the region have led to a rise in population density, resulting in higher demand for public transportation services. Additionally, the Caribbean's dependence on tourism as a major source of revenue has led to increased investments in transportation infrastructure to support the growing number of visitors. Furthermore, government initiatives aimed at reducing traffic congestion and promoting sustainable transportation have also played a role in driving the development of the public transportation market in the Caribbean.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of public transportation.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.