Public Transportation - Cyprus | Statista Market Forecast

Cyprus is projected to witness a revenue of US$111.40m in the Public Transportation market by 2024.
This is expected to grow annually at a rate of 2.44% (CAGR 2024-2029), which will result in a market volume of US$125.60m by 2029.
In line with this, the number of users is also expected to increase to 880.50k users by 2029.
It is projected that the user penetration rate will be 63.3% in 2024 and 67.5% by 2029.
The average revenue per user (ARPU) is expected to be US$138.60 in Cyprus.
Additionally, 23% of the total revenue in the Public Transportation market is expected to be generated through online sales by 2029.
It is noteworthy that in global comparison, United States is expected to generate the most revenue (US$52bn in 2024).
The public transportation system in Cyprus is undergoing modernization efforts to improve efficiency and reduce traffic congestion.

Definition:

Local public transportation is used to transport people in everyday traffic by road, water, railway tracks, and sometimes by air (cable car) for local and regional transportation. In this market, revenues generated by ticket sales from public transportation companies, such as BVG (Berlin Transport Company), TfL (Transport for London), or Toei (東京都交通局: Tokyo Metropolitan Bureau of Transportation) are considered. Most providers sell single and group tickets or time-limited tickets for up to one year. This market does not take long-distance public transportation with national travel offerings into consideration.

Additional Information:

The main performance indicators of the Flights market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Local and regional public transportation by road, water, rail, and air
Regular transportation by bus, train, tram, subway, suburban trains, ferries, cable car, and trolleybus
All online and offline bookings for public transportation tickets and subscriptions, irrespective of the sales channel
Time-limited subscriptions and single tickets

Tickets for long-distance public transportation with nationwide travel offers
Private transportation
Freight transportation

The Public Transportation market in Cyprus is experiencing significant growth and development in recent years.

Customer preferences: Customers in Cyprus are increasingly opting for public transportation as their preferred mode of travel due to several factors. Firstly, public transportation offers a convenient and cost-effective way to commute, especially in urban areas where traffic congestion is a common issue. Additionally, the younger generation, in particular, is more environmentally conscious and prefers to use public transportation as a sustainable alternative to private cars.

Trends in the market: One of the key trends in the public transportation market in Cyprus is the modernization and expansion of existing infrastructure. This includes the introduction of new bus routes, the upgrading of existing bus fleets with more fuel-efficient vehicles, and the implementation of smart ticketing systems to improve efficiency and convenience for passengers. Furthermore, there is a growing emphasis on integrating different modes of public transportation, such as buses, trams, and trains, to provide a seamless and interconnected network for commuters.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. This has led to an increased demand for public transportation services, particularly in tourist hotspots. To cater to this demand, the government and private operators have been investing in improving the quality and frequency of public transportation services in these areas. Additionally, the island's small size and relatively short travel distances make public transportation a viable and attractive option for both locals and tourists.

Underlying macroeconomic factors: The development of the public transportation market in Cyprus is also influenced by underlying macroeconomic factors. The country's economy has been recovering from the financial crisis, leading to increased disposable income and higher consumer spending. As a result, more people are willing to spend on public transportation services, contributing to the growth of the market. Furthermore, the government has been actively promoting public transportation as part of its efforts to reduce traffic congestion and improve air quality, which has further fueled the market's development.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.