Public Transportation - Panama | Statista Market Forecast

Panama's Public Transportation market is anticipated to reach a revenue of US$314.60m by 2024.
It is expected to grow annually at a rate of 1.31% (CAGR 2024-2029), which will result in a market volume of US$335.80m by 2029.
The number of users in this market is projected to be 2.59m users by 2029.
The user penetration is estimated to be 49.7% in 2024 and 53.8% by 2029.
Moreover, the average revenue per user (ARPU) is predicted to be US$139.80.
It is anticipated that 18% of the total revenue in this market will be generated through online sales by 2029.
Additionally, in global comparison, the highest revenue is likely to be generated in United States, which is expected to reach US$52bn in 2024.
Public transportation in Panama is undergoing modernization efforts with new metro lines and improved bus systems.

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 Panama has been experiencing significant growth in recent years, driven by customer preferences for convenient and affordable transportation options.

Customer preferences: Customers in Panama are increasingly looking for transportation options that are reliable, cost-effective, and efficient. They prefer modes of transportation that can help them avoid traffic congestion and reduce travel time. Additionally, customers are becoming more environmentally conscious and are seeking greener transportation alternatives.

Trends in the market: One of the key trends in the Public Transportation market in Panama is the increasing popularity of ride-sharing services. These services offer customers a convenient and affordable way to travel within the city, without the need to own a car. The ease of booking a ride through a mobile app and the competitive pricing of ride-sharing services have made them a preferred choice for many customers. Another trend in the market is the expansion and modernization of the metro system in Panama City. The metro system has been successful in attracting a large number of commuters due to its efficiency and reliability. The government has been investing in expanding the metro network to cover more areas of the city, which has further increased its popularity among customers.

Local special circumstances: One of the unique factors that contribute to the development of the Public Transportation market in Panama is the country's rapidly growing urban population. As more people move to cities for better job opportunities and improved living standards, the demand for public transportation increases. This has led to the expansion of existing transportation infrastructure and the introduction of new modes of transportation to meet the growing demand.

Underlying macroeconomic factors: The strong economic growth of Panama has also played a significant role in the development of the Public Transportation market. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved living standards. As a result, more people are able to afford public transportation services, leading to higher demand in the market. In conclusion, the Public Transportation market in Panama is growing due to customer preferences for convenient and affordable transportation options. The increasing popularity of ride-sharing services and the expansion of the metro system are key trends in the market. The country's rapidly growing urban population and strong economic growth are the local special circumstances and underlying macroeconomic factors driving 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.