Key regions: South America, Malaysia, China, Thailand, United States
The Public Transportation market in Sri Lanka is experiencing significant growth and development in recent years.
Customer preferences: Customers in Sri Lanka are increasingly opting for public transportation due to several reasons. Firstly, the rising population and urbanization in the country have led to increased traffic congestion, making private vehicle usage less convenient and time-consuming. Secondly, public transportation offers a cost-effective alternative to owning and maintaining a private vehicle, especially for low-income individuals and families. Additionally, the government has been actively promoting the use of public transportation through various initiatives, such as the introduction of new bus routes and the improvement of existing infrastructure.
Trends in the market: One of the key trends in the public transportation market in Sri Lanka is the expansion and modernization of the bus network. The government has been investing in the procurement of new buses, including low-floor buses that are more accessible for passengers with disabilities. This has not only improved the overall quality of public transportation but also increased the capacity to cater to the growing demand. Moreover, there has been a shift towards the adoption of cleaner and more sustainable buses, such as electric buses, to reduce the environmental impact of public transportation. Another trend in the market is the integration of technology to enhance the efficiency and convenience of public transportation services. This includes the introduction of mobile ticketing systems, real-time bus tracking, and digital payment options. These technological advancements have not only improved the overall customer experience but also increased the transparency and accountability of public transportation operators.
Local special circumstances: Sri Lanka's public transportation market is unique due to its geographical and cultural factors. The country's diverse landscape, which includes mountains, coastal areas, and urban centers, poses challenges in terms of providing efficient and accessible transportation services to all regions. Additionally, the cultural preference for public transportation, especially among the older generation, has contributed to the steady demand for such services.
Underlying macroeconomic factors: The growth and development of the public transportation market in Sri Lanka are also influenced by underlying macroeconomic factors. The country's economic growth and rising middle-class population have increased the disposable income of individuals, enabling them to afford public transportation services. Furthermore, government initiatives to improve infrastructure, such as the construction of new roads and highways, have facilitated the expansion of public transportation networks and improved connectivity between different regions. In conclusion, the Public Transportation market in Sri Lanka is witnessing significant growth and development due to customer preferences for cost-effective and convenient transportation options, the expansion and modernization of the bus network, the integration of technology, and the unique geographical and cultural factors of the country. These trends are further supported by underlying macroeconomic factors such as economic growth and government initiatives to improve infrastructure.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
