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Public Transportation - Singapore

Singapore

Singapore's Public Transportation market is expected to see a significant increase in revenue, reaching US$1.34bn by 2024.
This revenue is projected to grow annually at a rate of 1.28%, resulting in a market volume of US$1.41bn by 2028.
The number of users in this market is expected to reach 4.63m users by 2028, with a user penetration rate of 74.8% in 2024, and 74.7% by 2028.
The Average Revenue Per User (ARPU) is predicted to be US$294.80.
Additionally, 25% of the total revenue in this market will be generated through online sales by 2028.
Comparing globally, United States is projected to generate the most revenue in this market, with a predicted revenue of US$50,310m by 2024.
Singapore's advanced public transportation system, including its extensive metro network and innovative use of technology, has made it a global leader in sustainable urban mobility.

Key regions: United States, Indonesia, China, Saudi Arabia, Europe

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Analyst Opinion

The Public Transportation market in Singapore has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing preference for sustainable and eco-friendly modes of transportation. In Singapore, there is a growing awareness of the impact of transportation on the environment, and many people are choosing to use public transportation as a way to reduce their carbon footprint. Additionally, the convenience and affordability of public transportation have also contributed to its popularity among customers.

Trends in the market: Another trend in the Public Transportation market in Singapore is the integration of technology. The government and transportation companies have been investing in smart technologies to improve the efficiency and convenience of public transportation services. For example, the introduction of contactless payment systems and real-time tracking apps have made it easier for commuters to access and navigate the public transportation network. This trend is expected to continue as technology continues to advance.

Local special circumstances: Singapore is a small and densely populated country, which presents unique challenges for transportation infrastructure. The limited land area and high population density make it necessary to have an efficient and well-connected public transportation system. The government has recognized this need and has made significant investments in expanding and improving the public transportation network. This includes the construction of new MRT lines, the expansion of bus services, and the implementation of initiatives to encourage cycling and walking.

Underlying macroeconomic factors: The strong economic growth in Singapore has also contributed to the development of the Public Transportation market. As the country continues to attract businesses and foreign investments, the demand for transportation services has increased. Additionally, the government's focus on sustainable development and reducing reliance on private vehicles has created a favorable environment for the growth of the public transportation sector. In conclusion, the Public Transportation market in Singapore is experiencing growth due to customer preferences for sustainable transportation options, the integration of technology, the unique local circumstances of the country, and the underlying macroeconomic factors. The government's investments in improving the public transportation network and the strong economic growth in Singapore are expected to continue driving the growth of the market in the coming years.

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.