India Rapid Transit System Market is expected to grow at a CAGR of 12.91% Through 2030
Growing urbanization along
with rising concern towards fuel savings to propel India rapid transit system market
during forecast period
According to
TechSci Research report, “India
Rapid Transit System Market By Type, By Ownership, Competition, Forecast
& Opportunities, 2030”, India rapid transit system market is projected to witness substantial growth during the forecast
period on account of growing urban population, traffic congestion and rising
air pollution. Moreover, increasing population of the country is fueling demand
for fast, safe, and economical mode of transportation, which in turn is propelling
the growth of India rapid transit system market. In the current scenario, the
metro systems are operational in 10 cities in India while about 25 new projects
are in the pipeline. The government of India has allocated a fund of around $ 2
billion for the 2018-2019 metro budget. Therefore, increase in the number of
metro projects is anticipated to fuel the growth of India rapid transit system
market over the next 5 years. However, the major impediment to India rapid
transit system market is its cost which is restraining the expansion of transportation
industry.
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Based on ownership,State Government segment dominates the market size in the forecast period, In the India Rapid Transit System market, the State Government segment exerts significant influence and dominance based on ownership of transit systems across various states. State governments play a pivotal role in the planning, development, funding, and operation of rapid transit infrastructure such as metro rail networks, bus rapid transit (BRT) systems, and monorails.
State governments typically oversee the implementation of rapid transit projects through dedicated agencies or corporations established specifically for this purpose. These agencies manage the entire lifecycle of transit projects from feasibility studies and planning to construction, operation, and maintenance. They collaborate closely with central government bodies, local authorities, and private sector stakeholders to ensure seamless integration and effective functioning of transit systems.
Financially, state governments allocate substantial budgets and secure funding from central government schemes, multilateral agencies, and public-private partnerships to finance transit projects. They often leverage mechanisms like bonds, grants, loans, and subsidies to fund infrastructure development and operational expenses. This financial backing is crucial for the timely completion and sustainable operation of rapid transit systems, addressing urban mobility challenges and promoting economic growth.
Operationally, state-owned transit systems prioritize affordability, accessibility, and reliability to cater to diverse commuter needs. They implement fare structures, scheduling policies, and safety measures designed to optimize service delivery and enhance passenger satisfaction. State governments also focus on integrating transit systems with other modes of transport, such as suburban railways, last-mile connectivity options, and intercity buses, to provide comprehensive and interconnected mobility solutions.
In terms of governance, state governments establish regulatory frameworks, standards, and policies to govern transit operations, safety protocols, environmental sustainability, and land use planning around transit corridors. They ensure compliance with national and international norms, fostering transparency, accountability, and efficiency in the management of transit infrastructure.
State governments drive initiatives for sustainability and innovation in transit technologies. They promote the adoption of eco-friendly practices, energy-efficient systems, and smart technologies to reduce carbon footprints, enhance operational efficiencies, and improve overall urban livability.
Overall, the dominance of the State Government segment in the India Rapid Transit System market underscores its pivotal role as the primary owner, financier, regulator, and operator of transit infrastructure. By leveraging their authority, resources, and strategic partnerships, state governments continue to shape the future of urban transportation, driving sustainable development and meeting the evolving mobility needs of India's growing urban population.
Key market players in the India Rapid Transit System Market are:-
- Delhi Metro Rail Corporation
- Bangalore Metro Rail Corporation Limited
- Reliance Infrastructure Limited
- Larsen & Toubro Limited
- Mumbai Metropolitan Region Development Authority (MMRDA)
- IL&FS Engineering and Construction Company Limited
- Ahmedabad Janmarg Limited
- AFCONS Infrastructure Ltd
- J. Kumar Infraprojects Ltd.
- Lucknow Metro Rail Corporation
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“India rapid
transit system market is expected to grow substantially during the forecast
period on the back of increasing investment by the government of the country.
Considering
the rise in pollution, government is focusing more towards reducing the
pollution occurring from transportation industry. Additionally, factors like increasing
safety, reduction in travel time and accidents are attracting the passengers to
use public transport, thereby further fueling India rapid transit market.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
India management consulting firm.
“India Rapid Transit System Market By Type (Metro Rail, Busways & Bus, Regional Rail, Tramways), By Ownership (Central Government, State Government and Public & Private Partnership), By Region, Competition Forecast & Opportunities 2030” has evaluated the future growth potential of India rapid
transit system market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India rapid transit system market.
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