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Bus Tickets - Singapore

Singapore

Singapore's Bus Tickets market is expected to reach revenue of €54.27m by 2024.
The projected annual growth rate (CAGR 2024-2028) is 1.05%, resulting in a market volume projection of €56.58m by 2028.
By 2028, the number of users in the Bus Tickets market is expected to be 0.61m users.
The projected user penetration rate is 10.0% in 2024 and 9.8% by 2028.
The average revenue per user (ARPU) is expected to be €89.45.
In the Bus Tickets market, online sales are projected to generate 79% of the total revenue by 2028.
It is worth noting that in global comparison, China is expected to generate the most revenue in the Bus Tickets market, with a projected revenue of €4,640m in 2024.
Singapore's bus market is dominated by electric and hybrid buses, with a focus on reducing emissions and improving air quality.

Key regions: Malaysia, Thailand, India, Saudi Arabia, Europe

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Analyst Opinion

The Buses market in Singapore has been experiencing steady growth over the past few years, driven by several key factors. Customer preferences for reliable and efficient transportation options, along with local special circumstances and underlying macroeconomic factors, have contributed to the development of the market. Customer preferences in Singapore have shifted towards more sustainable and environmentally-friendly modes of transportation. As a result, there has been a growing demand for buses that run on clean energy sources such as electricity or hybrid systems. Customers are also looking for buses that offer comfort and convenience, with features such as air conditioning, spacious seating, and Wi-Fi connectivity. Additionally, safety features such as advanced braking systems and surveillance cameras are becoming increasingly important to customers. Trends in the market indicate a shift towards electric buses, driven by the government's efforts to reduce carbon emissions and promote sustainable transportation. The Singapore government has implemented various initiatives and incentives to encourage the adoption of electric buses, including grants and subsidies for bus operators. This has led to an increase in the number of electric buses in Singapore's public transportation fleet. Another trend in the market is the integration of technology in buses. Bus operators are increasingly incorporating features such as real-time tracking systems, digital payment options, and smart ticketing systems to enhance the overall customer experience. These technological advancements not only improve efficiency and convenience for customers but also provide valuable data for bus operators to optimize routes and schedules. Local special circumstances in Singapore, such as the limited land area and high population density, have also contributed to the development of the Buses market. With limited space for private vehicles and the need for efficient public transportation, buses have become a popular mode of transport for both residents and tourists. The government has invested in the expansion of bus networks and the improvement of infrastructure to accommodate the growing demand for buses. Underlying macroeconomic factors have also played a role in the development of the Buses market in Singapore. The country's strong economic growth and rising disposable incomes have increased the demand for transportation services. Additionally, the government's focus on urban planning and sustainable development has created opportunities for bus manufacturers and operators to enter the market. In conclusion, the Buses market in Singapore is developing in response to customer preferences for sustainable and technologically advanced transportation options. The shift towards electric buses and the integration of technology in buses are key trends in the market. Local special circumstances, such as limited land area and high population density, have also contributed to the growth of the market. Furthermore, underlying macroeconomic factors, including strong economic growth and government initiatives, have created favorable conditions for the development of the Buses market in Singapore.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of bus tickets.

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.