Key Market Indicators
India's passenger transport expenditure is projected to rise to approximately $7.7 billion by 2028, up from around $6 billion in 2023, marking a 4% annual growth rate. This follows a trend of increasing demand, which has grown by 6% annually since 2013. In 2023, India ranked sixth in passenger transport expenditure, closely trailing Japan at $6 billion. France, Canada, and Italy held the second, third, and fourth positions, respectively. On the revenue side, India's passenger transport sector is expected to generate about $1.12 billion by 2028, up from nearly $950 million in 2023. This represents an average annual growth rate of 2.6%. The Indian market has shown robust growth, with a 10.5% annual increase since 2005. In 2023, India ranked 21st in passenger transport revenue, just behind Jordan's $950 million. Qatar, Ireland, and Russia occupied the second, third, and fourth spots, respectively.
