In 2023, the household expenditure on public and other transportation in the US stood below the projected forecast for 2024. Over the forecast period from 2024 to 2028, there is a consistent year-on-year growth in expenditure: 1.75% in 2024, 1.75% in 2025, 1.69% in 2026, 1.62% in 2027, and 1.57% in 2028. The compound annual growth rate (CAGR) for these years is calculated at approximately 1.68%, indicating a steady, moderate increase in household spending on transportation.
Future trends to watch for include:
- Potential impact of technological advancements in transportation, such as electric and autonomous vehicles.
- Inflationary pressures that could influence transportation costs.
- Government policies on public transportation infrastructure and their impact on household expenditure.
- Changes in public transportation usage patterns, possibly due to evolving remote work practices and preferences.
