The urban and suburban passenger land transport sector in Spain has demonstrated a general upward trend from 2013 to 2023, with the value standing at 3.86 billion Euros in 2023. This steady increase is seen in the year-on-year variations: reaching a peak in 2018 with a 9.04% increase. Despite a sharp decline in 2020 by 20.61% due to external factors likely related to the pandemic, the sector rebounded strongly with 15% growth in 2021 and 8.76% in 2022. Over the last five years, the compounded annual growth rate (CAGR) has been 2.01%.
The forecasted values for 2024 to 2028 suggest a continued gradual increase, culminating in a value of 4.17 billion Euros by 2028 with an averaged forecasted CAGR of 1.24% indicating steadier and more moderate growth. Specifically, a forecasted growth rate of 6.36% over this period points to sustained expansion but at a more conservative pace.
Future trends to watch for include the adoption of green and smart technologies in urban transport, shifts toward sustainable mobility, and potential impacts of regulatory changes aimed at enhancing public transportation systems and reducing carbon footprints. The integration of digitalization and electric vehicles is also likely to transform the sector significantly.
