The US transit and ground passenger transportation industry demonstrated robust growth from 2013 to 2019, reaching its peak in 2019 at $81.3 billion before experiencing a significant decline in 2020 due to the pandemic, dropping by 42.14%. The industry rebounded strongly in 2021 with a 74.98% year-on-year increase and continued to grow steadily in 2022 and 2023. As of 2023, the industry stands at $91.77 billion, reflecting a 2.85% increase from the previous year. Over the past five years, the compound annual growth rate (CAGR) was 3.19%.

Future growth projections indicate a steady increase in industry gross output, with a forecasted 5-year CAGR of 2.14%, leading to a growth rate of 11.17% by 2028.

Future trends to watch for include:

Technological advancements and their impact on passenger transportation efficiency.
Sustainable and environmentally-friendly transport solutions gaining more market share.
Policy changes and government investments in infrastructure and public transit systems.