The turnover of urban and suburban passenger land transport in the UK experienced a peak in 2016 at 21.16 billion Euros, followed by a decline in 2017 and 2018. From 2019 onwards, turnover exhibited modest but steady growth until 2023, where it stood at 18.06 billion Euros. Year-on-year variations show a significant drop in 2017, a gradual recovery commencing in 2019, and consistent growth through to 2023 with an average annual growth (CAGR) of 2.45% over the past five years. The forecast indicates a continued slow growth trajectory with a forecasted CAGR of 0.95% up to 2028.
Future trends to watch:
- Technological advancements in electric and autonomous vehicles.
- Policies and initiatives aimed at reducing urban congestion and emissions.
- Changing consumer behavior towards sustainable and shared transportation modes.
- Investment in public transport infrastructure and services improvement.
