The production in the urban and suburban passenger land transport sector in Norway has shown a steady increase from 2013 to 2023, with actual values rising from 7.89 billion NOK to 17.77 billion NOK. Notably, between 2015 and 2023, compound annual growth rates (CAGR) ranged between 4.41% and 12.67%, reflecting significant growth momentum. The year-on-year growth rate peaked in 2015 at 29.81% but moderated in subsequent years, eventually stabilizing around 3.95% in 2023.
Over the last two years (2022-2023), the sector experienced a modest increase, shifting from 17.1 billion NOK to 17.77 billion NOK by the end of 2023, illustrating a growth rate of approximately 3.95%. Over the previous five years, the average annual growth rate, reflected by the CAGR, was 4.41%, indicating sustained yet moderating expansion.
Looking forward, the forecast indicates continued growth with the sector expected to reach 21.05 billion NOK by 2028. The forecasted five-year CAGR is 2.68%, pointing to a slower yet positive growth trajectory.
Future trends to watch for:
- Increased investments in sustainable and eco-friendly transport solutions as Norway intensifies its environmental commitments.
- Technological advancements, including digital ticketing, and real-time passenger information systems, which may drive operational efficiencies and passenger convenience.
- Demographic changes and urbanization trends that may impact passenger volume and service demand in urban and suburban areas.
