Public Transportation Vehicles Market Forecast
The use of LED-based lamps/devices in public transportation vehicles is forecast to reach $1.9 Billion in 2022
Aptos, CA (USA) – July 5, 2016 -- ElectroniCast Consultants, a leading market research firm, today announced the release of their market research study of the worldwide use of light emitting diode-lighting lamps/devices used in Public Transportation Vehicles. The report provides actual consumption (use) market data for 2015, plus the year-by-year forecast through 2022.
According to the market research study, the worldwide value of LED-based lamps/devices on public transportation vehicles reached $1.36 billion in 2015. During the 2015-2022 timeline, the consumption (use) value is forecast to increase at an average annual rate of 4.92 percent to $1.9 billion in 2022. Market forecast data refers to consumption (use) for a particular calendar year; therefore, this data is not cumulative data.
The Asia Pacific region (APAC) led in global consumption with 51.4 percent in relative market share in 2015. The EMEA region (Europe, Middle East and Africa countries) held a 25.6 percent share of the worldwide public transit vehicle LED lamp/device consumption value, last year. The American region (South, Central and North America) region, led by the United States, is forecast to remain in the third-place position throughout the forecast period.
The Bus (vehicle) category held the lead in relative market share of global consumption with 37.1 percent ($505 million) in 2015. The (more) mature bus category is forecast to increase at a relatively slower pace versus the light-rail/tram public transportation modes, the rapid transit/metro vehicle types, and the high-speed and commuter vehicle types. The Rapid-transit/Metro vehicle category is forecast to eventually capture the market share lead in 2018, before the Bus category regains the lead in 2022, due to saturation of LEDs in the rapid transit/metro vehicle types.
Of course, public transit includes buses, intercity and metro/underground trains, streetcars and trams; however, ElectroniCast also includes watercraft (ferries) in this market forecast and analysis. Ferry systems (including comparable water buses), government-operated and private enterprise exist in all regions (worldwide).