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According to Bus and Coach Operators, a new Market Report Update from market intelligence provider Key Note, the UK market (including various public transport financial support schemes) was valued at £6.16bn in the year ending March 2011, marking a 15.3% growth since 2007.
In recent years, demand for local bus services has increased, with operator revenues and passenger numbers rising. This has largely been driven by the significant surges in the cost of motoring, with fuel prices, insurance and vehicle servicing costs rising rapidly throughout the economic downturn. This has led to an increasing number of motorists switching to public transport for more of their travel needs.
There is currently huge demand among bus and coach operators for low-carbon vehicles. With increased consumer scrutiny, along with the UK Government's promises to Europe to cut carbon emissions, the need for an increasing number of lower-carbon vehicles is a major and growing trend. To this end, the Government, aided by significant investment within the industry, have introduced new low-carbon vehicles, and provided funds for the retrofitting of older buses with clean-air technology.
Key Note forecasts that the UK bus and coach market will increase slightly in 2011/2012, before registering more significant gains in 2012/2013, with the London 2012 Olympic Games providing increased demand. Following the Olympics, the bus and coach market could suffer from a 'hangover' effect, with more significant growth in the following years as the economic situation improves.
Press enquiries: Jack Sykes at Key Note at firstname.lastname@example.org or 0845 504 0452. Press/review copies of the report are available on request.