Report Forecasts Indian Bus Industry To Reach Rs 104,000 Crore By 2026: Here's All About It

The bus industry in India is anticipated to achieve a value of Rs 104,000 crore by 2026, showcasing a compound annual growth rate of 6.64 per cent, according to a report titled ‘Traveltech 2.0: The Next Phase of Digitally Empowering the Indian Traveler’.

The report, a collaboration between the Internet and Mobile Association of India and Grant Thornton Bharat, was launched during the India Digital Summit 2024 held in Mumbai.

Key findings from the report indicate that surface transportation services such as bus and rail travel present significant opportunities for online travel agency service providers, particularly in offering value-added services beyond basic online ticketing.

Also Read: "Simultaneous Polls, Common Electoral Roll, And Unity Government": Here's What The Law Commission Proposed In It's Report

Geographically, states like Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, and Uttar Pradesh emerge as principal markets for State Transport Undertakings, comprising nearly 70 per cent of the market share.

However, the introduction of value-added services like live bus tracking and digital ticketing in city buses is gaining traction among commuters.

In the rail sector, Indian Railways witnesses a revenue contribution of 70 per cent from reserved passengers, despite comprising only 12 per cent of the total passenger volume.

Meanwhile, industry leaders, including Dhruv Chopra from Chalo, Aloke Bajpai from ixigo, Prakash Sangam from Redbus, and Vikash Jalan from PayTM Travel emphasised the pivotal role of technology in revolutionising ground transportation.

Also Read: Mumbai-Nagpur Samruddhi Mahamarg: 25-Km Bharvir-Igatpuri Stretch Set to Open On 4 March