Press Release - February 2026

• Urban public transport (bus, metro, tram/light rail) has consolidated a trend of significant growth in recent years, underpinned by rising passenger numbers and the recovery of pre-pandemic usage levels. Sector revenue rose 5% in 2024, and provisional data for 2025 point to an increase of around 8%.

• The sector is characterised by a notable concentration of supply, which is particularly significant in the tram/light rail and, above all, metro segments. The top ten companies account for around three quarters of revenue. 

• INFORMA's DBK Sectoral Observatory recently published these insights in the 'Urban Transport' Sectoral Report.

Madrid, 5 February 2026.- According to INFORMA's (Cesce's subsidiary) DBK Sectoral Observatory—a leading provider of business, financial, sectoral, and marketing information in Spain and Portugal—urban public passenger transport activity (bus, metro, tram/light rail) posted a notable advance in 2024, with total revenue up 5% to €5.35 billion. This performance confirms the positive momentum that began after mobility recovered, with cumulative growth of over 30% since 2020.

Demand momentum was driven by higher traffic across all transport modes, supported by greater service usage, operators' adaptation to new mobility patterns, and the continuation of public policies aimed at facilitating access to transport. Total passenger numbers rose 8% in 2024, to 3,455 million.

The bus segment reaffirmed its role as the leading mode, accounting for over half of the market and posting 6% revenue growth to nearly €3.0 billion, while passenger numbers rose 9%, exceeding 2,000 million journeys. Metro passenger numbers reached 1,418 million, up 7%, alongside a positive trend in its economic activity.

Revenue continued to grow in 2025, with the year closing at an estimated figure of around €5.8 billion, up 8.4%. This advance was generally supported by route reorganisation and improved service quality, as well as network expansion, fleet modernisation, and the adoption of advanced technologies.

There are 150 urban bus transport companies operating in Spain, with a workforce of close to 40,000 employees and a fleet of around 15,000 vehicles. Metro and tram transport is provided by 17 companies, whose management is structured around predominantly public models with private participation in certain assets.

In contrast to the notable degree of fragmentation in the bus segment, tram and metro show high concentration due to their infrastructure-intensive nature. Overall, the top five groups in the sector held a combined 59% share of the total market in 2024; the top ten companies, 74%.

Data synthesis

(a) general scheduled service. Includes trams, trolleybuses and urban funiculars.