Press Release - February 2026

• Collective urban transport activity (bus, underground, tram/light rail) has consolidated the trend of significant growth in recent years, underpinned by the increase in passenger numbers and the recovery of usage levels to those seen before the pandemic. 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 especially significant in the tram/light rail and, above all, underground 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, collective urban passenger transport activity (bus, underground, tram/light rail) recorded a significant advance in 2024, with total revenue up 5% to €5.35 billion. This performance confirmed 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 use of the service, 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, alongside a 9% increase in passenger numbers, exceeding 2,000 million journeys. Meanwhile, underground passenger numbers reached 1,418 million, up 7%, accompanied by 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 broadly supported by route reorganisation and improved service quality, as well as network expansion, fleet modernisation and the adoption of advanced technologies.

In Spain, 150 urban bus transport companies operate, with a workforce of close to 40,000 employees and a fleet of around 15,000 vehicles. Underground and tram activity is covered by 17 companies, whose management is structured around predominantly public models with private participation in certain assets.

Compared with the notable degree of fragmentation in the bus segment, tram and underground 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.