Less queue, fewer switches, less congestion and a comfortable journey and station area make travel time less expensive to travelers. This is some of the key factors in the Norwegian valuation study and a new report from the Institute of Travel Economics. The results cover all modes of transport.
When doing socio-economic analyzes of transport projects, saved travel time are usually the most important component. "Time value" is the value of saved travel time and depends on a number of factors related to the travel situation.
In this study values have been calculated for:
- Travel time on board
- Time between departures
- Travel time to switch points
- Travel time in line for car travel
- Travel time spent in crowded public transport
- Travel time pedestrians and cyclists spend on different types of infrastructure
The results show that the value of saving travel time varies between different types of travel. In addition, saving time is less important if the journey is considered comfortable or if you can utilize the travel time for work or other activities. Some examples are:
- Travel time in airplanes is perceived as more expensive than travel time in other modes of transport, and flights therefore have a higher time value.
- The time value is lower for car passengers than for car drivers.
- Those who travel by train on business trips spend a greater proportion of their travel time working than those who drive a car or travel by air. This contributes to lower time value.
- Travel time on public transport costs twice as much if crowded and one have to stand with no seat, than if one gets to sit and there is plenty of room.
- Changing the means of transport on a short public journey costs 12 minutes longer travel time on board
- Travel time driving a car in a congested queue costs more than twice the travel time without a queue
- In a future scenario with fully self-driving cars, the time value for drivers can be 30 percent lower
The study also shows how time values have evolved compared to previous studies. On average, values have increased roughly in line with income growth in Norway, but the increase is less for car travel than for public transport. The value of saved travel time on board varies between NOK 55 and NOK 792 per hour and is highest for business trips and long journeys.
Rapport: Verdsetting av reisetid og tidsavhengige faktorer. Dokumentasjonsrapport til Verdsettingsstudien 2018-2019. TØI-rapport 1762/2020. Forfattere: Stefan Flügel, Askill Harkjerr Halse, Nina Hulleberg, Guri Natalie Jordbakke, Knut Veisten, Hanne Beate Sundfør, Marco Kouwenhoven