Passenger traffic of railways in China witnessed significant growth from 2013 to 2019, with a peak growth rate of 11.01% YoY in 2016 followed by moderate growth. The pandemic in 2020 caused a dramatic dip with a -39.8% decline, but recovery ensued with robust growth in 2021 (18.53%) and 2022 (38.58%). The CAGR over the last five years (2019-2023) stands at 4.48%. In 2023, passenger traffic reached 420.17 million units, representing a 23.29% growth forecast over the next five years with a 4.28% CAGR.
Future trends to watch for:
- Technological advancements aimed at enhancing service efficiency.
- Expansion of high-speed rail networks.
- Increased governmental investments in railway infrastructure.
- Changes in passenger behavior post-pandemic.