The Canadian rail passenger transport movements have shown a mixed trend over the last decade. From 2013 to 2019, the sector experienced fluctuations, with noticeable growth in 2017 and 2019. However, 2020 marked a significant decline of 86.8% due to the pandemic. A recovery was observed in 2021 and 2022 with substantial year-on-year increases of 133.4% and 125.95%, respectively. Despite this recovery, 2023 saw a downturn of 13.42%, putting the value at 1.04 Billion Passenger Kilometers.
The CAGR over the last five years (2019-2023) indicates an average annual decrease of 7.37%, demonstrating the lingering effects of the pandemic. The forecasted data indicates a continued decline from 2024 to 2028, with a projected average annual reduction of 3.68% over those five years, culminating in a 17.1% decrease by 2028.
Future trends to watch for include:
- Impact of technological advancements on rail efficiency and passenger experience.
- Potential recovery strategies post-pandemic and governmental transportation policies.
- Long-term environmental sustainability initiatives influencing rail transport preference.
