The rail passenger transport in China saw significant growth from 2013 to 2019, peaking at 1.4707 trillion passenger kilometers in 2019. A sharp decline occurred in 2020 due to the pandemic, followed by a robust recovery in 2021. As of 2023, the value stands at 1.6563 trillion passenger kilometers. Between 2021 and 2023, year-on-year variation showed moderate increases of 1.01% and 2.88%, indicating stabilization. Over the last five years, the sector experienced a CAGR of 3.2%. Forecasts predict steady growth with a 2.14% CAGR over the next five years, anticipating a value of 1.9003 trillion passenger kilometers by 2028.
Future trends to watch for:
- Continued expansion and enhancement of high-speed rail networks.- Potential impacts of technological advancements like AI and IoT on rail efficiency and capacity.- Influences of urbanization and government transport policies on demand.- Evolution of passenger preferences and competition from other transport modes like electric vehicles.