Major companies in the passenger rail transport market include China Railway Corporation, Central Japan Railway Co, Duetsche Bahn AG, East Japan Railway Co, FerroviedelloStatoItalianeSpA, Indian Railways, FirstGroup PLC, JSC Russian Railways, Swiss Federal Railways, and Canadian Pacific Railway.
The global passenger rail transport market grew from $246.64 billion in 2022 to $265.31 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger rail transport market is expected to grow to $345.12 billion in 2027 at a CAGR of 6.8%.
The passenger rail transport market includes revenues earned by entities by providing transportation because it is unaffected by traffic and adverse weather conditions and can carry large amounts of goods.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Passenger rail transport refers to the transportation of people using wheeled vehicles that are specifically made to travel along railroads that operate either on networks with physical facilities, labor forces, and equipment spread over a wide geographic area or over a short distance on a local rail line.
Asia-Pacific was the largest region in the passenger rail transport market in 2022.Western Europe was the second largest region in the passenger rail transport market.
The regions covered in the passenger rail transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of passenger rail transport in the passenger rail market are medium-distance passenger transport, long-distance passenger transport, and short-distance passenger transport.Medium-distance passenger transport uses trains to provide transport for passengers from a station to a medium distance.
The market is segmented by service type into transportation and services allied to transportation (maintenance of railcars and rail tracks, switching of cargo, and storage) and by application into city and rural.
Advanced driver assistance system (ADAS) technology is becoming popular in the rail transportation industry to optimise energy usage, enhance operational management, safety and aid in cost reduction.These systems provide automatic warning, protection, operation, supervision, and control arrangement.
They also aid in meeting stringent government regulations towards passenger safety.Around 60 million units of advanced driver assistance systems were produced globally.
Some companies providing these systems for locomotives are Thales Group, Alstom S.A., Bombardier Transportation, Hitachi Ltd., CRRC Corporation Limited, Ansaldo STS, and SIEMENS AG.
The countries covered in the passenger rail transport market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The passenger rail transport market research report is one of a series of new reports that provides passenger rail transport market statistics, including passenger rail transport industry global market size, regional shares, competitors with a passenger rail transport market share, detailed passenger rail transport market segments, market trends and opportunities, and any further data you may need to thrive in the passenger rail transport industry. This passenger rail transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.