The Business Research Company’s report on the Passenger Rail Transport Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the passenger rail transport industry?
The growing demand for railway passenger transport is expected to propel the growth of the passenger rail transport market going forward. Railway passenger transport involves conveying individuals via trains along a railway track. Passenger railways are a mode of transportation that moves people along a railroad route. For instance, in October 2024, according to the Eurostat, a Luxembourg-based Government agency, in 2022, rail passenger transport in the EU saw a 50.9% increase compared to 2021. Therefore, the growing demand for railway passenger transport is driving the growth of the passenger rail transport market.
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What is the estimated market size of the passenger rail transport sector by 2029, based on current forecasts?
The passenger rail transport market size has grown strongly in recent years. It will grow from $293.74 billion in 2024 to $317.6 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to emerging markets growth, rise in e-commerce and taxation.
The passenger rail transport market size is expected to see strong growth in the next few years. It will grow to $418.71 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to technology, sustainability, high speed trains and emphasis on cutting carbon emissions. Major trends in the forecast period include adopting head on generation (HOG) technology to reduce their carbon footprints, increase profitability of operations, and reduce operating costs and other fuel related expenses, digitalization in transporting services, driver assistance systems, enhancing technology that ensures passenger safety, investing in connected mobility, obstacle detection assistance systems, sustainability to improve the environment, improve reliability of assets and enhance passenger experience while reducing costs.
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#Who are the top players in the passenger rail transport market?
Major companies operating in the passenger rail transport market include Central Japan Railway Company, SNCF, Deutsche Bahn, West Japan Railway Company (JR-West), Indian Railways, East Japan Railway Company, MTR Corporation Ltd., Russian Railways, Canadian Pacific Railway Ltd., China Railways, KiwiRail Ltd., PT Kereta Api Indonesia (Persero), Abellio ScotRail, Arriva Rail London, Avanti West Coast, Caledonian Sleeper, Chiltern Railways, CrossCountry, East Midlands Railway, Eurostar, Govia Thameslink Railway, Greater Anglia, Great Western Railway, Hull Trains, Grand Central, Merseyrail, Virgin Trains, ScotRail, London Overground, Ceské dráhy, Die Länderbahn, GW Train Regio, Emperor Franz Joseph Railway, Caile Ferate Române, Regiojet, Leo Express, The National Railroad Passenger Corporation (Amtrak), Hudson Bay Railway Co., Companhia do Metropolitano de São Paulo, Perurail, Belmond Andean Explorer, Ferrovías Central Andina, Nuevos Ferrocarriles Argentinos, Trenes Metropolitanos, Brazil Great Southern Railway, Ferrocarril Transandino, Saudi Railway Company, Israel Railways Ltd., Iraq Republic Railways Co., Middle East Rail, Turkish State Railways (TCDD), Arabian Railway Company, Egyptian National Railways (ENR), Passenger Rail Agency of South Africa (PRASA), Transnet SOC Ltd, Union of African Railways, Botswana Railways, Zambia Railways, National Railways of Zimbabwe, Nigerian Railway Corporation
#What are the major trends in the passenger rail transport market?
Major companies operating in the passenger rail transport market are focused on technological advancements to sustain their position in the market. For instance, in May 2023, Nevomo, a Poland-based deep-tech company, partnered with GATX Rail Europe, an Austria-based full-service railcar company, to introduce a MagRail booster for rail freight. The MagRail booster components are a cost-effective solution for extending railway lines’ capacity and increasing efficiency in rail transport. They can be installed on conventional freight wagons supplied by GATX Rail Europe. It enables traffic automation and infrastructure electrification, offering higher flexibility, capacity, and enhanced dynamics. MagRail’s unique feature allows single wagons to operate independently, making it ideal for last-mile areas like cargo terminals and industrial facilities.
Which geography holds the highest passenger rail transport market share?
Asia-Pacific was the largest region in the passenger rail transport market in 2024. 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, Africa
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How do different segments contribute to the overall expansion of the passenger rail transport market?
The passenger rail transport market covered in this report is segmented –
1) By Type: Medium-Distance Passenger Transport, Long-Distance Passenger Transport, Short-Distance Passenger Transport
2) By Service Type: Transportation, Services Allied to Transportation (Maintenance of Railcars and Rail Tracks, Switching of Cargo, and Storage)
3) By Application: City, Rural
Subsegments:
1) By Medium-Distance Passenger Transport: Regional Rail Services, Intercity Rail Services
2) By Long-Distance Passenger Transport: High-Speed Rail Services, Overnight Train Services
3) By Short-Distance Passenger Transport: Commuter Rail Services, Urban Rail
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How is the passenger rail transport market defined, and what are its core characteristics?
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.
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