Passenger Rail Transport Market Growth Outlook Through 2024-2033

Overview and Scope
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.

Sizing and Forecast
The passenger rail transport market size has grown strongly in recent years. It will grow from $269.74 billion in 2023 to $290.99 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. 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 $388.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. 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 to enhance passenger experience and reduce costs, driver assistance systems to enhance passenger safety and to reduce potential accidents, enhancing technology that ensures passenger safety and to reduce potential accidents while reducing the total travel time for passengers, investing in connected mobility to enable drivers and their passengers to experience a much smoother trip, obstacle detection assistance systems to enhance passenger safety and to reduce accidents, sustainability to improve the environment and give back to the society as many habitats are taken down to build the large railway networks and digitization systems to, improve reliability of assets and enhance passenger experience while reducing costs.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the passenger rail transport market in 2023. 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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Major Driver Impacting Market Growth
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 November 2023, according to Eurostat, a Europe-based government agency, rail passenger transportation in the European Union experienced a partial recovery in 2021, showing a 16.5% increase compared to 2020. Therefore, the growing demand for railway passenger transport is driving the growth of the passenger rail transport market.

Key Industry Players

Major companies operating in the passenger rail transport market report are 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., Union Pacific Corporation, 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, Heathrow Connect, CD Cargo, Ceské dráhy, Die Länderbahn, GW Train Regio, Emperor Franz Joseph Railway, Caile Ferate Române, CFR Marfa, Regiojet, Leo Express, The National Railroad Passenger Corporation (Amtrak), Kansas City Southern, Hudson Bay Railway Co., Quebec North Shore and Labrador Railway, Norfolk Southern Railway, BNSF Railway, 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

The passenger rail transport market report table of contents includes:

1. Executive Summary
2. Passenger Rail Transport Market Characteristics
3. Passenger Rail Transport Product/Service Analysis -Product/Service Examples
4. Passenger Rail Transport Market Trends And Strategies
5. Passenger Rail Transport Market – Macro Economic Scenario
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31. Belgium Passenger Rail Transport Market
32. Denmark Passenger Rail Transport Market
33. Finland Passenger Rail Transport Market
34. Ireland Passenger Rail Transport Market
35. Netherlands Passenger Rail Transport Market
36.Appendix

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