Passenger Rail Transport Market Growth Trajectory Through 2024-2033

The Passenger Rail Transport by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Rail Transport, 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.

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.

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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

 

The passenger rail transport market report table of contents includes:

1. Executive Summary
2.Passenger Rail Transport  Market Characteristics
3.Passenger Rail Transport  Market Trends And Strategies
4.Passenger Rail Transport  market analysis
5.Passenger Rail Transport  Market Size And Growth
6.Passenger Rail Transport  Segmentation
7.Passenger Rail Transport  Regional And Country Analysis
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27.Passenger Rail Transport  Competitive Landscape And Company Profiles
28.Passenger Rail Transport  Key Mergers And Acquisitions
29.Passenger Rail Transport  Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Central Japan Railway Company
• SNCF
• Deutsche Bahn
• West Japan Railway Company (JR-West)
• Indian Railways

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