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Passenger Rail Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·2-min read

Major companies in the passenger rail transport market include East Japan Railway; MTR Hong Kong; Central Japan Railway; West Japan Railway and Canadian Pacific Railway. The global passenger rail transport market is expected to grow from $221.

New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Passenger Rail Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
18 billion in 2020 to $247.56 billion in 2021 at a compound annual growth rate (CAGR) of 11.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $307.39 billion in 2025 at a CAGR of 6%.

The passenger rail transport market consists of sales of passenger rail transportation services and related goods by entities (organizations, sole traders and partnerships) that use trains to provide transport for passengers from a station where they board the train to a destination station. The passenger rail transport market is segmented into short-distance passenger transport; medium-distance passenger transport and long-distance passenger transport.

Asia Pacific was the largest region in the global passenger rail transport market, accounting for 42% of the market in 2020. Western Europe was the second largest region accounting for 37% of the global passenger rail transport market. Africa was the smallest region in the global passenger rail transport market.

Advanced driver assistance system (ADAS) technology is becoming popular in rail transportation industry to optimize 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 .

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