Press release
Passenger Rail Transportation Market Forecast To Grow At A Higher Rate
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The passenger rail transportation market size is expected to reach a higher value by 2022, growing at a steady CAGR during the forecast period.
Passenger Rail Transportation Market Trends
The passenger rail transportation market consists of sales of passenger rail transportation services 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.
Most of the customers now expect service providers to accept payment through cards and digital wallets. With the development of applications like Apple pay, rail transportation service providers are also willing to offer platforms for varied payments. As customers become more aware of contactless bank cards and mobile payments, adoption of virtual payment technologies is expected to rise significantly. For example, in the UK, 46.1 million contactless card transactions were made in December 2014. Rail transportation companies such as Canada’s Via Rail are accepting electronic payments made using digital wallet MasterPass, and card payments via debit and credit cards.
The global passenger rail transportation market is primarily driven by lower ticket prices allowing for cheaper fares, and rise in investments in heavily populated countries such as China and India.
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The global passenger rail transportation market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With the introduction of trains, metro railways and other transportation systems in emerging economies, the global passenger rail transportation market is expected to increase in potential and scope. TBRC’s report also covers the passenger rail transportation drivers and restraints in the market.
The global passenger rail transportation market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global passenger rail transportation market report are East Japan Railway, MTR Hong Kong, Central Japan Railway, West Japan Railway, and Canadian Pacific Railway.
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