Passenger Rail Transport Market 2020 Global Insights and Business Scenario – East Japan Railway; MTR Hong Kong; Central Japan Railway; West Japan Railway; Canadian Pacific Railway
The global passenger rail transport market is expected to decline from $236.3 billion in 2019 to $228.2 billion in 2020 at a compound annual growth rate (CAGR) of -3.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $267.7 billion in 2023.
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Companies Mentioned: East Japan Railway; MTR Hong Kong; Central Japan Railway; West Japan Railway; Canadian Pacific Railway
Mar 4, 2020: JR East sees drop in revenue due to coronavirus, with worse to come
East Japan Railway Co. said Tuesday that a decline in passenger traffic due to the spread of the novel coronavirus is projected to have pushed down its revenue from railway operations by some ¥11 billion in February. The number of passengers on its shinkansen fell by about 10 percent from a year before in the month and some 20 percent in the last week, from Feb. 23 to Saturday. The number of bookings for reserved seats on shinkansen for March dropped by about 50 percent. “We’ll see a bigger impact in March,” JR East President Yuji Fukasawa told a news conference Tuesday. The number of passengers using its express trains connecting Narita International Airport in Chiba Prefecture and central Tokyo fell by some 50 percent in the last week of February.
July 1, 2020: TOKYO -- Central Japan Railway rolled out its latest-model bullet train on Wednesday, in its first full revamp of the high-speed train in 13 years. The company says the new bullet train, also known as the shinkansen, offers better performance and greater passenger comfort than earlier models.
The first N700S train service, dubbed Nozomi 1, departed from Tokyo Station at 6 a.m. The S in the model number stands for "supreme." The railway company, which runs the Tokaido Shinkansen line between Tokyo and Osaka, has introduced four of the new trains, with the number set to rise to 12 by the fiscal year through March 2021. By the end of fiscal 2022, JR Central hopes to have 40 of the new trains on the tracks. The train, whose lead car has a more aerodynamic shape than the current top-of-the-line N700A, cuts noise and vibration. All passenger seats are equipped with electrical outlets and offer improved reclining.
Western Europe was the largest region in the global passenger rail transport market, accounting for 33% of the market in 2019. Asia Pacific was the second largest region accounting for 28% of the global passenger rail transport market. Africa was the smallest region in the global passenger rail transport market.
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.
Passenger Rail Transport Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global passenger rail transport market as it emerges from the Covid 19 shut down.
INFLUENCE OF THE Passenger Rail Transport MARKET REPORT:
-Comprehensive assessment of all opportunities and risk in the Passenger Rail Transport market.
- Passenger Rail Transport market recent innovations and major events.
-A detailed study of business strategies for growth of the Passenger Rail Transport market-leading players.
-Conclusive study about the growth plot of Passenger Rail Transport market for forthcoming years.
-In-depth understanding of Passenger Rail Transport market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Passenger Rail Transport market.
WHAT ARE THE MARKET FACTORS THAT ARE EXPLAINED IN THE REPORT?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on regional scale.
Analytical Tools: The Passenger Rail Transport Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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