Passenger Rail Transport Market 2024 - Size, Share, Trends, Technology, Challenges And Forecast By 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Passenger Rail Transport Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $388.33 billion In 2028 At A CAGR Of 7.5% :

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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Passenger Rail Transport Market Major Segments
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

Key Driver - Growing Demand For Railway Passenger Transport Drives Expansion Of The Passenger Rail Transport Market

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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Prominent Trend -
Passenger Rail Transport Market 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, ČD Cargo, České dráhy, Die Länderbahn, GW Train Regio, Emperor Franz Joseph Railway, Căile Ferate Române, CFR Marfă, 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

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Largest And Fastest Growing Region In The Market
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

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Passenger Rail Transport Market Report Structure
3. Passenger Rail Transport Market Trends And Strategies
4. Passenger Rail Transport Market - Macro Economic Scenario
5. Passenger Rail Transport Market Size And Growth
…..
27. Passenger Rail Transport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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