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Rail Transport, Global Market Overview, Trends, Opportunities 2024
Global Rail Transport, Business Growth
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According to The Business Research Company's, The rail transport market size has grown strongly in recent years. It will grow from $546.13 billion in 2023 to $582.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in e-commerce, change in taxation rules, and rise in mining activity.
The rail transport market size is expected to see strong growth in the next few years. It will grow to $748.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to high-speed trains, technological advances, and emphasis on cutting carbon emission. Major trends in the forecast period include adopting head on generation (hog) technology should to reduce their carbon footprints, increase profitability of operations, and reduce operating costs and other fuel related expenses, harness digitalization to improve passengers experience and reduce costs, invest in connected mobility to enable drivers and their passengers to experience a much smoother trip and exploit obstacle detection assistance system to enhance passenger's safety and to reduce accidents.
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Market Drivers and Trends:
The rail transport services market's growth is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
Advanced driver assistance system (ADAS) technology is becoming popular in the 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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Major Key Players of the Market:
Deloitte Touche Tohmatsu Limited, PwC, Ernst & Young, KPMG, Accentur*e, Mazars, Omnicom Group Inc, Slalom, Ruihua CPA, Business Connexion, Enviro Analysts & Engineers Private Limited, International Gulf Engineering Consultancy Bureau LLC, Yingke Law Firm, Interpublic Group, AlmapBBDO, Carat France, AECOM, Tata Consultancy Services, Kesarev Consulting, Boston Consulting Group, FCB Ulka, Bain & Company, WMcCann, Beijing Dentsu Advertising Co Ltd, A.T. Kearney, CMS, Nehlsen Middle East Environmental Consultancy, BBDO, Jacobs Engineering Group, Inc., Crowe, Akin Gump Strauss Hauer & Field LLP, Allen & Overy, DeHeng Law Offices, Picco Accounting, McKinsey & Company, AMEC Foster Wheeler, BlueFocus Communication Group Co. Ltd, FinExpertiza, Lince Consulting, Moscow Consulting Group, Dentons, WPP plc, Serviceplan, Cooley, Edge Evolve, BDO, Swan Environmental Private Limited, Baker Tilly, Baker & McKenzie, Aon Consulting, Alvarez & Marsal, Charles Ghadban Accounting, Publicis Groupe, Roland Berger Strategy Consultants, Kimley-Horn, Zhong Tian CPA, Huayong CPA, Oliver Wyman and Strategy, Dentsu, Cleary Gottlieb Steen & Hamilton LLP, Africa International Advisors
Rail Transport Market 2024 Key Insights:
• The rail transport market size is expected to see strong growth in the next few years. It will grow to $748.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Faster Economic Growth Boost Rail Transport Market
• Growing Role Of Adas Technology In Rail Transport
• Asia-Pacific was the largest region in the rail transport market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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