The latest updates to The Business Research Company’s global market reports include the most recent market sizing information for the year 2023, with forecasts extending to 2032.

In 2023, the global passenger rail transport market experienced substantial growth, surging from $246.64 billion in 2022 to $265.31 billion, demonstrating a noteworthy Compound Annual Growth Rate (CAGR) of 7.6%. Despite facing global challenges such as disruptions from the Russia-Ukraine war and economic setbacks due to the COVID-19 pandemic, the market is anticipated to maintain its upward trajectory. A projected value of $345.12 billion is expected in 2027, with a CAGR of 6.8%.

Key Growth Drivers:
The rail transportation industry’s growth is propelled by the integration of Advanced Driver Assistance System (ADAS) technology. ADAS plays a pivotal role in optimizing energy usage, improving operational management, enhancing safety, and contributing to cost reduction. These systems provide automatic warning, protection, operation, supervision, and control arrangements, aligning with stringent government regulations for passenger safety. Major players offering ADAS for locomotives include Thales Group, Alstom S.A., Bombardier Transportation, Hitachi Ltd., CRRC Corporation Limited, Ansaldo STS, and SIEMENS AG.

Segmentation of the Passenger Rail Transport Market:
The passenger rail transport market is segmented based on:

1. Type:

• Medium-Distance Passenger Transport
• Long-Distance Passenger Transport
• Short-Distance Passenger Transport

1. Service Type:

• Transportation
• Services Allied to Transportation (Maintenance of Railcars and Rail Tracks, Switching of Cargo, and Storage)

1. Application:

• City
• Rural

The post 2023-2032 Global Passenger Rail Market: Size, Trends, Competitors appeared first on Travel And Tour World.