Passenger Rail Transportation Market Trends and Forecast
The future of the global passenger rail transportation market looks promising with opportunities in the city and rural markets. The global passenger rail transportation market is expected to reach an estimated $468.8 billion by 2030 with a CAGR of 7.4% from 2024 to 2030. The major drivers for this market are increasing demand for railway passenger transport, increasing urban populations, and growing focus on reducing carbon emissions promotes rail as a green transportation option.
• Lucintel forecasts that medium-distance passenger transport is expected to witness the highest growth over the forecast period.
• Within this market, city is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Passenger Rail Transportation Market
• United States: Amtrak announced a $7.3 billion investment to purchase new trains and modernize rail infrastructure. The Biden administration targets a 35% increase in rail ridership by 2030, supported by the Infrastructure Investment and Jobs Act, which allocates $66 billion to passenger rail improvements.
• Germany: Deutsche Bahn launched its largest modernization program, investing €12.7 billion in rail infrastructure upgrades by 2026. The government aims to double passenger numbers by 2030 and supports this with the "Deutschland-Takt" project, enhancing the frequency and connectivity of train services.
• China: China Railway Corporation plans to expand the high-speed rail network to 50,000 kilometers by 2025, with significant investments in smart train technology. The governmentÄX%$%Xs 14th Five-Year Plan includes substantial funding to increase rail accessibility and promote sustainable transportation.
• United Kingdom: Network Rail announced a £10 billion upgrade for rail infrastructure, focusing on digital signaling and electrification projects. The UK government targets net-zero emissions from rail by 2050 and supports the development of high-speed rail lines like HS2 to boost capacity and reduce travel times.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Passenger Rail Transportation Market by Segment
The study includes a forecast for the global passenger rail transportation market by type, service type, application, and region.
Passenger Rail Transportation Market by Type [Value from 2018 to 2030]:
• Medium-Distance Passenger Transport
• Long-Distance Passenger Transport
• Short-Distance Passenger Transport
Passenger Rail Transportation Market by Service Type [Value from 2018 to 2030]:
• Transportation
• Services Allied to Transportation
Passenger Rail Transportation Market by Application [Value from 2018 to 2030]:
• City
• Rural
Passenger Rail Transportation Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Passenger Rail Transportation Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies passenger rail transportation companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the passenger rail transportation companies profiled in this report include-
• Central Japan Railway Company
• Deutsche Bahn
• West Japan Railway Company
• Indian Railways
• East Japan Railway Company
• MTR Corporation
• Russian Railways
Recent Development in the Passenger Rail Transportation Market
• Alstom: Alstom has secured a significant contract to supply 30 Coradia Stream high-speed trains to Trenitalia in Italy. These trains are expected to enhance the speed and efficiency of Italy’s regional and intercity rail services, aligning with the countryÄX%$%Xs efforts to modernize its rail infrastructure.
• Siemens Mobility: Siemens Mobility announced a collaboration with Deutsche Bahn to develop and deploy hydrogen-powered trains in Germany. This initiative is part of a broader strategy to promote sustainable and eco-friendly rail transportation, aiming to replace diesel trains on non-electrified routes by 2035.
• Hitachi Rail: Hitachi Rail has been awarded a contract to build new bi-mode trains for the UK’s East Midlands Railway. These trains, capable of operating on both electrified and non-electrified tracks, are set to improve connectivity and reduce travel times across the region.
• Bombardier Transportation: Bombardier has launched its new FLEXITY trams in Gothenburg, Sweden. This project is part of a comprehensive upgrade to the city’s public transportation system, aiming to increase capacity and provide a more comfortable and efficient travel experience for passengers.
• CRRC Corporation: The China Railway Rolling Stock Corporation (CRRC) has successfully delivered a batch of high-speed trains to Indonesia for the Jakarta-Bandung high-speed rail project. This delivery marks a significant milestone in the development of Southeast AsiaÄX%$%Xs first high-speed rail line, enhancing regional connectivity and economic growth.
Features of the Global Passenger Rail Transportation Market
Market Size Estimates: Passenger rail transportation market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Passenger rail transportation market size by type, service type, application, and region in terms of value ($B).
Regional Analysis: Passenger rail transportation market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, service types, applications, and regions for the passenger rail transportation market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the passenger rail transportation market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the passenger rail transportation market size?
Answer: The global passenger rail transportation market is expected to reach an estimated $468.8 billion by 2030.
Q2. What is the growth forecast for passenger rail transportation market?
Answer: The global passenger rail transportation market is expected to grow with a CAGR of 7.4% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the passenger rail transportation market?
Answer: The major drivers for this market are increasing demand for railway passenger transport, increasing urban populations, and growing focus on reducing carbon emissions promotes rail as a green transportation option.
Q4. What are the major segments for passenger rail transportation market?
Answer: The future of the passenger rail transportation market looks promising with opportunities in the city and rural markets.
Q5. Who are the key passenger rail transportation market companies?
Answer: Some of the key passenger rail transportation companies are as follows:
• Central Japan Railway Company
• Deutsche Bahn
• West Japan Railway Company
• Indian Railways
• East Japan Railway Company
• MTR Corporation
• Russian Railways
Q6. Which passenger rail transportation market segment will be the largest in future?
Answer: Lucintel forecasts that medium-distance passenger transport is expected to witness the highest growth over the forecast period.
Q7. In passenger rail transportation market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the passenger rail transportation market by type (medium-distance passenger transport, long-distance passenger transport, and short-distance passenger transport), service type (transportation and services allied to transportation), application (city and rural), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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