Passenger Rail Transport Global Market Report 2024

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 expansion observed in the historical period can be attributed to the growth of emerging markets, an increase in e-commerce activities, and changes in taxation policies.

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 anticipated in the forecast period can be attributed to advancements in technology, a focus on sustainability, the implementation of high-speed trains, and an increased emphasis on reducing carbon emissions. Key trends expected in the forecast period include the adoption of head-on generation (HOG) technology to minimize carbon footprints, enhance operational profitability, and reduce operating costs and fuel-related expenses. Additionally, digitalization in transportation services aims to improve passenger experiences and lower costs, while the integration of driver assistance systems enhances passenger safety and mitigates potential accidents. Other trends include technology enhancements for passenger safety and reduced travel times, investments in connected mobility for smoother trips, obstacle detection assistance systems to prevent accidents, sustainability initiatives to benefit the environment and society, and the implementation of digitization systems to enhance asset reliability and improve passenger experiences while reducing costs.

The anticipated growth in the passenger rail transport market is expected to be driven by the increasing demand for railway passenger transport services. This mode of transportation involves the conveyance of individuals via trains along railway tracks. Passenger railways serve as a means of transporting people along designated railroad routes. For example, in November 2023, Eurostat, a European government agency, reported a partial recovery in rail passenger transportation within the European Union in 2021, demonstrating a 16.5% increase compared to 2020. Thus, the rising demand for railway passenger transport is a key driver for the growth of the passenger rail transport market.

The adoption of Advanced Driver Assistance System (ADAS) technology is gaining popularity in the rail transportation industry, aiming to optimize energy usage, improve operational management, enhance safety, and contribute to cost reduction. These systems offer automatic warning, protection, operation, supervision, and control functionalities, aligning with stringent government regulations for passenger safety. Globally, approximately 60 million units of advanced driver assistance systems have been produced. Notable companies providing these systems for locomotives include Thales Group, Alstom S.A., Bombardier Transportation, Hitachi Ltd., CRRC Corporation Limited, Ansaldo STS, and SIEMENS AG.

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.

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 countries covered in the passenger rail transport market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The passenger rail transport market includes revenues earned by entities by providing transportation because it is unaffected by traffic and adverse weather conditions and can carry large amounts of goods. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.