The Business Research Company’s Rail Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, January 26, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
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 have been produced globally. Some companies providing these systems for locomotives as per TBRC’s rail industry outlook are Thales Group, Alstom S, Bombardier Transportation, Hitachi Ltd., CRRC Corporation Limited, Ansaldo STS, and SIEMENS AG.
The rail transport market consists of sales of rail transportation services and related goods by entities (organizations, sole traders and partnerships) that use trains to provide transport for passengers and/or cargo. Railroads operate either on networks with physical facilities, labor forces, and equipment spread over a wide geographic area or operate over a short distance on a local rail line. This market excludes street railroads, commuter rail, urban rapid transit, and scenic and sightseeing train transportation. The rail transport industry includes the passenger rail transport market and the rail freight transport market.
The global rail transport market is expected to grow from $468.7 billion in 2020 to $519.3 billion in 2021 at a compound annual growth rate (CAGR) of 10%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to railroad transportation industry analysis, the market is expected to reach $658.9 billion in 2025 at a CAGR of 6%.
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