New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rail Transport Global Market Report 2022" - https://www.reportlinker.com/p06250341/?utm_source=GNW
The global rail transport market is expected to grow from $469.74 billion in 2021 to $509.04 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The market is expected to grow to $676.26 billion in 2026 at a compound annual growth rate (CAGR) of 7.4%.
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 main types in the rail transport market are passenger rail transport and rail freight.The rail freight includes the services in which goods are transported by rail cars.
The market is also segmented by distance into long-distance and short-distance and by destination into domestic and international. It is also segmented by the end-use industry into mining, construction, agriculture, construction, and others.
Asia Pacific was the largest region in the rail transport market in 2021.Western Europe was the second largest region in the rail transport market.
The regions covered in this market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Faster Economic Growth - The rail transport services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market 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 the 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.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the rail transport market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and harmed businesses throughout 2020 and into 2021.
However, the rail transport market started recovering from the shock.
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.
The countries covered in the rail transport market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06250341/?utm_source=GNW
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