The transport activity depends on the development of many economic sectors. It is associated with the social & economic development of a country or region. Passenger rail transport is regarded as a business and as a social function. The transportation sector plays a vital role in each country’s economy, it is significantly important to ensure its pleasant behavior & dynamic development. Transport is a part of state program that ensures the public transportation mandatory to satisfy the needs for work, tourism communication, daily and leisure. Consequently the railway transportation is normally supported by the state, and its role is significant for the state’s economic & social sector. An appropriate set infrastructure of passenger transportation encourages various citizens’ mobility, allows developing regional economic growth, specialization and allows companies to disperse the production divisions in a rational way etc. This influences the employee efficiency, their living standards, in other words, a passenger transport framework impacts the economy as well as networks and their individuals also. To assess the relations of passenger transport by railway and macroeconomic processes of a country or region, some economic social indicators are chosen including unemployment rate, emigrated population, monthly net coverage wage, GDP per capita, retirement age population, road length, overall average annual population, monthly net average wage, average annual rural population, road length, and final consumption expenditure of population
As per the study, “Passenger Rail Transport Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the leading companies that are presently working in the global passenger rail transport industry include West Japan Railway, MTR Hong Kong, Canadian Pacific Railway, Central Japan Railway, East Japan Railway and among others.
Change in regional economic condition, emigration and motorization considerably contributes to the outrivaling of public transport, including railway. Therefore the main objective of the public railway transport to expand the range of provided services & improve their quality, to increase its competitiveness and adjusting to the services offered by other transport systems & maintaining as much travel integrity as possible.
Rise in population coupled with safest & cheaper way of transport as compared to the other modes of transport are major driven factors for global passenger rail transport market. Apart from this, massive initial investment necessitate for rail transportation is a hindering factor for market. Moreover, increase in environmental concerns is a key opportunity for market. Furthermore, an introduction of hydrogen powered rail transport is a major trend for global market.
By regional analysis, the Western-Europe is the largest region in global passenger rail transport market due to surge in usage of big data analytics in railways in the region. The North-America, followed by Asia-Pacific region is anticipated to exhibit considerable growth rate owing to increase in economical ticket pricing over the forecast period. It is estimated that global passenger rail transport market will be reached at rapid pace because of increase in government initiatives along with growth in connectivity in developing regions during the forecast period.
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Global Passenger Rail Transport Market
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