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Rail Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Major companies in the rail transport market include China Railway Corporation; Russian Railways; Indian Railways; Deutsche Bahn AG and Union Pacific Railroad. The global rail transport market is expected to grow from $468.

New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rail Transport Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009760/?utm_source=GNW
57 billion in 2020 to $519.43 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. 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. The market is expected to reach $658.39 billion in 2025 at a CAGR of 6%.

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 market is segmented into passenger rail transport and rail freight.

Asia Pacific was the largest region in the global rail transport market, accounting for 42% of the market in 2020. Western Europe was the second largest region accounting for 21% of the global rail transport market. Africa was the smallest region in the global rail transport market.

Advanced driver assistance system (ADAS) technology is becoming popular in 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.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the rail transportation 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 the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the rail transportation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Faster Economic Growth - The rail transportation 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 forecast period.

Read the full report: https://www.reportlinker.com/p06009760/?utm_source=GNW

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