New York, USA, May 18, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global passenger information system market is estimated to generate $56,885.6 million by 2026, and exhibit a CAGR of 13.5% from 2019 to 2026.
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Pre- and Post-Pandemic Industry Growth by 2026
The global passenger information system industry is predicted to witness a drop in the growth rate over the forecast period, owing to the COVID-19 pandemic. As per the report, the passenger information system market was projected to exhibit a CAGR of 14.3% from 2019 to 2026 before the outbreak of COVID-19. But due to the pandemic, the global market is now estimated to observe a drop in the growth rate and exhibit a CAGR of 13.5% over the forecast period. This is mainly owing to shutting down of travel industry or travel activities across the globe to curb the spread & severe impact of the disease.
Check out How COVID-19 impacts the Global Passenger Information System Market: https://www.researchdive.com/connect-to-analyst/184
Current Market Scenario Due to COVID-19
The outbreak of COVID-19 across the globe has affected the global passenger information system market in a negative way in 2020. The expected pre COVID-19 market size for passenger information system market was $26,923.6 million in 2020 and is expected to observe decreasing growth and reach up to $18,846.5 million due to COVID-19 pandemic. The revenue fall of the market is majorly attributed to implementation of strict restrictions on travel by many countries across various regions including, Asia Pacific and North America. According to the United Nations World Tourism Organization (UNWTO), about 96% of all worldwide destinations introduced travel restrictions in April 2020. However, many governing bodies around the world are taking initiatives to help people during these unprecedented times.
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Global Market to Get Better by Q3/Q4 of 2022
The global passenger information system market is anticipated to observe solid growth post-coronavirus pandemic and recover by third or fourth quarter of 2022. This can be majorly owing to increasing digitization of the systems such as tickets and updates regarding vehicles. In addition, technological advancements in transportation sector with big data and cloud for faster data transfer is another factor anticipated to accelerate the growth of the global passenger information system market in the coming future. Conversely, high costs and the lack of skilled labor to operate passenger information systems is predicted to hamper the market growth by 2026.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Key Market Players & Recent Development
1. Alstom
2. Indra
3. Cubic Corporation
4. Hitachi, Ltd.
5. Electric Corporation
6. Mitsubishi
7. Teleste Corporation
8. Central Electronics Limited
9. ST Engineering
10. Siemens
11. TOSHIBA CORPORATION
12. Thales Group
These key players are implementing several strategies such as strategic collaborations, partnerships, company acquisitions, and business expansion to hold a significant position in the overall industry. For instance, in November 2019, Alstom, a leading rolling stock manufacturer across the globe, signed a contract with NRT (Northwest Rapid Transit) to supply the rolling stock & signaling systems for the next stage of Sydney Metro. As per the contract, Alstom is responsible for project management, design, manufacturing, supply, testing, and commissioning of 23 metropolis trains ‘Communication-Based Train Control (CBTC)’ signaling systems.
Further, the report provides various aspects of these key players such as recent strategic moves, latest developments, financial performance, product portfolio, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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