Portland, OR, March 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global passenger display system market was pegged at $6.77 billion in 2019, and is anticipated to reach $17.41 billion by 2027, registering a CAGR of 12.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in demand from the transit agencies to keep passengers informed about their journey and rapid expansion of the telecommunication industry fuel the growth of the global passenger display system market. On the other hand, poor infrastructure for installing passenger display system in underdeveloped countries and high cost of deployment and management of this system restrain the growth to some extent. However, increase in adoption of technologies, such as cloud, Internet of Things (IoT), and Big Data to enhance passenger travel experiences are projected to pave the way for lucrative opportunities for the key players in the industry.
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Impact of Covid-19 on Passenger Display System Market:
- There’s been a significant decrease in the demand for the passenger display systems during the initial phase of the lockdown, due to halted transportation activities.
- Also, the disrupted operational activities in the electronic industry impacted the passenger display system market negatively.
- Also, several installation drives of the passenger display system were delayed, due to active lockdown and social distancing norms imposed across the world.
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The global passenger display system market is analyzed across component, display type, mode of transportation, and region. Based on component, the hardware segment contributed to more than two-fifths of the total market share in 2019, and is expected to rule the roost by 2027. The services segment, on the other hand, is projected to manifest the fastest CAGR of 14.9% from 2020 to 2027.
Based on display type, the LCD segment accounted for more than two-fifths of the total market revenue in 2019, and is projected to retain its dominance by the end of 2027. At the same time, the LED segment would exhibit the fastest CAGR of 14.3% during the forecast period.
Based on region, North America held the highest share in 2019, garnering nearly two-fifths of the global passenger display system market. Simultaneously, the market across Asia-Pacific would manifest the fastest CAGR of 16.1% from 2020 to 2027. The other two provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global passenger display system market report include Cubic Corporation, Hitachi, Ltd., Alstom, Toshiba Corporation, Indra, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Mitsubishi Electric Corporation, and Thales. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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