Urban Rail Transit Market to Expand at a 2.8% CAGR from 2023-2031, Reaching US$ 54.1 Billion: TMR Report

Wilmington, Delaware, United States, April 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global urban rail transit market is anticipated to register an impressive 2.8% CAGR from 2023 to 2031. According to the forecast, US$ 54.1 billion will be the market valuation at the end of the forecast period.

Rapid technological advances in rail projects and an exponential rise in smart cities will increase demand for affordable and good-quality transportation for urban rail transit. As urban rail transport companies utilize key advancements such as artificial intelligence, the internet, and automation, they can offer services to users outside their cities.

The popularity of reducing traffic interruptions is a prominent trend that is gaining traction. Over the next few years, the number of investments in these rail projects is expected to double. An integrated concept based on the use of wireless communication networks and a spectrum of technologies could lead to significant growth in urban rail transit.

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As urban mobility trends in emerging countries change, urban rail transit systems are becoming more popular as they provide safer, faster, and cheaper options for people to travel.

Growing mobility services, supporting dense business areas, catering to the needs of commuters without automobiles, and reducing the environment's negative impact on the environment by reducing automobile traffic will all contribute to the growth in the coming years.

Market Snapshot:

Key Takeaways from the Market Report

• Globally, the urban rail transit industry was valued at US$ 42.2 billion by 2022.
  
  
• Metro/subway rail is probably going to have the biggest market share by 2031.
  
  
• The uptake of fully autonomous rail services is expected to be significant in the coming years.
  
  
• By autonomy level, GoA-2 (Semi-automatic Train Operation [STO]) is expected to have the highest market demand for rail projects in various developing nations.
  
• Key service providers are expected to benefit greatly from the emerging economies of India and China.

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Urban Rail Transit Market: Growth Drivers & Trends

• Increasing urbanization and increasing populations of metropolitan cities are key factors boosting the development of urban rail transportation worldwide. As technology continues to develop and smart metro systems become more popular, it is expected that the demand for urban rail transit systems will grow further.
  
• Low energy consumption and high efficiency are required for modern urban rail transit systems. ICT technologies from Huawei can be used to enhance these systems through digitalization.
  
• With environmental concerns and the demand to reduce emissions, the demand for urban rail transit is expected to grow. For instance, a recent study conducted by Alstom concluded that creating new urban rail infrastructure in Africa will reduce CO₂ emissions by one giga ton by 2050 and help to facilitate inclusive economic growth.
  

Urban Rail Transit Market: Regional Analysis

• Urban rail transit services are expected to grow fastest in the Asia-Pacific region. According to Ministry of Transport data, Chinese railways registered 2.54 billion passenger trips in urban areas last month, an increase of 58.9 percent year over year. Month over month, the volume increased by 16.6%
  
  
• In recent decades, China, India, and Brazil have led the development of urban rail systems. Along with earlier rail systems in North America and Europe, developed nations have also launched their own networks.
  
  
• With the government's major rail investments and the growth of the rail supply market, Europe is expected to grow significantly.
  

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Urban Rail Transit Market: Prominent Players

Several regional and global entities dominate the global urban rail transit market. TMR profiles the following key providers of Urban Rail Transit services:

• ABB
• Alstom S.A.
• Beijing Traffic Control Technology Co., Ltd
• Bharat Forge Limited
• Bombardier
• BYD Auto Co., Ltd.
• Contrucciones y Auxiliar de Ferrocarriles, S.A.
• CRRC Corporation Limited
• FTD Fahrzeugtechnik Bahnen Dessau GmbH
• General Electric
• GHH- BONATRANS
• Hitachi Ltd.
• Kawasaki Heavy Industries, Ltd.
• Larsen & Toubro Limited
• Mitsubishi Electric
  

Prominent developments in the Urban Rail Transit domain by key players are as follows:

• On February 27 2023, Chongqing Municipality finished a 500-kilometer urban rail transit network. Additionally, the city has become the eighth city in China to operate a rail transit line with more than 500 kilometers of track, having previously operated lines in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Wuhan.
  
  
• In April 2023, Los Angeles SkyRail Express (LASRE) announced its alliance with Keolis in North America. As a global transportation network operator and manager, Keolis is present in 13 countries including North America, and employs 68,000 people. As a leading global provider of shared mobility solutions, Keolis offers trains, buses, coaches, on-demand transportation, automated metros, and tramways among others.
  

Global Urban Rail Transit Market: Segmentation

Rail Type

• Metro/Subway
• Monorail
• Suburban
• Tram

By Autonomy

• Manual
• Semi-autonomous
• Fully Autonomous
  

By Autonomy Level

• GoA-0 (On-sight)
• GoA-1 (Manual)
• GoA-2 (Semi-automatic Train Operation [STO])
• GoA-3 (Driverless Train Operation [DTO])
• GoA-4 (Unattended Train Operation [UTO])
  

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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