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Urban rail transit is the safest and suitable means of transportation within urban cities. It is recognized for its high efficiency and low energy consumption, and consequently, they are majorly acknowledged on an international level. The factors such as lower operating cost per passenger and high passenger capacity per lane per hour are attributed to the increased use of urban rail transit. The increase in the need for solutions that make daily transportation easier, reliable, faster, and affordable and the high pressure on urban rail transportation providers and policymakers to congregate this mobility and transportation needs will accelerate the growth of urban rail transit.
There is a rise in environmental concerns regarding space requirements, noise and CO2 emissions of transportation internationally, and the increase in the need for cheap, environment-friendly, and fast modes of transportation. Additionally, government initiatives for smart cities and different working models, rapid urbanization, the rate of an ever-increasing population, and substantial investment for expanding railway networks in emerging economies positively influence the growth of the urban rail transit market. On the other hand, a large amount of capital investment, firmness of route, and interruption in traffic during construction activities are likely to restrain the growth of the urban rail transit market.
Key Market Driver -
surge in investments for rail projects and growth of rail supply market are some of the major drivers of the market.
Key Market Restraint -
the large amount of capital investment and firmness of route and interruption in traffic during construction are some of the major restrains for the market
The urban rail transit market can be segmented based on rail type, based on autonomy, based on autonomy level, and by region. Based on rail type, the market is sub-segmented into trams, metros/subways, monorail, and suburban. Light urban rail transit systems, such as trams, have become a fixture in several cities around the globe. Currently, they are being acknowledged as the most capable system for Tier 2 and Tier 3 cities. New initiatives in developing countries in tram systems are expected to increase the implementation of trams in numerous cities during the forecast period. Based on autonomy, urban transit systems are segmented into manual, semi-automated, and fully automated systems. The semi-automatic segment accounted for the largest market share in 2020. The urban rail transit systems are likely to be connected, data-driven, shared, on-demand, and highly automated. Factors such as reducing traffic congestion and enhanced running time of trains are expected to drive the growth of the segment. Based on autonomy level, the market is further sub-segmented into GoA-2 (semi-automatic), GoA-3, and GoA-4. The GoA-2 segment is expected to dominate the market during the forecast period as urban rail transit deliveries are mostly semi-automatic in developing countries.
Key players in the global urban rail transit market include CRRC Corp Ltd, Ahlstrom, Larsen & Toubro Limited, Siemens AG, Kawasaki Heavy industries, Ltd. and Hitachi Ltd, among others.
Geographically, the global urban rail transit market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. The Asia Pacific region is expected to show significant growth in the market during the forecast period. This is attributed to the high number of urban rail transportation infrastructure projects and heavy investments by rapidly developing countries in the region. As a result, governments are dedicated to promoting public transportation systems. The public transportation infrastructure, especially in India, needs considerable investment and a massive improvement to boost a modal shift from private vehicles. Metro rail is an essential solution for budding mass rapid transit systems in large cities across India. North America is anticipated to hold the second-largest share of the market. Due to the presence of key players in the market and the high demand for rail transit services in the region, the market is expected to exhibit steady growth. Europe is also expected to show significant growth in the market due to the government's surge in investments for rail projects and the growth of the rail supply market in the region.
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Based on rail type
Based on autonomy
Based on autonomy level
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