The urban rail transit market is seeing a kick-start in revenue flow due to the increase in passenger movement and ridership with declining COVID-19 cases, new mobility trends, and more.
The market is projected to reach $59 Bn by 2031 and it is projected to expand at a CAGR of 3.3% from 2021 to 2031, according to Transparency Market Research.
The growth of the urban rail transit market can also be attributed to the success of Delhi Metro in India and the large volume of everyday commuters.
Urban rail transit systems are being sought after because mobility trends in urban areas are creating safer, faster, and affordable travel solutions.
There are current plans to integrate light rails with public transportation system to grow the market horizon. High passenger capacity per hour and lower operating cost per passenger are advantages of light rail.
Technology is also playing a role in the urban rail transit market. Systems are linking information and using communication technology (ICT)-enabled applications. ICT-enabled solutions are improving the experience for rail transit systems users.
The deployment of CCTV cameras and multimedia advertising is holding the interest of stakeholders in the value chain, as well.
According to Transparency Market Research, the demand for fully autonomous urban rail transit is estimated to expand at a CAGR of 5.35% during the forecast period, from 1,699 units in 2017. Sales are also anticipated to reach 2,781 urban rail transit units by 2030.