Bullet Train Or High-Speed Rail Market Report 2024

The bullet train or high-speed rail market size has grown strongly in recent years. It will grow from $39.4 billion in 2023 to $42.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. Historic period growth stemmed from increased demand for energy-efficient transportation, higher budget allocations for railway development, rising popularity of high-speed rail services such as bullet trains, and improvements in travel speed, efficiency, comfort, and safety.

The bullet train or high-speed rail market size is expected to see strong growth in the next few years. It will grow to $60.35 billion in 2028 at a compound annual growth rate (CAGR) of 9%. Forecast period growth will be driven by government initiatives and infrastructure investments, expanded public transport usage, heightened focus on sustainability and environmental issues, tourism sector expansion, and increased industrial and mining activities. Key trends in the forecast period include technological advancements in bullet trains, aerodynamic design, energy-efficient propulsion, advanced braking systems, and active suspension systems.

The rising demand for public transport services is set to drive growth in the bullet train or high-speed rail market in the coming years. Public transport encompasses shared transportation options such as buses, trains, and subways, designed to provide efficient mobility within urban and regional areas. This demand stems from the necessity to tackle urban congestion, environmental issues, cost efficiency, convenience, and evolving societal preferences. High-speed rail systems, such as bullet trains, play a crucial role in public transport by offering fast, efficient, and sustainable travel options that complement other modes of transportation. For example, in April 2024, the American Public Transportation Association reported a 16% increase in annual public transit ridership to 7.1 billion total trips in 2023 from the previous year, underscoring the growing demand for public transport services and its positive impact on the bullet train or high-speed rail market.

Leading firms in the bullet train or high-speed rail market prioritize innovation in technologies aimed at reducing travel times. High-speed rail (HSR) represents a category of passenger rail transport that operates at significantly higher speeds than conventional rail systems, utilizing specialized rolling stock and dedicated tracks. An example of this innovation is seen in Indonesia, where in October 2023, the government launched Whoosh, Southeast Asia's inaugural high-speed railway capable of speeds up to 350 km/h, slashing travel durations from 2-3 hours to just 40 minutes. This initiative is anticipated to enhance connectivity and stimulate economic growth.

In January 2021, Alstom SA, a French rolling stock manufacturer, completed the acquisition of Bombardier Transportation for an undisclosed sum. This strategic move enabled Alstom to significantly broaden its product portfolio and geographic presence, particularly strengthening its position in the high-speed rail market. The acquisition also resulted in the creation of the world's second-largest train manufacturer. Bombardier Transportation, headquartered in Germany, specializes in manufacturing high-speed rail and bullet trains.

Major companies operating in the bullet train or high-speed rail market are Hitachi Ltd., Siemens AG, CRRC Corporation Limited, Mitsubishi Heavy Industries Ltd., ABB Ltd., Acciona SA, Thales Group, Alstom SA, Kawasaki Heavy Industries Ltd., Balfour Beatty plc, Ferrovial SE, Knorr-Bremse AG, Bombardier Inc., SACYR SA, Stadler Rail, Hyundai Rotem, Aselsan AS, FCC Construction SA, Škoda Transportation A.S., Talgo.

Asia-Pacific was the largest region in the bullet train or high-speed rail market in 2023. The regions covered in the bullet train or high-speed rail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bullet train or high-speed rail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A bullet train, also known as high-speed rail (HSR), surpasses traditional rail services by traveling at speeds of 250 km/h (155 mph) or higher. High-speed rail systems are engineered to swiftly connect major cities and regions with dedicated tracks and advanced technology, offering a comfortable and efficient alternative to air and car travel while enhancing connectivity and reducing travel time.

The primary components of a bullet train or high-speed rail include the axle, wheelset, converter, transformer, traction motor, traction system, and pantograph. The axle connects the train's wheels, enabling rotation and supporting its weight. These components are crucial for withstanding the high speeds and stresses typical of bullet trains. Various propulsion systems, such as diesel, electric, and dual power, cater to different speed categories ranging from 200-299 km/h to over 500 km/h. Technologies such as wheel-on-rail and maglev find applications in both passenger and freight transport.

The bullet train or high-speed rail market research report is one of a series of new reports that provides bullet train or high-speed rail market statistics, including bullet train or high-speed rail industry global market size, regional shares, competitors with a bullet train or high-speed rail market share, detailed bullet train or high-speed rail market segments, market trends, and opportunities, and any further data you may need to thrive in the bullet train or high-speed rail industry. This bullet train or high-speed rail research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bullet train or high-speed rail market consists of sales of high-speed trains, signaling and control systems, track infrastructure, systems for supplying electricity to trains, maintenance equipment, and passenger amenities. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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