The Covid-19 crisis has greatly impacted the public transport ridership and service provision worldwide. This has led to a ripple effect in the urban rail transit market. As such, massive coronavirus lockdown relaxations in urban transportation are anticipated to fuel market growth and offset the losses in 2021 and 2022. New public transport planning strategies are setting production wheels in motion for automotive companies.
Major decline in service capacity of urban rail transit is predicted to affect business activities for automotive companies. Loan extensions, delay in debt payments, and strategic budget allocation for business activities are becoming increasingly commonplace in the urban rail transit market. The reopening of commercial, educational, and industrial sectors is kick-starting revenue flow in the urban rail transit market.
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Drivers of Urban Rail Transit Market
- Trends in the mobility sector are characterized by the need for solutions that make daily mobility simpler, faster, more flexible, reliable, and affordable. Cities and national economies face the challenge of reducing costs, space requirements, noise, and CO2 emissions of transportation. The pressure on urban rail transit providers and policymakers to meet these mobility and transportation needs is growing, as urban populations are expected to continuously rise and subsequently, drive inexpensive, environment-friendly, and rapid mode of urban rail transit systems.
Challenges for Urban Rail Transit Market
- The COVID-19 pandemic has negatively impacted the global economy, disrupted the global urban rail transit supply chains and created significant economic uncertainty where the urban rail transit manufacturing activities were significantly reduced or suspended for several weeks, starting in the last weeks of April and through the month of May. Operations globally gradually resumed with new safety measures in place; however, the cost of urban rail transit projects has been elevated due to the delay in project execution and urban rail transit raw material prices post COVID-19 scenario. These factors collectively hampered the urban rail transit market.
Urban Rail Transit Market Segmentation
- The global urban rail transit market has been segmented based on rail type, autonomy, autonomy level, and region
- Based on rail type, light urban rail transit systems, such as trams, have become a fixture in numerous cities around the world. Presently, they are being recognized as the most promising system for Tier 2 and Tier 3 cities. New initiatives in developing countries for metrolite systems are likely to boost the adoption of this type of urban rail transit systems in multiple cities in the near future.
- Based on autonomy, currently, most urban transit system deliveries are semi-automated and fully automated. Moving forward, urban rail transit systems are expected to be connected, data-driven, shared, on-demand, and highly automated.
- Based on autonomy level, urban rail transit deliveries are mostly semi-automatic in developing countries, while in developed nations, orders witness GoA 3 and GoA 4 autonomy level urban transit rails
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Urban Rail Transit Market: Regional Analysis
- Based on region, the global urban rail transit market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is projected to be highly lucrative region of the global urban rail transit market during the forecast period. This is primarily due to high urban rail transit infrastructure project investments by rapidly developing countries in the region. Consequently, governments are committed to promoting public transport systems. Public transportation infrastructure in India needs considerably high investment and massive upgrade to fuel a modal shift from private vehicles. It is estimated that over 50% of people in India would be living in urban areas by 2050. Metro rail is seen as a necessary solution for developing mass rapid transit systems in large cities across India.
Urban Rail Transit Market: Competition Landscape
- Key players operating in the global urban rail transit market include
- CRRC Corp Ltd
- Alstrom
- Larsen & Toubro Limited
- Siemens AG
- Kawasaki Heavy industries, Ltd
- Hitachi Ltd.
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