The bullet train or high-speed rail market size has grown strongly in recent years, expanding from $39.40 billion in 2023 to $42.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. This growth is driven by rising demand for energy-efficient transport, increased budget allocations for railway development, a growing need for faster travel and time savings, increasing popularity of bullet trains/high-speed rails, and enhanced comfort and safety. The market is expected to grow to $60.35 billion by 2028, with a CAGR of 9.0%. Growth drivers in the forecast period include government initiatives and infrastructure investments, increased public transport usage, a focus on sustainability and environmental concerns, expansion of the tourism sector, and rising industrial and mining activities. Major trends include technological advancements in bullet trains, improvements in aerodynamic design, energy-efficient propulsion systems, advanced braking technologies, and active suspension systems.
Global Bullet Train Or High Speed Rail Market Key Driver
The bullet train or high-speed rail market is expected to grow due to the rising demand for public transport services, which are essential for efficient urban and regional mobility. Public transport includes various shared transportation services like buses, trains, and subways, which help address issues such as urban congestion, environmental concerns, cost-effectiveness, and changing societal preferences. Bullet trains or high-speed rail systems are crucial in providing fast, efficient, and sustainable travel options that complement other transportation modes. For instance, in April 2024, the American Public Transportation Association reported that public transit ridership reached 7.1 billion total trips in 2023, marking a 16% increase from 2022. This growing demand for public transport services is fueling the growth of the bullet train or high-speed rail market.
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Global Bullet Train Or High Speed Rail Market Segments
The bullet train or high-speed rail market covered in this report is segmented –
1) By Component: Axle, Wheel set, Converter, Transformer, Traction Motor, Traction System, Pantograph
2) By Propulsion: Diesel, Electric, Dual Power
3) By Speed: 200-299 km/h, 300-399 km/h, 400-499 km/h, Above 500 km/h
4) By Technology: Wheel on Rail, Maglev
5) By Application: Passenger, Freight
By Geography:The regions 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.
Asia-Pacific was the largest region in the bullet train or high-speed rail market in 2023.
Major Bullet Train Or High Speed Rail Industry Players
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
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Bullet Train Or High Speed Rail Market Overview
A bullet train, also known as high-speed rail (HSR), is a type of passenger train that operates significantly faster than traditional rail services, typically traveling at speeds of 250 km/h (155 mph) or more. High-speed rail systems are designed to provide rapid, efficient, and reliable transportation between major cities and regions, often using dedicated tracks and advanced technology to achieve high speeds. These trains offer a comfortable and convenient alternative to air and car travel, reducing travel time and enhancing connectivity.
Bullet Train Or High Speed Rail Global Market Report 2023 provides data on the global bullet train or high speed rail market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bullet train or high speed rail market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
