Global Passenger Display System Market Extends at a Healthy CAGR of 12.6 by 2030

Introduction

Passenger display systems allow passengers at stations or vehicles to view real-time visual information or scheduled/static information. Passengers can quickly and easily access information regarding arrival and departure times, current events, safety and emergency alerts, advertisements, and entertainment material. The scheduled or static information is utilized to plan the journey before departure and is subject to random changes. Moreover, real-time data from automatic vehicle location systems are used throughout a journey and change continuously in response to actual events. In addition, the passenger display system provides an extensive array of services, including entertainment, news broadcast, information on demand, emergency communication, and weather forecast display. These features attract a large number of passengers and increase revenue. Globally, the need for transit agencies to keep passengers informed as the progress of their journey, a sharp increase in mobility, and the expansion of the telecommunications market, which creates advanced data transfer capabilities, all significantly impact the growth of the passenger display systems market.

Market Dynamics

Rise in Demand for Real-Time Transit Information for Passengers to Drive the Global Passenger Display System Market

In the daily operations of modes of transportation such as buses and trains, the movement of vehicles is influenced by unpredictability, including traffic congestion, unanticipated delays, random passenger demand, and irregular vehicle dispatch times. The passenger display system is a standalone system designed to display the real-time location of traveling vehicle passengers; for example, the real-time passenger information system (RTPIS) rolling display at bus stops displays the expected time of arrival to passengers in real-time. It offers a web interface for the control room to monitor the vehicles in real-time and a mobile application for end users to access bus schedules. In addition, the passenger display system offers a variety of features, including emergency communication, weather forecast display, news broadcast, information on demand, and entertainment. These features are luring a more significant number of passengers and enabling transportation companies to generate more revenue. Furthermore, the passenger display system market is expected to grow at a special rate in the upcoming years due to an increased focus on offering enhanced passenger experience by various transport providers.

Integration of Advanced Technologies to Provide Opportunities for the Global Passenger Display System Market

The adoption of cloud computing for the automation of various modes of transportation, particularly railroads. On roadways, passenger information display systems use cloud computing to track the location of buses and calculate their arrival times, which are then displayed on the real-time information system at bus stops. In addition, the increased adoption of advanced connectivity solutions to create the virtual cable replacement link to upgrade legacy equipment easily and connect to the Internet of Things (IoT) contributes significantly to expanding the global market. Cloud technology and data analytics solutions ensure that the displays are highly effective while allocating resources and monitoring the passenger population cost-effectively. This is advantageous for the bus management system because the frequency of buses is regulated according to passenger demand at each bus stop along a particular route. Consequently, the transportation industry's increased adoption of advanced technologies such as cloud, Internet of Things (IoT), and Big Data is anticipated to provide lucrative opportunities for market expansion over the forecast period.

Regional Insights

Region-wise, the global passenger information system market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor and is estimated to grow at a CAGR of 9.8%. Due to the presence of technologically advanced countries, high spending on advanced technologies, and developed network architecture, North America dominates the passenger display market. Increasing public transportation ridership in North America is one of the market's primary growth drivers. In addition, the demand for enhancing customer satisfaction throughout a passenger's journey via communication channels is anticipated to boost the passenger information system market. In addition, the government is taking steps to digitalize and advance the information system in the public transportation sector, which presents market opportunities.

Europe is the second largest region. It is estimated to reach an expected USD 6300 million by 2030, growing at a CAGR of 11.6% during the forecast period. The growth of the passenger information system market in North America is fueled by factors such as the increase in demand for real-time tracking of vehicle information, as a result of the exponential growth of internet usage, and the development of new railway projects incorporating advanced transportation systems. In addition, an increase in end-user awareness of the benefits of the advanced passenger display information system compared to legacy systems has boosted the growth of the railway transit sector, which is expected to drive the development of the passenger information system market in Europe. In addition, the European Commission strongly encourages public transportation as part of a mix of modes, which fuels the demand for public transportation in Europe. In addition, the rise in the number of airline passengers in Europe is boosting the demand for passenger display systems, driving the market's expansion.

Asia-Pacific is the third largest region. The growth of the passenger information system market in North America is fueled by factors such as the increase in demand for real-time tracking of vehicle information, as a result of the exponential growth of internet usage, and the development of new railway projects incorporating advanced transportation systems. In addition, an increase in end-user awareness of the benefits of the advanced passenger display information system compared to legacy systems has boosted the growth of the railway transit sector, which is expected to drive the development of the passenger information system market in Europe. In addition, the European Commission strongly encourages public transportation as part of a mix of modes, which fuels the demand for public transportation in Europe. In addition, the rise in the number of airline passengers in Europe is boosting the demand for passenger display systems, driving the market's expansion.

Key Highlights

• The global passenger display system market was worth USD 8590 million in 2021 and is estimated to reach an expected value of USD 24995 million by 2030, growing at a CAGR of 12.6% during the forecast period (2022 – 2030).
• Depending on the component, the global passenger information system market is categorized into hardware, software, and service. The hardware segment was the highest contributor to the market and is estimated to grow at a CAGR of 10.7% during the forecast period.
• Based on display type, the global passenger information system market is segregated into LCDs, LED displays, and others. The LCD segment was the highest contributor to the market and is estimated to grow at a CAGR of 10.9% during the forecast period.
• By mode of transportation, the global passenger information system market is fragmented into railways, roadways, and airways. The airways segment was the highest contributor to the market and is estimated to grow at a CAGR of 12.1% during the forecast period.

Competitive Players

1. Alstom
2. Cubic Corporation
3. Hitachi Ltd
4. Indra
5. Mitsubishi Electric Corporation
6. Siemens AG
7. Singapore Technologies Electronics Limited
8. Teleste Corporation
9. Thales,
10. Toshiba Corporation

Recent Developments

• September 2022 - Hitachi, Ltd. (TSE: 6501, "Hitachi") and Hitachi Building Systems Co., Ltd. ("Hitachi Building Systems") announced that they developed a touchless operating panel establishing an elevator without physical floor buttons*1 that allows users to experience an entirely new sensation.
• September 2022 - Hitachi, Ltd. (TSE: 6501, "Hitachi," today announced that Hitachi Building Systems Co., Ltd. ("Hitachi Building Systems") and Hitachi Lift India Pvt. Ltd. ("Hitachi Lift India"), a subsidiary of Hitachi, Ltd. that operates sales, installation, and maintenance of elevators and escalators in India, have received a first-time order from Unity Group for 40 units of high-speed elevators for their opulent residential complex "The

Segmentation

1. By Component
   1. Hardware
   2. Software
   3. Services
2. By Display Type
   1. LCD Display System
   2. LED Display System
   3. Others
3. By Mode of Transportation
   1. Railways
   2. Roadways
   3. Airways