Bullet Train Market Thumbnail Image


Bullet Train Market

Bullet Train Market Size, Share, Competitive Landscape and Trend Analysis Report by Speed, By Propulsion, By Component : Global Opportunity Analysis and Industry Forecast, 2021-2031

AT : Freight & Logistics

Select an option
Author's: Ashish Tripathi | Lalit Janardhan Katare
Publish Date:

Get Sample to Email

Bullet Train/High-Speed Rail Market - 2031

The global bullet train market size was valued at $42.5 billion in 2021, and is projected to reach $77.6 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Bullet train runs faster than traditional rail transport and provides high-speed experience than a conventional train. These trains operate on standard gauge tracks, which help to cover a large distance in less time and less cost. This is the major reason for the rise in demand for bullet trains. Increase in infrastructure facilities and demand for high-speed bullet trains are expected to reduce traffic congestion and journey time while providing comfortable and fast movement from one place to another.

Bullet Train Market

Factors such as increase in allocation of the budget for development of railways, rise in demand for secure, safer, & efficient transport, and increase in use of public transport services as a solution to minimize traffic congestions drive the growth of the bullet train market. However, high capital requirement and lack of skilled labor and technology infrastructure are anticipated to hamper the growth of the market. Further, increase in development & testing of bullet train, improvement in railway infrastructure, particularly in developing countries, and rise in industrial & mining activity are expected to create numerous opportunities for market expansion.

The bullet train market is segmented on the basis of speed, propulsion, component, and region. By speed, it is divided into 200-299 km/h, 300-399 km/h, 400-499 km/h, and above 500 km/h. By propulsion, it is classified into diesel, electric, and dual power. By component, it is categorized into axle, wheelset, converter, transformer, traction motor, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and MEA.

The major companies profiled in the bullet train market share include ABB Ltd., Alstom SA, Siemens AG, Thales Group, Construcciones y Auxiliar de Ferrocarriles, S.A., CRRC Corporation Limited, Hitachi Ltd., Kawasaki Rail Car, Inc., Mitsubishi Heavy Industries Ltd., and Caterpillar Inc.

Bullet Train Market by Speed

In the current scenario, the developing high-speed rail infrastructure can operate 300-399 km/h speed bullet trains or more than that which offer the fast-travelling mode for individuals with less cost as compared to 300-399 km/h. For instance, in April 2022, the railway ministry of India announced that they will conduct the bullet train trials at 350 km/h and the operational speed will be the 320 km/h. Thus, these types of infrastructure developments aid the growth of the 300-399 km/h bullet train segment during the forecast period.

Increase in demand for passenger and freight capacity

The railway industry has witnessed significant growth in passenger ridership as compared to other public transit, owing to its fare frequency and overall commute time. According to the Organization for Economic Cooperation and Development (OECD), passenger transport by rail for million passenger-kilometers has witnessed steady growth in the past decade. Moreover, countries such as China, India, and Japan are gaining momentum for million passenger-kilometers.

According to the world bank organization, China registered 0.37 million rail passenger–kilometers in 1998, which attained 2.16 billion rail passenger- kilometers in 2021. Moreover, in 2019, the U.S. witnessed around 60% increase in rail ridership since 1997 and is expected to continue the same trend in the forecast timeframe. Rail transit in the U.S. holds around 48% of the total public transit. Railway has witnessed a significant rise in ridership and is expected to continue in the forecast period. Thus, increase in ridership is expected to create demand for cost-effective and operational efficient rail solutions. Bullet trains are expected to deliver various services such as passenger & freight operations management, safety and security monitoring, which are expected to cater to changing demands for passengers along with reducing commute time and enhancing travel experience.

Bullet Train Market by Propulsion

Electric bullet trains have witnessed significant evolution since the middle of the 20th century. Electrically driven locomotive engines receive higher power to weight ratio as compared to diesel engine. Electric bullet train engines also obtain faster acceleration and greater tractive efforts on steep gradients.

In addition, in recent years, traditional engines, such as diesel engines, are being replaced by electric engines, due to growing concern regarding environment globally and preference for pollution free and energy efficient systems. Thus, rising concerns regarding carbon dioxide emission from fuel consumption in transportation segment is leading to increasing demand for electric bullet trains. Therefore, such factors are propelling the demand for electric bullet trains during the forecast period.

Increase in government spending on construction of railway projects

Governments of many countries are approving new railway projects, including new lines, and doubling of existing lines. In addition, they are committed to keeping people safe by improving rail safety and rising public awareness and confidence in bullet trains. Furthermore, China is investing heavily in the construction of railway networks. Major railway projects are under development and construction stage in various countries. For instance, in 2020, around $245 billion was spent on public transport and railroad construction in the U.S. In addition, the Canadian Government spent $16.5 million under the rail safety improvement program to support 16 new projects and initiatives. In addition, the Government of India plans to spend $704.2 million on railway projects till 2023.

Furthermore, in January 2020, Bombardier Transportation announced that its Chinese joint venture, Bombardier Sifang (Qingdao) Transportation Ltd. (BST), has signed a contract from China State Railway Group Co., Ltd. to supply 160 CR400AF cars, a new Chinese standard high-speed train car for China’s evolving high-speed rail market. The 160 cars will be configured into ten 16-car trainsets with an operating speed of 350 km/h. The total contract, signed on December 31, 2019, is valued at approximately $427 million. In addition, India is also announced its rail budget for enhancing the railway infrastructure in all over the country. For instance, in February 2022, the railway ministry of India announced $32.7 billion for rail in its national budget, along with an increased commitment towards rolling stock and infrastructure development. Thus, these types of investments by governments on bullet train projects are anticipated to drive the demand for bullet trains during the forecast period.

Bullet Train Market by Component

In the current scenario, most of the regions are operating wheel on rail-based bullet trains. Also, it provides the various benefits such as It maintains vehicle in the central position wireless railway train the track. On straight track, portions of wheels running on track have same diameter. While on curved path, the outer wheel must cover larger distance than the inner wheel. Thus, such benefits of the wheel on rail and high number of usages across the globe are anticipated to drive the wheelsets growth during the forecast period.

Lack of technology infrastructure and consistency in developing countries

In developing countries, poor telecommunication infrastructure and limited access to smart devices are expected to hamper the railway signaling system market during the forecast period. High cost of internet access also acts as a limit for bullet trains. Standardization across data standards, wireless protocols, and technologies have become more different as organizations increasingly adopt IoT technologies, follow ambient computing technology, and offer various IoT solutions. According to the Union of International Associations (UIA) organization 2021 report, in some countries, basic infrastructure is lacking. In other places, the infrastructure is inadequate as of age, state of disrepair, or incompetent management.

Furthermore, developing countries constantly lack suitable physical and social infrastructure of all types and their considerable improvement is essential for rapid economic development. In these countries, excluding a few cities and towns, most areas are not aided by modern transport and communications and electric power is non-existent. Moreover, in many of the less developed countries, transport problems have been a major force to inhibit industrialization altogether. This problem is witnessed in its most striking form in countries such as Afghanistan, Bolivia, Lesotho, and Nepal, where the landscape reaches up to the highest mountains in the world and makes rail construction extremely costly. Thus, lack of technology infrastructure in developing countries is expected to hamper the bullet train market during the forecast period.

Technological advancements in bullet trains by manufacturers

With the rise in the adoption of digital technologies across all sectors globally, the ease of understanding different data sets is becoming simple, fast, and efficient. Basically, the result of bullet trains is offering the safety, cost, and time saver transportation mode as compared to air and road transportation which increases the number of bullet trains. The increasing number of bullet trains across the world are anticipated to offer many opportunities for the market players during the forecast period.

Furthermore, manufacturers are spending on latest technologies which enhance the bullet trains of the country that decreases the train accidents, reduces the time travel for passengers, and offer safety features. For instance, in October 2022, The CRRC has introduced the world's fastest public land transport system, a 600 km/h maglev train. The high-speed linear transportation system, which reaches speeds of 600 km/h, is a "non-contact" high-speed rail vehicle. Adopts a "rail hold" structure in which two rows of curved "arms" "hold" the rail. With electrification, the entire train is suspended from the rails by strong magnetic force, realizing non-contact support, guidance, and operation. The system is not only fast, but also having high security, large capacity, intelligence, and convenience. It is a faster, safer, and more eco-friendly vehicle. Thus, these advancements in bullet trains are anticipated to offer lucrative opportunities for the market players during the forecast period.

Bullet Train Market by Region

Countries such as China, Japan, and South Korea are largely focused on developing bullet trains to reduce the travelling time and regulate the pollution in the region. In addition, many companies and governments of various Asian countries are making considerable investments to replace and upgrade their existing bullet trains. For instance, in July 2021, China has introduced a high-speed maglev train that can operate at a top speed of 600km/h. This is said to be the world’s fastest maglev transportation system to be rolled off the assembly line. Such factors primarily drive the growth of the bullet train market in Asia-Pacific. Moreover, strong presence of leading bullet train manufactures coupled with increased production, domestic demand, and capacity expansions by these manufacturers further boost the market growth in the Asia-Pacific region.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bullet train market analysis from 2021 to 2031 to identify the prevailing bullet train market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the bullet train market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global bullet train market trends, key players, market segments, application areas, and market growth strategies.

Bullet Train Market Report Highlights

Aspects Details
Market Size By 2031

USD 77.6 billion

Growth Rate

CAGR of 6.3%

Forecast period

2021 - 2031

Report Pages


By Speed
  • 200-299 km/h
  • 300-399 km/h
  • 400-499 km/h
  • Above 500 km/h
By Propulsion
  • Diesel
  • Electric
  • Dual Power
By Component
  • Axle
  • Wheelset
  • Converter
  • Transformer
  • Traction Motor
  • Others
By Region
  • North America  (U.S.)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, Rest of Asia-Pacific)
  • Middle East and Africa  (Middle East, Africa)
Key Market Players

Alstom SA, ABB Ltd., Siemens AG, Kawasaki Rail Car, Inc., Thales Group, Hitachi Ltd., CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, SA, CRRC CORPORATION LIMITED, Mitsubishi Heavy Industries Ltd., Caterpillar Inc.

Analyst Review

The bullet train market is projected to witness low-to-moderate growth rate, owing to growth in population along with increase in globalization and rise in purchasing power. Companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative feature offerings.

The bullet train market is driven by increase in allocation of the budget for the development of railways, rise in demand for secure, safer, & efficient transport, and surge in use of public transport services as a solution to minimize traffic congestions. For instance, Indian Railways (IR) announced the target to manufacture 8000 locomotives, coaches and wagons in 2022, up from 5,000 in 2021 at a cost of around $5.47 billion (INR 40,000 crore).

However, high capital requirement, and lack of high-speed rail infrastructure are anticipated to restrict the market growth. Moreover, improvement in railway infrastructure, particularly in developing countries, and increase in industrial & mining activity are expected to create lucrative opportunities in near future for the bullet train market.

Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the global market in 2021. However, North America is expected to grow at a higher rate, predicting lucrative opportunities for the key players operating in the bullet train market.

Author Name(s) : Ashish Tripathi | Lalit Janardhan Katare
Frequently Asked Questions?

The global bullet train market was valued at $42,471.7 million in 2021 and is projected to reach $77,576.5 million by 2031.

ABB Ltd., Alstom SA, Siemens AG, Thales Group, Construcciones y Auxiliar de Ferrocarriles, S.A., CRRC Corporation Limited, Hitachi Ltd., Kawasaki Rail Car, Inc., Mitsubishi Heavy Industries Ltd., and Caterpillar Inc. are some of the significant businesses profiled in the bullet train market.

Wheelset is the leading component for the bullet train market.

Asia-Pacific region is the largest region for bullet train market.

Rising investments on bullet train infrastructure by governments.

Loading Table Of Content...

Individual sections of the reports are available for purchase.
Would you like to see a breakdown of prices by section?

Bullet Train Market

Global Opportunity Analysis and Industry Forecast, 2021-2031