Passenger Display System Market Statistics (2020-2027)
The global passenger display system market size was valued at $6,775.00 million in 2019, and is projected to reach at $17,417.00 million by 2027, growing at a CAGR of 12.4% from 2020 to 2027. Passenger display system is an automated system used for providing users of public transport with information about the nature and state of a public transport service through visual information. It is commonly used to track details and provide information such as scheduling, news broadcasts, entertainment, and emergency communication services to commuters. In addition, it helps passengers in getting relevant information regarding the status of various transportation mediums such as buses, trains, and airplanes. Previously, transportation users had to wait in long queues to enquire about the arrival and departure time of a bus or a train. With the introduction of passenger information display systems, users can get all the information online. This helps transport service providers to have competitive edge over other service providers.
The hardware segment dominated the passenger display system market share in 2019, and is expected to continue this trend during the forecast period, as hardware forms the integral part of the passenger information display systems. Increase in use of these display systems to display real-time visual information for passengers at onboard vehicles or stations is driving the growth of the market. Moreover, the demand for hardware components has been continuously increasing, due to rise in need for upgrading passenger information systems in outdated trains or other modes of transportation. However, the services segment is expected to witness highest CAGR during the passenger display system market forecast period, as they assure effective functioning of hardware components, platforms, and software throughout the process. Increase in the adoption of passenger display system is expected to boost the demand for different services such as consulting, training, and implementation in the upcoming years.
Hardware is projected as one of the most lucrative segments.
The liquid crystal display (LCD) segment dominated the passenger display system market in 2019, and is expected to continue this trend during the forecast period. This is attributed to surge in adoption of robust, digital LCD passenger display, as it can withstand a myriad of environmental challenges. Moreover, numerous features provided by these solutions such as static content, one-sided or double-sided boards, bicolored, and availability of indoor as well as outdoor solutions along with the decline in manufacturing costs of LCDs is driving the adoption of the LCD technology. However, the light-emitting diode (LED) segment is projected to witness highest growth rate in the upcoming years, as these displays are power-efficient and produce higher light intensity. Also, the brightness of LED displays automatically adapts to the environmental conditions, enabling a perfect reading for passengers in day and night, which further drives its adoption.
By Display Type
LED display type is projected as one of the most significant segments.
On the basis of mode of transportation, the airways segment exhibited the highest growth in the passenger display market in 2019, and is expected to maintain its dominance in the upcoming years, owing to rise in deployment of passenger display systems at large airports for each terminal or even each major airline. They are used to inform passengers of departure/arrival times, boarding gates, destinations, notifications of flight delays/flight cancellations, and partner airlines. However, the railways segment is expected to witness highest growth during the forecast period, due to significant rise in vehicular traffic across the globe in the last couple of years. This is attributed to the fact that these displays provide information to the vehicle drivers as well as pedestrians while assuring safe and smooth vehicle and pedestrian traffic flow.
Asia-Pacific region is projected as one of the most significant segments.
North America dominated the passenger display system market in 2019, and is projected to remain dominant during the forecast period. Number of organizations have rapidly adopted and invested in the emerging technologies, such as big data, analytics, and cloud platforms in the region. Moreover, factors such as presence of large enterprises and rise in demand among organizations to automate business decision-making process to increase productivity drive the passenger display system market growth. However, Asia-Pacific is expected to witness high growth rate in the upcoming years, owing to rise in commercial investments by several companies in the developing countries such as China and India. Moreover, strong economic growth accompanied by the development in the services sector augments business enterprises to invest heavily in passenger display system software to sustain the intense competition in the market and improve productivity.
The report focuses on the growth prospects, restraints, and passenger display system market analysis. The study provides Porter’s five forces analysis of the passenger display system industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the passenger display system market trends.
The global passenger information system market is segmented into component, display type, mode of transportation, and region. Depending on component, the market is categorized into hardware, software, and service. On the basis of display type, it is segregated into LCD display, LED display, and others. By mode of transportation, it is fragmented into railways, roadways, and airways. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The key players operating in the passenger display system industry include Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales, and Toshiba Corporation.
Impact of COVID-19 on Passenger Display System Market
The global passenger display system market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The passenger display system market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various tourism destinations across the U.S., Asia-Pacific, and the Middle East have implemented restrictions since January 2020.
Top impacting factors
The growth of the global passenger display system market is driven by factors such as rise in demand for real-time transit information for passengers, surge in security concerns at public mode of transportations, increase in demand & rise in investment for intelligent transportation systems, and upsurge in number of passengers travelling through public transport. Integration of advanced technologies such as cloud, Big Data, and IoT in passenger display system is expected to drive the growth of the passenger display system market in the upcoming years. However, high cost of deployment & management of these systems and poor infrastructure for their installation are expected to hamper the growth of the market during the forecast period.
Upsurge in number of passengers travelling through public transport
The number of passengers travelling through the public transport services is increasing, which is expected to fuel the growth of the market. For instance, according to the International Air Transport Association (IATA), passenger numbers could double to 8.2 billion in 2037 based on present trends in air transport. Although there is a drop has been witnessed in demand for public transport during this year due to the outbreak of the COVID-19 pandemic and lockdown enforcement, the growth in total passenger journeys over the past three years has been strong and is expected to remain strong in the upcoming years.
Integration of advanced technologies such as cloud, Big Data, and IoT in passenger display systems
Cloud computing is adopted for automation of various modes of transportation, especially railways. In roadways, the passenger information display systems use cloud computing to track the position of buses in an area and calculate the arrival time to be displayed on the real-time information system at the bus stop. In addition, increase in adoption of advanced connectivity solutions to create the virtual cable replacement link to easily upgrade legacy equipment and connect to Internet of Things (IoT) significantly contributes toward the growth of the global market. Cloud technology and data analytics solutions assist in ensuring high efficiency of the displays while allocating resources and monitoring the passenger population in a cost-effective manner. This is advantageous for the bus management system, as the frequency of buses is regulated based on the demand of passengers through a particular route at each bus stop.
Key Benefits For Stakeholders
- This study includes the passenger display system market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and passenger display system market opportunity.
- The market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the passenger display system market.
Passenger Display System Market Report Highlights
By Display Type
By Mode Of Transportation
Key Market Players
THALES GROUP, SIEMENS AG, MITSUBISHI ELECTRIC CORPORATION, ALSTOM, CUBIC CORPORATION, INDRA SISTEMAS, S.A., SINGAPORE TECHNOLOGIES ELECTRONICS LIMITED (ST ENGINEERING), TELESTE CORPORATION, TOSHIBA CORPORATION, HITACHI, LTD.
Increase in urbanization and rise in economy are expected to boost the growth of the passenger display system market in Asia-Pacific. Countries in Asia-Pacific are undergoing rapid infrastructure transformation in the transportation sector. In addition, surge in adoption of these systems in public transport to meet the demands of massive population is projected to augment the market growth in this region. Moreover, governments are taking several initiatives toward the deployment of intelligent transportation systems due to which the spending to implement these systems in public transport is increasing, which is opportunistic for the market. For instance, in August 2019, the Asian Development Bank has approved a loan of $200 million to China majorly to support the development of an innovative intelligent transport system to provide real-time information to passenger, reduce traffic congestion, control pollution, and improve transport safety in the country. Furthermore, developing economies are installing advanced passenger information systems at airways and railways, which drives the demand for passenger display systems. For instance, in January 2020, Indian Railways installed European-style passenger information system at Anakapalle station, which aims to provide easier access to important information for passengers at the station. It further provides an automated display of information about the trains, which are expected at the station in the next two hours.
Furthermore, surge in the average number of vehicles on the road has led to traffic congestion. Thus, public transport services are focusing on providing real-time information to passengers. Moreover, transport operators are integrating advanced technologies such as Internet of Things (IoT), Big Data, and cloud into these display systems to streamline their operations and make it more reliable, secure; efficient which is opportunistic for the market. Number of traditional IT vendors, such as Siemens AG, are introducing real-time passenger information systems and advanced passenger display systems to address the specific needs of a rapidly changing travel environment for planes, buses, trains, and other modes of transport. Installation of these systems can be an effective future investment for transporters to provide enhanced convenience to passengers along with wide range of personalized services.
The passenger display systems market is highly competitive and comprises number of local, regional, and global vendors competing based on factors such as cost, reliability, product quality, and aftermarket services. The growth of the market is impacted by intense competition, frequent changes in government policies, and rapid advances in technology, whereas the vendor performance is impacted by government support, COVID-19 conditions, and industry development. Owing to the intense competition, vendors operating in the market are launching technologically efficient products to reduce the evolving security threats due to continuous increase in traffic. Furthermore, a number of manufacturers are investing to develop next-generation passenger display systems, which can help them set up long-term partnerships with regulatory authorities.