Market Overview:
The global personal rapid transit (PRT) market is expected to grow at a CAGR of 9.5% from 2018 to 2030. The market growth is attributed to the increasing demand for PRT systems in city centres, airports, business and industrial parks, theme parks and resorts, and others. Additionally, the increasing demand for green transportation solutions is also fuelling the growth of the PRT market. However, high installation and maintenance costs are restraining the growth of this market. The vehicle switching type segment is expected to dominate the global PRT market during the forecast period owing to its advantages such as low capital investment requirements and easy scalability.
Product Definition:
Personal Rapid Transit (PRT) is a mode of transportation that provides on-demand, point-to-point service. PRT systems are typically composed of small vehicles that operate on a guideway. The vehicles are summoned by passengers to their destination and can travel directly from one passenger to another without stopping along the way.
Vehicle Switching:
Vehicle switching is a process of changing vehicles within a transportation system. It can be applied in various modes of transportation such as railways, buses, ships or airplanes. In case of railways, it refers to the practice or procedure where several trains may share the same track by using parallel tracks for their movement.
Track Switching:
Track switching is a process of changing tracks in railway system. It is used to transfer traffic from one track to another without any interruption in traffic flow. In case of emergency, such as smoke or fire, the switch can be activated remotely and quickly so that no loss of life or injury takes place owing to delayed trains.
The technology has been around for more than 100 years but its implementation has changed over time according to different parameters including cost and safety concerns among others.
Application Insights:
The airport segment dominated the global personal rapid transit market in 2017, accounting for over 40% of the revenue share. The growing number of passengers travelling through airports and increasing passenger traffic on a daily basis has led to an increased need for transport systems that can efficiently move large groups of people from one place to another. PRT at airports provides a cost-effective and efficient mode of transport that helps in reducing travel time as well as improving the overall customer experience.
The city centre application segment is expected to witness significant growth over the forecast period owing to various advantages offered by these systems such as easy access to transportation network, flexible schedule options, reduced waiting time at stations and fewer transfers are provided when compared with bus or train services. Furthermore, implementation of PPT system does not require any substantial changes in infrastructure; therefore it is suitable even at secondary locations which makes it highly preferred for city centre applications across various regions globally including North America, Europe and Asia Pacific region.
Regional Analysis:
North America dominated the global market in terms of revenue share in 2017. The U.S., being a developed economy, has witnessed high adoption of rail transit systems over the past few years. This trend is expected to continue over the forecast period owing to increasing investments and favorable government initiatives for metro projects across various cities including Los Angeles, San Francisco Bay Area, Seattle-Tacoma and Washington DC among others.
Europe was estimated as second largest regional market in 2017 with a revenue share of 22%. The presence of major urban areas such as London, Paris and Madrid among others are anticipated to fuel demand for PRT systems across Europe during the forecast period. In addition, growing tourism industry is also likely to benefit growth across this region which could be attributed to higher adoption rates for on-demand transport solutions such as personal rapid transit system (PRTs).
Growth Factors:
- Increasing demand for public transportation: The increasing population and the subsequent increase in the number of commuters is one of the primary growth drivers for the personal rapid transit market.
- Government initiatives to promote public transportation: Governments across various countries are promoting public transportation through various initiatives such as subsidies, tax benefits, and investment in infrastructure development. This is expected to drive the demand for personal rapid transit systems in the coming years.
- Technological advancements: Personal rapid transit systems are becoming more technologically advanced with each passing day, with features such as wireless charging and autonomous driving capabilities being introduced into these systems. This is likely to result in an increase in their adoption rate over time.
- Rising awareness about environmental benefits of using PRT: One of the key advantages of using PRT systems is that they offer a much lower carbon footprint as compared to other forms of transport such as cars or buses. As a result, there has been a rise in awareness about these benefits among consumers, which is likely to drive its adoption rate further over time..
Scope Of The Report
Report Attributes
Report Details
Report Title
Personal Rapid Transit Market Research Report
By Type
Vehicle Switching, Track Switching
By Application
City Centres, Airports, Business and Industrial Parks, Theme Parks and Resorts, Others
By Companies
Fairwood Groups, Metrino PRT, skyTran, Vectus, 2getthere, Waymo, Mercedes, General Motors, Ultra Global PRT, Boeing, Navya, Easymile, Baidu (King Long), Local Motors, Aurrigo, Westfield, Kamaz
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
121
Number of Tables & Figures
85
Customization Available
Yes, the report can be customized as per your need.
Global Personal Rapid Transit Market Report Segments:
The global Personal Rapid Transit market is segmented on the basis of:
Types
Vehicle Switching, Track Switching
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
City Centres, Airports, Business and Industrial Parks, Theme Parks and Resorts, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Fairwood Groups
- Metrino PRT
- skyTran
- Vectus
- 2getthere
- Waymo
- Mercedes
- General Motors
- Ultra Global PRT
- Boeing
- Navya
- Easymile
- Baidu (King Long)
- Local Motors
- Aurrigo
- Westfield
- Kamaz
Highlights of The Personal Rapid Transit Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Vehicle Switching
- Track Switching
- By Application:
- City Centres
- Airports
- Business and Industrial Parks
- Theme Parks and Resorts
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Personal Rapid Transit Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Personal Rapid Transit is a mode of transportation that uses small electric vehicles to move people between points. The vehicles are typically about the size of a personal car and can carry up to six passengers.
Some of the major players in the personal rapid transit market are Fairwood Groups, Metrino PRT, skyTran, Vectus, 2getthere, Waymo, Mercedes, General Motors, Ultra Global PRT, Boeing, Navya, Easymile, Baidu (King Long), Local Motors, Aurrigo, Westfield, Kamaz.
The personal rapid transit market is expected to grow at a compound annual growth rate of 9.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Personal Rapid Transit Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Personal Rapid Transit Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Personal Rapid Transit Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Personal Rapid Transit Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Personal Rapid Transit Market Size & Forecast, 2018-2028
4.5.1 Personal Rapid Transit Market Size and Y-o-Y Growth
4.5.2 Personal Rapid Transit Market Absolute $ Opportunity
Chapter 5 Global Personal Rapid Transit Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Personal Rapid Transit Market Size Forecast by Type
5.2.1 Vehicle Switching
5.2.2 Track Switching
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Personal Rapid Transit Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Personal Rapid Transit Market Size Forecast by Applications
6.2.1 City Centres
6.2.2 Airports
6.2.3 Business and Industrial Parks
6.2.4 Theme Parks and Resorts
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Personal Rapid Transit Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Personal Rapid Transit Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Personal Rapid Transit Analysis and Forecast
9.1 Introduction
9.2 North America Personal Rapid Transit Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Personal Rapid Transit Market Size Forecast by Type
9.6.1 Vehicle Switching
9.6.2 Track Switching
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Personal Rapid Transit Market Size Forecast by Applications
9.10.1 City Centres
9.10.2 Airports
9.10.3 Business and Industrial Parks
9.10.4 Theme Parks and Resorts
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Personal Rapid Transit Analysis and Forecast
10.1 Introduction
10.2 Europe Personal Rapid Transit Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Personal Rapid Transit Market Size Forecast by Type
10.6.1 Vehicle Switching
10.6.2 Track Switching
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Personal Rapid Transit Market Size Forecast by Applications
10.10.1 City Centres
10.10.2 Airports
10.10.3 Business and Industrial Parks
10.10.4 Theme Parks and Resorts
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Personal Rapid Transit Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Personal Rapid Transit Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Personal Rapid Transit Market Size Forecast by Type
11.6.1 Vehicle Switching
11.6.2 Track Switching
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Personal Rapid Transit Market Size Forecast by Applications
11.10.1 City Centres
11.10.2 Airports
11.10.3 Business and Industrial Parks
11.10.4 Theme Parks and Resorts
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Personal Rapid Transit Analysis and Forecast
12.1 Introduction
12.2 Latin America Personal Rapid Transit Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Personal Rapid Transit Market Size Forecast by Type
12.6.1 Vehicle Switching
12.6.2 Track Switching
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Personal Rapid Transit Market Size Forecast by Applications
12.10.1 City Centres
12.10.2 Airports
12.10.3 Business and Industrial Parks
12.10.4 Theme Parks and Resorts
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Personal Rapid Transit Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Personal Rapid Transit Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Personal Rapid Transit Market Size Forecast by Type
13.6.1 Vehicle Switching
13.6.2 Track Switching
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Personal Rapid Transit Market Size Forecast by Applications
13.10.1 City Centres
13.10.2 Airports
13.10.3 Business and Industrial Parks
13.10.4 Theme Parks and Resorts
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Personal Rapid Transit Market: Competitive Dashboard
14.2 Global Personal Rapid Transit Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Fairwood Groups
14.3.2 Metrino PRT
14.3.3 skyTran
14.3.4 Vectus
14.3.5 2getthere
14.3.6 Waymo
14.3.7 Mercedes
14.3.8 General Motors
14.3.9 Ultra Global PRT
14.3.10 Boeing
14.3.11 Navya
14.3.12 Easymile
14.3.13 Baidu (King Long)
14.3.14 Local Motors
14.3.15 Aurrigo
14.3.16 Westfield
14.3.17 Kamaz
