The North America passenger information system market is expected to grow from US$ 5,912.57 million in 2019 to US$ 13,257.96 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027.
The North America passenger information system market is likely to account for a remarkable share of the global passenger information system market during the forecast period. Rising frequency of passenger journey through public transport is one of the factors driving the market in the region. Public transportation comprises different transit options, including buses, rail or metros, airways, and subways. Such systems play a significant role for those people who cannot drive or do not have access to personal vehicles. Also, such systems are quite cost-effective, safe, and sustainable. Rapid rise in population density has led to a change in infrastructural set-up in urban centers. Also, high disposable income and shift in working demographic are other factors promoting the demand for public transport across passengers.
In terms of component, the solution segment led the North America passenger information system market in 2019. The passenger information system (PIS) solution is aimed to collect and disperse the updated real-time information by integrating several visual and audio components and wireless communications including Wi-Fi/LTE. Devices used in PIS solution are quite capable and effective enough to withstand extreme conditions. Several components are categorized under solutions category, which includes display systems, announcement systems, emergency communication systems, mobile applications, infotainment systems, passenger counting systems, and video monitoring systems. Among which, the display systems are extensively used by the end users. Display systems are used to display real-time visual information, including news, arrival and departure time in transits, advertisements, safety and emergency pop-ups, and several entertainment content so as to effectively and immediately deliver the message to the end users.
Alstom; Cisco Systems Inc.; Cubic Corporation; Hitachi, Ltd; Huawei Technologies Co., Ltd; Singapore Technologies Engineering Ltd.; Teleste Corporation; Thales Group; and Wabtec Corporation are among the key players in the market in this region.
The US has the highest number of confirmed cases of COVID-19 compared to Canada and Mexico. This is likely to impact the passenger information system market in the region as, due to the COVID-19 outbreak, the supply and distribution chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities would also impact market growth.
The overall North America passenger information system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America passenger information system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically associated with this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America passenger information system market.