Rise in need of transit agencies to keep passengers informed about their journey, rapid growth in mobility, and expansion of the telecommunication industry drive the growth of the global passenger display system market.
However, poor infrastructure for installing passenger display system in underdeveloped countries and high cost of deployment and management of this system hinder the market growth.
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On the other hand, rise in adoption of technologies, such as cloud, Internet of Things (IoT), and Big Data to enhance passenger travel experiences are anticipated to offer new opportunities in the coming years. enhance passenger travel experiences are projected to pave the way for lucrative opportunities for the key players in the industry.
The global passenger display system market is analyzed across component, display type, mode of transportation, and region. Based on component, the hardware segment contributed to more than two-fifths of the total market share in 2019, and is expected to rule the roost by 2027. The services segment, on the other hand, is projected to manifest the fastest CAGR of 14.9% from 2020 to 2027.
Based on display type, the LCD segment accounted for more than two-fifths of the total market revenue in 2019, and is projected to retain its dominance by the end of 2027. At the same time, the LED segment would exhibit the fastest CAGR of 14.3% during the forecast period.
Based on region, North America held the highest share in 2019, garnering nearly two-fifths of the global passenger display system market. Simultaneously, the market across Asia-Pacific would manifest the fastest CAGR of 16.1% from 2020 to 2027. The other two provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global passenger display system market report include Cubic Corporation, Hitachi, Ltd., Alstom, Toshiba Corporation, Indra, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Mitsubishi Electric Corporation, and Thales. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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COVID-19 Scenario-
- The demand for the passenger display systems has been decreased during the COVID-19 outbreak due to the global restrictions on the transport sector.
- The operational disruption in electronic industry, due to COVID-19 outbreak, has impacted the passenger display system market.
- Halt in the new installations of the passenger display system due to active lockdown and social distancing has adversely affected the growth of this industry.
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