As per a recent market analysis by Future Market Insights (FMI), the heritage railways trains market is poised to reach a valuation of USD 315 Billion in 2022. Sales are projected to increase at an 8% CAGR, with the market size reaching USD 680 Billion by 2032.
A heritage railway, often known as a heritage railroad, is a railroad that operates as a living history train to recreate or preserve historical railroad scenery. Old railroad tracks that have been preserved to reflect a specific era in rail transportation history are called heritage railways. Railroad that runs a line with preserved and restored locomotives, trains, and equipment while typically offering train services to tourists; in essence, an operational open-air museum.
Preservation groups started to offer to purchase up abandoned stations and tracks as they saw the potential tragedy of losing conventional railways and equipment. Many railroad businesses were glad to get rid of unwanted goods and machinery, and some of them were also concerned about historic preservation. For instance, many railroad workers were saddened by the disappearance of historic steam engines and delighted by their preservation and continued usage on heritage lines.
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A preservation group or enthusiast owns a heritage railway, and in order to keep it operating, it might have to charge hefty admission fees. Despite the fact that train journeys are frequently brief, the rails and other railroad equipment endure significant wear and tear, requiring expensive upkeep. In order to increase the profitability of their operation, numerous for-profit businesses have acquired many heritage railway assets.
Key Takeaways from the Heritage Railways Trains Market Study:
- The North America and Asia Pacific regions hold a market share of ~17% and ~25% respectively.
- The Covid-19 pandemic had an 80% impact on the value of the Heritage Railways Trains Market.
- Argentina, Brazil, Canada, Czech Republic, Finland, France, Germany, India, United Kingdom, and the United States of America are some of the most popular destinations for railway tourism.
- Luxury Trains are the most popular Train types in the Heritage Railways Trains Market
- Online booking channels lead the charts in Heritage Railways Trains Market booking channel segmentation.
“Heritage Railways offerings glimpse to old school slow life style, luxurious excursions are the main attractions tourists are seeking to escape the fast paced modern life.” – FMI Analyst said.
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Who is winning?
There are number of heritage railways around the globe taking travellers on a luxurious travel trip. The top businesses are able to maintain their competitive advantage in the industry by offering all-inclusive packages and saving tourists from having to navigate multiple channels for their trips. In addition to boosting the market, government investments and initiatives have helped firms improve the services they offer.
The key players in the Heritage Railways Trains Market :
- Avon Valley Railway
- Bideford Railway Heritage Centre
- Helston Railway
- Calcutta Tramways Company
- Palace on Wheels
The Heritage Railways Trains Market by Category:
By Train Type:
- Toy Train
- Steam Train
- Luxury Train
- Tram Trains
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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