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By 2040, Caltrain could serve as many as 250,000 daily passengers, representing a 300 percent increase over the system's current ridership. The announcement comes as the railroad develops its latest business plan. Caltrain staff found that "significantly increased" service could attract about 243,000 daily riders, up from 65,000 daily riders today, agency officials said in a press release.As part of its electrification plans, Caltrain plans to improve capacity and service frequency. The railroad expects to begin rolling out electric trains in 2022.The ridership projections were part of market assessment of rail service along Caltrain's corridor, agency officials said.Caltrain officials began preparing the business plan in 2017 after the agency awarded contracts for its electrification project.The plan will address long-range opportunities to integrate regional rail services to traverse and connect Caltrain's corridor. It also will outline specific targets for service and capacity growth.Over the coming months, Caltrain staff will weigh options for increasing service to meet projected ridership growth, agency officials said.