Increase in user preference for public transportation and growing demand for energy-efficient transport to drive the railway system market.
The global railway system market is estimated to grow at a CAGR of 5.2%, from USD 26.0 billion in 2019 to USD 35.3 billion by 2025. Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe, which has increased the demand for public transportation such as metros and high-speed trains. The increasing demand for these rolling stocks will fuel the growth of the railway system market. However, refurbishment of existing rolling stock and its capital-intensive nature are inhibiting the growth of the market.
Freight transportation to grow at a significant rate during the forecast period. Freight transportation segment is estimated to be the fastest growing segment of the railway system market during the forecast period.The demand for freight transportation is high in the US, China, and Russia.
This is because of the increasing replacement of old fleets and growth of the manufacturing sector in these countries.Custom-made and technologically advanced systems are being introduced in locomotives.
The increased mining activities in emerging economies are expected to impact the market for freight transportation positively. The growth of freight transportation is expected to propel the railway system market consequently.
The propulsion system segment is estimated to be the largest market, in terms of value.
The propulsion system segment is estimated to hold the largest market share.The propulsion system is a standard component in railways.
Several countries in Europe, Asia Pacific, and the Middle East have introduced various rail projects to encourage mass rapid transit.The market for propulsion systems is expected to grow in line with the increased demand for rail transit systems.
Moreover, the increasing number of hybrid propulsion systems and battery-operated propulsion systems will propel the overall market for propulsion systems.
Asia Pacific is estimated to be the fastest growing railway system market during the forecast period. The Asia Pacific railway system market is estimated to grow at the highest CAGR during the forecast period.The growth of the Asia Pacific region is due to increased production and capacity expansions by rolling stock manufacturers.
This is to cope with rising consumer demand and comply with fuel-efficiency norms and regulations. In April 2018, CRRC, China’s leading rolling stock manufacturer, bagged a deal to supply 200 train cars to Argentina. The study contains insights from various industry experts, ranging from component suppliers to tier I companies and OEMs. The break-up of the primaries is as follows: • By Company Type: Tier I: 27%, Tier II: 27%, OEM: 46% • By Designation: C level: 32%, D level: 38%, Others: 30% • By Region: North America: 15%, Europe: 27%, Asia Pacific: 50%, Rest of the World: 8%
Major players profiled in the report are: • CRRC (China) • Bombardier (Canada) • Alstom (France) • ABB (Switzerland) • Siemens (Germany) • General Electric (US) • Hyundai Rotem (South Korea) • Mitsubishi Heavy Industries (Japan) • Toshiba (Japan) • Hitachi (South Korea)
Research Coverage: The report segments the railway system market, by value, on the basis of region (Asia Pacific, Europe, North America, and the Rest of the World), application (passenger transportation and freight transportation), system type (auxiliary power system, HVAC, propulsion system, onboard vehicle control, train information system, train safety system), and transit type (conventional and rapid). The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the railway system market, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
Reasons to Buy the Report: The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points: • Market Penetration: The report offers comprehensive information about the railway system market and the top players in the market. • Product Development/Innovation: The report provides detailed insights into upcoming technologies, R&D activities, and new product launches in the railway system market. • Market Development: The report offers comprehensive information about the railway system market. The report analyzes the railway system market across regions and provides comprehensive information about lucrative emerging markets. • Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the railway system market.
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