The global railway rolling stock market is anticipated to flourish at an opulent CAGR of 4.1% throughout the forecast period. The market size is estimated to be around US$ 61,504.8 million for the current year 2023. By the end of the projection period, the total supply of these products would reach around US$ 91,921.3 million in the international market by the year 2033
According to Future Market Insights’ historical study, the global market for railway rolling stock experienced a CAGR of 2.3% from 2018 to 2022. By the end of 2022, the market’s whole valuation had grown to US$ 58,800 million.
The deployment of upscale railcars and other recent advances in the railway sector have significantly altered the market’s orientation. Major market companies are focusing on the sale and production of specialised railway rolling stock in an effort to boost their revenues. Additionally, the pandemic effect’s spread of online trade channels has accelerated the growth rate of the world market for railway rolling stock in recent years.
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Based on past records of the survey study, the net worth of the global market for railway rolling stock was predicted to be roughly US$ 53,687.7 million in 2018. In the years that followed, the industry’s growth was still positive. Over the ensuing years, metro and tube trains would gain widespread favour. All the major cities will play a vital role in fueling the expansion of the worldwide market for railway rolling stock. The growing demand for high-speed trains around the world has forced many notable players to change their business strategies.
Key Takeaways
- Recent campaigns have emphasized decreasing the use of fossil fuels and introducing more contemporary energy sources. These cutting-edge sources have had a sizable influence on the industry. Numerous market participants have consequently launched rolling stock with hydrogen fuel battery features.
- The development of rooftop solar panel installation, which is anticipated to effectively satisfy the energy needs of rolling stock units, is currently underway. Additionally, it is anticipated that increased external investment in this project will have a major effect on the trends in railway rolling stock that are currently emerging.
- The development of a number of additional means of transportation, such as regional airlines, is anticipated to restrain market expansion in general. Additionally, the use of transmission pipelines for the transportation of raw materials has increased, which has decreased the demand for train rolling stock in the logistics industry as well.
The need for railroad rolling stock has decreased as transmission pipelines are being used more frequently to move raw materials in the logistics industry. Further reducing rivalry in this market is the adoption of regenerative braking technology across the board for all rolling stock.
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Competitive Landscape
Market players with excessive capital and hands-on technology know how to outcompete their rivals. One of the leading factors that influence the studied market expansion is the encouragement of regional players by their respective governments.
Increasing focus on public transport systems is anticipated to provide immense opportunities for newly entering market players. Moreover, federal assistance in many emerging economies to strengthen the domestic railway asset supply has also motivated several industries to enter the market.
Governments all over the globe are spending excessively on infrastructure development for the overall growth of their economy. Furthermore, this trend has specifically intensified over recent years. This trend indirectly benefitted the transportation sector including railway rolling stock industries. Further emphasis upgradation of the existing railway sector is anticipated to allow businesses to research and adopt new business models.
Key Segments
By Type:
- Locomotive
- Diesel Locomotives (DMU)
- Electric Locomotives (EMU)
- Electro-diesel Locomotives
- Others
- Passenger Coaches
- Freight Wagon
- Trams or Light Rails
- Metro or Subways
- Monorail
- Others
By End User:
- Passenger Transit
- Cargo or Freight Transit
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
More Insights into the Railway Rolling Stock Market
According to the market analysis, the United States is expected to dominate the global railway rolling stock market due to the leading production and advancements taking place in the North American region. This country is also anticipated to remain the major region for the introduction of any type of advancement in the railway rolling stock industry.
The overall market size of the U.S. was predicted to generate a valuation of around US$ 12,818.5 million which translates to around 21.8% of the global market in the previous year. However, the US railway rolling stock business is projected to register a below-average CAGR rate over the forecast period. Owing to this reason, global key players working in the country are focusing more on the rapid expansion of their manufacturing units into the Asia Pacific and Latin American countries.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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