The global railway rolling stock market size 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.
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.
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According to earlier research from Future Market Insights, the global market for railway rolling stock expanded at a CAGR of 2.3% from 2018 to 2022. By the end of 2022, the market’s total value had risen to US$ 58,800 million.
The focus of the market has dramatically shifted as a result of the introduction of opulent railcars and other recent advances in the railway sector. Major market corporations are focusing on the sale and development of specialty railway rolling stock in an effort to boost their earnings. Due to the pandemic effect’s spread of internet commerce channels, the world market for railway rolling stock has recently expanded more fast.
The survey study’s historical data indicated that the net worth of the world market for railway rolling stock in 2018 was predicted to be US$ 53,687,7 million. In the years that followed, the sector maintained its upward growth. In the upcoming years, the popularity of the tube and tube trains will rise. All of the main cities will play a vital role in fostering the expansion of the world market for railway rolling stock. Due to the increasing demand for high-speed trains in many parts of the world, several significant firms have had to modify their business plans.
The need for railway rolling equipment has decreased as transmission pipelines are used more frequently to carry raw materials in the logistics industry. Regenerative braking will be widely used for all rolling stock, which will minimise rivalry in this market.
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Competitive Landscape
Market participants with a surplus of cash and practical technology know how to outbid their rivals. The support of regional companies by their various governments is one of the key elements that affects the examined market’s expansion.
It is anticipated that the growing attention being paid to public transport networks would open up enormous prospects for new market entrants. Federal support to enhance domestic railway asset supply in many emerging economies has also encouraged various industries to enter the market.
In order to boost their economies generally, governments around the world are spending exorbitant amounts of money on infrastructure development. Additionally, this trend has been increasingly pronounced in recent years. The transportation industry, especially the manufacturing of railway rolling stock, benefited inadvertently from this development. It is projected that further attention on upgrading the current railway industry will enable companies to explore and embrace 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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Future Market Insights (ESOMAR certified 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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