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 past data 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 introduction of luxurious railcars and other recent developments in the railway industry have significantly changed the market’s focus. To increase their profits, major market corporations are concentrating on the sale and development of speciality railway rolling stock. The global market for railway rolling stock has recently grown more quickly due to the pandemic effect’s expansion of internet trade channels.
According to historical data from the survey study, the net worth of the global market for railway rolling stock was expected to be US$ 53,687,7 million in 2018. The sector continued to grow favourably in the years that followed. The popularity of the tube and tube trains will increase during the next years. The growth of the global market for railway rolling stock will be significantly aided by all of the major cities. Numerous large corporations have had to alter their business plans as a result of the rising demand for high-speed trains in various parts of the world.
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 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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