The railway system market size is valued at US$ 28,278.1 million as of 2023. The market is expected to advance at a CAGR of 4.8% during the forecast period. By 2033, the market is expected to cross an estimate of US$ 45,192.2 million.
Surging urbanization worldwide has resulted in rising disposable income. Owing to this a lot of people have started buying their own vehicles which has led to surge in road congestion. Thus, working professionals in particular have started adopting services from metro rails, electric trains, etc. This might increase the demand for railway system during the forecast period.
Furthermore, government authorities worldwide are investing mammoth amounts on railway infrastructure upgradation. This is mainly owing to surge in the freight transportation. Moreover, the usage of railways also stands in line with the adoption of renewable source of energy. There are a lot of economies which are laying emphasis on ‘Green Transportation’. This would ultimately lead to an increase in the adoption of railways, as the investors would focus on electrification of railway transportations. This would result in the reduction of greenhouse gases.
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Apart from that, even if the railways make use of fuel, the fuel consumption is way less as compared to airlines. In addition to that, the load capacity associated with railways is way higher than the airlines. Thus, the market might witness surge in the number of investors.
However, the railway system market is expected to witness renaissance in its truest sense with the application of internet of trains. Be it reliability, safety, maintenance, the internet of trains offers everything on the platter. Apart from that, it also has the ability to work in sync with AI, which would further revolutionise the market going ahead. All these factors are expected to surge the sales of railway system during the forecast period.
However, massive investment, and long time to recover the invested amount are expected to challenge the market growth.
Thus, from the insights obtained from FMI analysts, it can be inferred that “surging urbanisation, increased government initiatives, application of internet of trains, and a number of other factors are expected to surge the market growth of railway system during the forecast period.”
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Key Takeaways:
- The railway system market is holding a valuation of US$ 28,278.1 million in 2023.
- The market is expected to surge at a CAGR of 4.8% during the forecast period.
- By 2033, the market might reach a valuation of US$ 45,192.2 million.
- Based on the regional analysis, North America is expected to be the largest market during the forecast period.
- USA market has a share of 21.8%.
- Germany market has a share of 4.4%.
- Japan market has a share of 5.7%.
- Australia market has a share of 1.3%.
- China market is expected to grow at a CAGR of 5.7%.
- India Market is expected to grow at a CAGR of 7.1%.
- UK market is expected to grow at a CAGR of 4.1%.
- Based on the application, the passenger transportation currently has the largest market share of 64.8%.
Competitive Landscape:
The key players operating in the railway system market are investing on profitable mergers and acquisitions. Apart from that, there are also massive investments being made on the R&D. Furthermore, the key players are also appointing some of the veterans who have not only served this niche, but related niches as well. Moreover, the manufacturers are also taking important steps to work on the sustainability goals.
In December 2022, Alstom had announced that it would be supplying an additional 49 Coradia Stream trains to Renfe in Spain.
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Railway System Market Segmentation
By Transit Type:
- Conventional (Diesel Locomotive, Electric Locomotive, Electro-diesel Locomotive, Coaches),
- Rapid (Diesel Multiple Unit, Electric Multiple Unit, Light Rail/Tram)
By Application:
- Passenger Transportation,
- Freight Transportation
By System Type:
- Auxiliary Power System
- Train Information System
- Propulsion System
- Train Safety System
- HVAC System
- On-board Vehicle Control
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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