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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Previous analysis by Future Market Insights indicated that from 2018 to 2022, the global market for railway rolling stock grew at a CAGR of 2.3%. The market’s overall worth increased to US$ 58,800 million by the end of 2022.
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 companies are focusing on the sale and development of specialty railway rolling stock in an effort to boost their earnings. In recent years, the global market for railway rolling stock has expanded more fast due to the pervasive influence of internet shopping channels.
The global market for railway rolling stock was anticipated to have a net worth of US$ 53,687,7 million in 2018, according to survey study historical data. In the years that followed, the industry maintained its growth. The tube and tube trains will become more and more popular in the next years. The involvement of all the main cities would greatly contribute in the growth of the worldwide market for railway rolling stock. Due to the increasing demand for high-speed trains in many parts of the world, many well-known enterprises have had to modify their business plans.
As transmission pipelines are utilised more frequently to transport raw materials in the logistics sector, the demand for railway rolling equipment has dropped. All rolling stock will frequently adopt regenerative braking, reducing market competition.
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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)
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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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