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.
From 2018 to 2022, the global market for railway rolling stock grew at a CAGR of 2.3%, according to Future Market Insights’ historical data. The market’s overall worth increased to US$ 58,800 million by the end of 2022.
The introduction of posh railcars and other recent developments in the railway industry have significantly changed the market’s focus. In order to increase their revenue, major market organisations are concentrating on the sale and development of specialised railway rolling stock. The rise of the global market for railway rolling stock has accelerated in recent years due to the pandemic effect’s proliferation of online trade channels.
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The survey study’s historical data indicated that the net worth of the world market for railway rolling stock would be approximately US$ 53,687.7 million in 2018. The sector continued to expand favourably in the years that followed. The popularity of metro and tube trains would grow over the next years. The rise of the global market for railway rolling stock will be fueled in large part by all the major cities. Many significant firms have had to alter their business plans in response to the rising demand for high-speed trains around the world.
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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