Railway Equipment Market to Reach USD232.80 Billion until 2026
Shifting trend towards electric
vehicle technology and growing industrialization to drive the Global Railway
Equipment Market during the forecast period.
According to TechSci Research report, “Global
Railway
Equipment Market
By Product Type (Rolling Stock, Railway Infrastructure, Others), By Type
(Passenger & Cargo), By Application (Freight Wagons, Locomotives, DMUs, EMUs,
Others), By Sales Channel (After-Sales & OEM), By Region, Competition Forecast
& Opportunities, 2016-2026’’, the Global Railway Equipment Market is projected to reach USD232.80 billion by 2026, on account of increasing investments in
rail & transit infrastructure by governments. Moreover, rising urbanization
& increasing number of smart cities and increasing automation in
transportation industry is expected to bolster the Global Railway Equipment
Market through 2026. In addition to this lower overall
cost of operation and timely, reliable & high value service will augment
the demand for railway equipment globally.
Global Railway Equipment Market can
be segmented based on Product Type, Type, Application, Sales Channel, Region. On
the basis of Product Type, the market can be segmented into Rolling Stock, Railway
Infrastructure and Others. Rolling Stock dominated the
market in 2020 and is expected to maintain its market dominance during the
forecast period. This can be attributed to the increasing fuel prices as it
acts as the key source behind working of the transportation industry. Increase
in developments of Metro projects and expansion of electrified network rail
route will further create opportunities for OEMs to expand their revenue stream
and increase geographical presence.
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On
the basis of Type, the market is segmented into Passenger and Cargo. Passenger
segment dominates the market with 62.84% market share in 2020 owing to the general
economic conditions, passenger ridership levels, government spending on public
transportation, and investment in new rolling stock.
The
passenger segment can further be bifurcated into Intra city and Intercity.
Here, intercity segment dominates the market globally due to number of public
benefits such as reducing congestion, improved air quality, increased travel capacity,
and greater travel choice. A public benefit cited for intercity passenger rail
is its potential to help relieve traffic congestion. Another advantage is that
an investment in intercity passenger rail can do more to increase
transportation capacity (carry more travelers) than a similar expenditure on another
mode.
On
the basis of Application, the market can be bifurcated into Freight Wagons, Locomotives, DMUs, EMUs and Others. Freight
Wagons dominated the market in 2020 and is expected to maintain its market
dominance during the forecast period owing to the low level of external costs
generated by rail freight making it an ideal choice for freight customers.
Moreover, rail is the most eco-friendly land transport mode for freight, with
much lower carbon dioxide emissions and energy consumption per ton-kilometer
than road freight or transport by inland waterways.
Rail freight hubs worldwide are not
only fed by railway lines but increasingly also by railroad combined transport.
Additionally, due to the development of maritime containerized transport and road
congestion, intermodal transport has developed dramatically in the past 30
years, becoming the fastest growing freight transport segment in Europe with a
more important role for rail. Various rail freight corridors have been
implemented to improve the framework conditions on designated lines with high
economic importance and these rail freight corridors have a high business
potential as freight trains operating on these routes are considerably faster
than container ships and much more cost effective than air transport.
On
the basis of Sales Channel, the market can be bifurcated into After-Sales and OEM.
Here, After Sales is the dominating segment owing to the less demand for new
equipment from matured markets such as North America and Europe. Asia-Pacific
is the fastest growing region in the Global Railway Equipment Market owing to the
increased domestic demand, growing production and capacity expansions by
rolling stock manufacturers in the region. This increase in production helps in
coping with the rising demand for rail transportation and concerns related to
fuel-efficiency norms and regulations.
Some
of the major players in the Global Railway Equipment Market include CRRC
Corporation Limited, Siemens AG, Alstom SA, Hitachi Ltd., Caterpillar Inc.,
China Railway Signal & Communication Corporation Ltd., Wabtec Corporation,
Knorr-Bremse AG, Stadler Rail and Thales Group. Companies operating in the market
are using organic strategies, partnerships and collaborations to boost their
shares in the Global Railway Equipment Market.
Significant players in the market are concentrating on accomplishing ideal
operational expenses, upgrading the system efficiency, enhancing precision in
responses, boosting productivity with high funding in R&D, and merging with
small players to support the competitive Global Railway Equipment Market.
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“Increasing focus on environment-friendly
transportation options, technological advancements and increasing investments
on R&D of railway equipment are boosting demand for railway equipment globally.
Moreover, substantial and sustained investments in rail and transit infrastructure
and surge in demand for intercity and interurban connectivity is also positively
influencing the market. Also, increasing domestic demand for intercity rail
networks in Asia Pacific region is expected to drive the Global Railway
Equipment Market in the coming years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Railway Equipment Market By Product
Type (Rolling Stock, Railway Infrastructure, Others), By Type (Passenger &
Cargo), By Application (Freight Wagons, Locomotives, DMUs, EMUs, Others), By Sales
Channel (After-Sales & OEM), By Region, Competition Forecast &
Opportunities, 2016-2026’’ has evaluated the future growth potential of Global Railway
Equipment Market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the Global Railway Equipment Market.
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