According to the latest report by IMARC Group “Railway System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global railway system market reached a value of US$ 25.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.4 Billion by 2027, exhibiting a CAGR of 4.78% during 2022-2027.
The railway system represents an organized arrangement that is responsible for managing the transportation of passenger and freight trains, such as scenic rail, monorail, metro, subway, cable, etc. It integrates numerous advanced technologies with operations to streamline functions and deliver enhanced consumer satisfaction. Furthermore, the railway system uses on-train processing to keep track of the speed as well as the location of other trains and digital communications for disaster management. It aids in managing arrivals, departures, revenue, ticketing, cargo handling functions, etc. Consequently, the railway system is considered one of the most reliable modes of transportation that offers enhanced security and safety to individuals.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing digitalization across countries and the escalating demand for personal mobility are primarily driving the railway system market. Additionally, the rising utilization of public transportation, including high-speed trains and metro, to commute and avoid congestion on the road is further catalyzing the market growth. Besides this, the widespread adoption of efficient asset and fleet management systems for remote diagnostics, asset planning, and tracking services over a long distance is acting as another significant growth-inducing factor. Moreover, the increasing integration of big data analytics solutions with the railway system to identify malfunctioning components and prevent breakdowns is also positively influencing the global market. Apart from this, the inflating need for cost-efficient transportation solutions is anticipated to fuel the railway system market over the forecasted period.
Breakup by Transit Type:
- Conventional
- Diesel Locomotive
- Electric Locomotive
- Electro-Diesel Locomotive
- Coaches
- Rapid
- Diesel Multiple Unit (DMU)
- Electric Multiple Unit (EMU)
- Light Rail/Tram
Breakup by System Type:
- Auxiliary Power System
- Train Information System
- Propulsion System
- Train Safety System
- HVAC System
- On-Board Vehicle Control
Breakup by Application:
- Freight Transportation
- Passenger Transportation
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- ABB Ltd. (SWX: ABBN)
- Alstom (EPA: ALO)
- American Equipment Company
- Bombardier Inc. (TSE: BBD.B)
- Calamp Corporation (NASDAQ: CAMP)
- Construcciones y Auxiliar de Ferrocarriles (BME: CAF)
- CRRC Corporation Limited (SHA: 601766)
- Fuji Electric (TYO: 6504)
- General Electric Company (NYSE: GE)
- Hitachi Ltd. (TYO: 6501)
- Hyundai Rotem Company (KRX: 064350)
- Ingeteam Power Technology
- Medcom (BME: MED)
- Mitsubishi Heavy Industries Ltd. (TYO: 7011)
- Siemens Aktiengesellschaft (ETR: SIE)
- Škoda Transportation
- Strukton Groep N.V.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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