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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