Portland, OR, Feb. 03, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global railway system market size garnered $27.2 billion in 2021 and is estimated to generate $42.4 billion by 2031, manifesting a CAGR of 4.6% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $27.2 billion |
| Market Size in 2031 | $42.4 billion |
| CAGR | 4.6% |
| No. of Pages in Report | 292 |
| Segments Covered | type, end-use, system type, and region |
| Drivers | Increase in the allocation of budget for the development of railways The rise in demand for the secure, safer, and efficient transport system Rise in the use of public transport services as a solution to minimize traffic congestion Growth in demand for safety and compliance in rail transit Increase in demand for passenger and freight capacity |
| Opportunities | Improvement of railway infrastructure in developing countries Technological advancements associated with autonomous rail and green transport Integration of automation and advanced technologies in railway systems |
| Restraints | High capital requirement Lack of technology infrastructure and consistency in developing countries High overhaul and maintenance costs |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global railway system market, owing to the implementation of global lockdown which hampered the transportation industry.
- Curfew practices globally affected the domestic as well as international production of the railway system, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
- The railway system market has a high scope of growth opportunities in the future due to factors such as high investment in the development of railway infrastructure and an increase in the development of autonomous rails.
The research provides detailed segmentation of the global railway system market based on type, end-use, system type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the freight wagons segment held the highest share in 2021, accounting for around 45 percent of the global railway system market, and is expected to continue its leadership status during the forecast period. However, the metros segment is expected to register the highest CAGR of 7.2% from 2022 to 2031.
Based on end use, the cargo train segment accounted for the highest share in 2021, contributing to around 60 percent of the global railway system market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the passenger transit segment is expected to manifest the highest CAGR of 5.4% from 2022 to 2031.
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Based on system type, the propulsion segment accounted for the highest share in 2021, holding around one-fourth of the global railway system market, and is expected to continue its leadership status during the forecast period. However, the train safety segment is estimated to grow at the highest CAGR of 5.9% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing to nearly one-third of the global railway system market share. In addition, Asia-Pacific is expected to manifest the fastest CAGR of 6.3% during the forecast period.
Leading market players of the global railway system market analyzed in the research include Alstom SA, CRRC Corporation Limited, Siemens AG, Hitachi Ltd., Stadler Rail AG, Transmashholding, Knorr-Bremse AG, ABB Ltd., Toshiba Corporation, and Wabtec Corporation.
The report provides a detailed analysis of these key players in the global railway system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
