Dublin, Nov. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Autonomous Train Technology Market (by Train Type & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global autonomous train technology market is expected to reach US$8.39 billion in 2023, progressing at a CAGR of 6.41%, during 2022-2026
The global autonomous train technology market is highly concentrated, with a few key players dominating the industry. These market leaders have implemented sustainable growth strategies to maintain their positions in the market.
Railways are considered an efficient and reliable mode of transportation for both passengers and freight, especially for longer distances, due to reduced delays and breakdowns, resulting in shorter travel times. Governments around the world have increased funding to modernize and upgrade railway systems, aiming to improve network infrastructure and reduce reliance on other forms of transportation.
Autonomous trains are equipped with automated train driving systems that manage various aspects of train operation, including arrival and departure, movement between stations, precise stopping, and timely door opening and closing.
The metro/monorail segment holds a significant share of the market. This is driven by the increasing demand for metro and monorail systems, which offer safer, more efficient, reliable, and cost-effective transportation options. The advantages of high capacity and shorter travel times are driving the adoption of metro rail systems, particularly in developing economies.
North America is currently the largest market for autonomous train technology, driven by rapid urbanization and the need for innovative intra-city and inter-city transportation solutions. Asia Pacific is expected to experience the fastest growth in the coming years, thanks to its well-developed railway network. Asia Pacific is poised to dominate the global autonomous train technology market in the forecasted period.
Key countries in North America include the United States, Canada, and Mexico, while Asia Pacific includes China, Japan, India, South Korea, Australia, and Singapore, among others. In Europe, Germany, the UK, France, Italy, Russia, Spain, Netherlands, Switzerland, and other countries are part of the region's autonomous train technology market.
Driver: Rising Investments in Smart Cities
The concept of a smart city is sometimes related with that of an eco-city or a sustainable city, both of which strive to increase the quality of urban services while lowering their costs. Smart management, lifestyle, mobility, housing, and a smart economy are the primary features. Smart cities' fundamental goal is to balance technological innovation with the economic, social, and environmental difficulties that tomorrow's cities will face. It must give for an overall improvement in quality of life while also being environmentally conscious.
By making smart mobility an intrinsic element of the smart city agenda, smart cities promote a sustainable and liveable urban future. In terms of safety and traffic management, urban mobility is one concept where smart city implementation can provide substantial benefits. As autonomous trains are safer, efficient, more sustainable and decarbonized form of transportation, the development of smart cities has always necessitated autonomous technological advancements in trains, thus driving the growth of the market.
Challenge: High Cost of Implementation
Train automation can be done only by integrating the multi cameras and sensors. The multi-camera system consists of several cameras and sensors with a variety of components that can display real-time images in conjunction with the interior display system. As a result, the multi-camera system has more complicated connections and wiring with electronics systems.
The installation of multi-camera systems necessitates the installation of additional components, which raises the overall cost. Manufacturers are more likely to offer cost-effective and innovative safety features. The increased overall cost of autonomous trains as a result of the installation of modern safety systems may stifle the autonomous train technology market's growth.
Furthermore, if the system's cameras are destroyed, the entire multi-camera system needs to be replaced, which will be very costly. Thus, high cost of implementation has hampered the growth of autonomous train technology market.
Trend: Adoption of Internet of Things (IoT) Devices
The internet of trains has a significant impact on railway infrastructure dependability and safety. Condition-based monitoring eliminates delays caused by track and train component failures, improving maintenance efficiency and costs while also increasing passenger satisfaction.
Railway operators can also use IoT-enabled advanced analytics to develop data-driven solutions to improve fleet control and rail operations efficiency. For example, HUM Industrial Technology provides railroad shippers and railcar owners with predictive monitoring solutions. Wireless IoT sensors are used by the startup for automatic safety monitoring and prediction of wheel and bearing failure, as well as the detection of oil and gas leaks.
Additionally, the company offers a real-time global positioning system (GPS) tracking solution that gives users a complete picture of their fleet's location and history. Thus, the adoption of IoT devices in railways is expected to drive the growth the market in coming years.
The COVID-19 Analysis
The COVID-19 pandemic has wreaked havoc on global autonomous train technology market as major railway projects were halted, and posed a challenge to the autonomous train technology market. People were seeking more personal vehicles as a result of their fear of shared spaces, decreasing the demand of train, thus hampering the market.
However, the post-COVID environment appears to be fortunate for the autonomous train technology market, as people are now more transilient for electric and safe vehicles. Moreover, increased safety norms are also expected to support the market growth. Connectivity is going beyond 5G and vehicle data access. More connected experiences would open up more possibilities for displaying information across dashboards and interfaces.
Top Impacting Factors
Growth Drivers
- Rising Investments in Smart Cities
- Increasing Adoption of Metros and High Speed Trains
- Increased Budget Allocation For Railway Development
- Decarbonized and Sustainable Form Of Transportation
Challenges
- High Cost of Implementation
- Constraints in Processing
Trends
- Adoption of Internet of Things (IoT) Devices
- Integration of Artificial Intelligence (AI)
- Technological Advancements in Automotive Sensors
- Integration of Augmented Reality & Virtual Reality
Company Profiles: Business Overview, Operating Products, Business Strategy
- Delsey
- LVMH Group
- PVH Corp. (Tommy Hilfiger B.V.)
- Safari Industries (India) Ltd.
- Samsonite International S.A.
- Travelpro
- United States Luggage Company, LLC (Briggs & Riley)
- VF Corporation
- Victorinox International
- VIP Industries Limited
For more information about this report visit https://www.researchandmarkets.com/r/zgm4l3
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