Dubai, UAE, June 05, 2023 (GLOBE NEWSWIRE) -- As per the latest research report published by Extrapolate, the global Railway Equipment Market size is anticipated to reach USD 221.58 Billion by 2028, from valued at USD 157.47 Billion in 2021, growing at a CAGR of 5% during the forecast period. The demand for more integrated railway equipment is mostly driven by the accelerating travel and tourism industry.
The increment in revenue for the transportation sector primarily stems from the global surge in fuel prices, with gasoline serving as a prominent source of income. This has further changed the pattern of freight transportation from vehicles to railways. The only sources of revenue in this sector are leases and long-term agreements with key railroad organizations.
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Trending Now: European Intermodal Transport to Order 115 New Wagons from TX Logistik
TX Logistik AG, a subsidiary of Mercitalia Logistics (Gruppo FS Italiane) specializing in rail logistics, has recently purchased 115 double-pocket wagons of the T3000 type to enhance its intermodal transportation capabilities. The initial consignment of wagons is expected to be delivered by the end of summer 2023.
Tatravagonka, a Slovakian company, manufactures contemporary pocket wagons. The innovative products include the newest generation of thermostable wheelsets, a 30-foot container suspension, and quick-acting brakes. As per TX Logistik, the T3000 wagon is gradually becoming the preferred industry standard for intermodal transportation, surpassing other types of wagons. This preference is due to its ability to facilitate the flexible transportation of semi-trailers and containers at a maximum speed of 120 kilometers per hour.
Competitive Landscape
Due to the presence of significant companies in the market, the railway equipment market is consolidated. Leading market participants are concentrating on extending their product portfolio to increase their revenue share.
Prominent players in the market include:
- CRRC
- Alstom
- Siemens
- Bombardier
- CRCC
- CRECG
- General Electric
- Hitachi
- Hyundai Rotem
- Transmashholding
- Voestalpine
- Toshiba
- Kawasaki
- CRSC
- Wabtec
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Scope of the Report:
| Report Attributes | Details | |
| Growth Rate | CAGR of 5.00% from 2022-2028 | |
| Revenue Forecast by 2028 | USD 221.58 Billion | |
| By Type |
| |
| By Application |
| |
| By Companies | CRRC, Alstom, Siemens, Bombardier, CRCC, CRECG, General Electric, Hitachi, Wabtec, Hyundai Rotem, Transmashholding, Voestalpine, Toshiba, Kawasaki, CRSC | |
| Regions and Countries Covered |
| |
| Base Year | 2021 | |
| Historical Year | 2017 to 2021 | |
| Forecast Year | 2022 to 2028 |
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Well-established Railway System of Europe Region to Dominate Market Share
In the forecast period, Europe railway equipment industry is anticipated to maintain a commanding market share. This is due to the existence of one of the oldest and most established railway systems globally. As East West Railway Company (EWR Co) presented its most recent ideas for East West Rail, for instance, train services between Oxford, Milton Keynes, and Cambridge have advanced (EWR). The EWR (Economic Wellbeing Report) forms an integral part of a broader government announcement aimed at elevating the United Kingdom's position as a global powerhouse in the field of science.
The construction of the railway between Bicester and Bletchley, a key section for the upcoming passenger services between Oxford and Milton Keynes, is progressing rapidly. As of now, track laying has already reached the halfway point, indicating significant progress toward the completion of this important railway infrastructure project. The passenger services are scheduled to commence in 2025. Designs for the remaining portions of the route have been revised in response to feedback from the second voluntary public consultation with residents, which has been examined alongside environmental and technical evaluations.
Burgeoning Investments in Railway Sector in Asia Pacific to Promote Growth
Asia-Pacific is expected to grow at the fastest rate during the projected period. India, after China, is one of APAC's largest and fastest-growing markets for railroad equipment. To improve its rail transportation system, India is investing in rolling stock. One of the primary catalysts propelling the railway equipment market growth in the APAC region is the substantial investments being made by countries in the region to enhance their railway sectors. These nations are actively channeling resources toward developing, modernizing, and expanding their railway infrastructure, thus driving the product demand in the APAC market.
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Segmentation
The railway equipment market research report includes specific segments by region (country), manufacturers, type, and application. The market is segmented based on type into rolling stock, railway infrastructure, and others. By application, the market is classified into locomotives, DMUs, EMUs, freight vehicles, and others. Based on region, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
High Expenditure on Railway Infrastructure to Propel Demand for Product
Increased investments in the railway sector by various countries to boost revenue are driving the railway equipment market growth. In addition, the widespread use of railroads as a mode of transportation is spurring investments in expanding and improving the existing infrastructure and machinery. This boosts demand for different kinds of railroad equipment and promotes market growth over the forthcoming years.
The railway equipment market share is expected to witness a surge due to the rise in traffic accidents, leading to a decline in car travel preferences. This shift in consumer behavior, prompted by safety concerns, is anticipated to drive an increased preference for rail transportation. For example, the World Health Organization (WHO) reports that over 1.25 million fatalities are related to traffic accidents each year. Railways are therefore viewed as a preferable alternative for safe, secure, and effective transportation systems, which is expected to propel market expansion.
Railway Expansion in Multiple Countries Across the Globe to Create Expansion Opportunities
Numerous governments across the globe are constantly investing in the expansion of railway lines to improve the performance of logistics and transportation. The Canadian government, for instance, planned to spend $2.92 billion on new railway infrastructure projects in January 2020. Additionally, a rise in demand for reliable, secure, and effective rail transportation systems is projected to create market expansion opportunities.
High Initial Investment Cost of Railways to Hinder Growth Opportunities
The availability and accessibility of transportation options significantly influence global development patterns, as they can either foster or hinder economic progress in specific countries. Moreover, they present opportunities to enhance the scale and breadth of savings. The production of railway equipment necessitates a skilled labor force, access to raw materials, and significant initial investment costs. This investment occasionally exceeds the actual selling price of locomotives, rolling stock, railway infrastructure, and other market-constricting components.
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Major Points from TOC:
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Railway Equipment
1.2 Key Market Segments
1.2.1 Railway Equipment Segment by Type
1.2.2 Railway Equipment Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Railway Equipment Market Overview
2.1 Global Market Overview
2.1.1 Global Railway Equipment Market Size (M USD) Estimates and Forecasts (2017-2028)
2.1.2 Global Railway Equipment Sales Estimates and Forecasts (2017-2028)
2.2 Market Segment Executive Summary
2.3 Global Market Size by Region
3 Railway Equipment Market Competitive Landscape
3.1 Global Railway Equipment Sales by Manufacturers (2017-2022)
3.2 Global Railway Equipment Revenue Market Share by Manufacturers (2017-2022)
3.3 Railway Equipment Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4 Global Railway Equipment Average Price by Manufacturers (2017-2022)
3.5 Manufacturers Railway Equipment Sales Sites, Area Served, Product Type
3.6 Railway Equipment Market Competitive Situation and Trends
3.6.1 Railway Equipment Market Concentration Rate
3.6.2 Global 5 and 10 Largest Railway Equipment Players Market Share by Revenue
3.6.3 Mergers & Acquisitions, Expansion
4 Railway Equipment Industry Chain Analysis
4.1 Railway Equipment Industry Chain Analysis
4.2 Market Overview and Market Concentration Analysis of Key Raw Materials
4.3 Midstream Market Analysis
4.4 Downstream Customer Analysis
5 The Development and Dynamics of Railway Equipment Market5.1 Key Development Trends
5.2 Driving Factors
5.3 Market Challenges
5.4 Market Restraints
5.5 Industry News
5.5.1 New Product Development
5.5.2 Mergers & Acquisitions
5.5.3 Expansions
5.5.4 Collaboration/Supply Contracts
5.6 Industry Policies
6 Railway Equipment Market Segmentation by Type
7 Railway Equipment Market Segmentation by Application
8 Railway Equipment Market Segmentation by Region
9 Key Companies Profiled
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
Browse Complete TOC: https://www.extrapolate.com/toc/machinery-equipment/railway-equipment-market-report/31058
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