$35.3 Billion Railway System Market by System Type, Transit Type, Application & Region - Global Forecast to 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 15, 2019--The “Railway System Market by System Type, Transit Type, Application & Region - Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global railway system market is estimated to grow at a CAGR of 5.2%, from USD 26.0 billion in 2019 to USD 35.3 billion by 2025
Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe, which has increased the demand for public transportation such as metros and high-speed trains. The increasing demand for these rolling stocks will fuel the growth of the railway system market. However, refurbishment of existing rolling stock and its capital-intensive nature are inhibiting the growth of the market.
“Freight transportation to grow at a significant rate during the forecast period.”
Freight transportation segment is estimated to be the fastest growing segment of the railway system market during the forecast period. The demand for freight transportation is high in the US, China, and Russia. This is because of the increasing replacement of old fleets and the growth of the manufacturing sector in these countries. Custom-made and technologically advanced systems are being introduced in locomotives. The increased mining activities in emerging economies are expected to impact the market for freight transportation positively. The growth of freight transportation is expected to propel the railway system market consequently.
“The propulsion system segment is estimated to be the largest market, in terms of value.”
The propulsion system segment is estimated to hold the largest market share. The propulsion system is a standard component in railways. Several countries in Europe, Asia Pacific, and the Middle East have introduced various rail projects to encourage mass rapid transit. The market for propulsion systems is expected to grow in line with the increased demand for rail transit systems. Moreover, the increasing number of hybrid propulsion systems and battery-operated propulsion systems will propel the overall market for propulsion systems.
“Asia Pacific is estimated to be the fastest growing railway system market during the forecast period.”
The Asia Pacific railway system market is estimated to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific region is due to increased production and capacity expansions by rolling stock manufacturers. This is to cope with rising consumer demand and comply with fuel-efficiency norms and regulations. In April 2018, CRRC, China’s leading rolling stock manufacturer, bagged a deal to supply 200 train cars to Argentina.
- Increase in User Preference for Public Transportation
- Growing Demand for Energy-Efficient Transport
- Refurbishment of Existing Rolling Stock
- Capital-Intensive Nature of Rolling Stock
- Increasing Railway Projects Across the Globe
- The Inclination of Emerging Countries Toward High-Speed Rail for Rapid Transit
- Increase in the Use of Railways for Industrial and Mining Activities
- High Overhaul and Maintenance Costs
- American Equipment Company
- Construcciones Y Auxiliar De Ferrocarriles (CAF)
- Fuji Electric
- General Electric
- Hyundai Rotem
- Mitsubishi Heavy Industries
- Sinara Transport Machines
- Skoda Transportation
- Woojin Industrial Systems
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INDUSTRY KEYWORD: TRANSPORT RAIL TRAVEL TRANSPORTATION
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 04/15/2019 07:29 AM/DISC: 04/15/2019 07:29 AM