Portland, OR, July 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global railway telematics market was estimated at $4.98 billion in 2020 and is expected to hit $12.43 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in allocation of budget for development of railways, surge in demand for secure, safer and efficient transport system, and reduction in pollution & accidents drive the growth of the global railway telematics market. On the other hand, high cost incurred in train automation restrains the growth to some extent. However, improvement in railway infrastructure in developing countries and rise in freight transport through trains are expected to create.
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COVID-19 Scenario-
- The outbreak of COVID-19 impacted the transportation industry negatively, and a steep decrease in need for using public transports also affected the global market for railway telematics, especially during the first phase of the lockdown.
- However, as soon as the pandemic gets over, the market is expected to recoup soon, since the need to commute from one place to another through railways will always remain constant as this is considered as the cheapest mode of travelling across cities.
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The global railway telematics market is analyzed across solution, mode of operation, train type, and region. Based on solution, the fleet management segment accounted for more than two-fifths of the total market share in 2020, and is expected to dominate by the end of 2030. The collision detection & prevention segment, on the other hand, would cite the fastest CAGR of 12.0% during the forecast period.
Based on mode of operation, the semi-autonomous segment held more than two-fifths of the total market revenue in 2020, and is anticipated to lead the trail by 2030. The fully-autonomous segment, however, would manifest the fastest CAGR of 10.8% from 2021 to 2030.
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Based on region, Europe garnered the major share in 2020, holding more than half of the global railway telematics market. However, the market across LAMEA would manifest the fastest CAGR of 13.20% throughout the forecast period. The other provinces studied in the report include North America and Asia-Pacific.
The key market players analyzed in the global railway telematics market report include Hitachi Ltd., Intermodal Telematics, ORBCOMM, Alstom, Railnova, Robert Bosch GmbH, Savvy Telematics, Siemens AG, Trinity Industries, and Intrex Telematics. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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