New York, United States , June 28, 2024 (GLOBE NEWSWIRE) -- The Global Train Equipment Market Size is Expected to Grow from USD 184.11 Billion in 2023 to USD 332.79 Billion by 2033, at a CAGR of 6.1% during the forecast period 2023-2033.
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Locomotives, freight and passenger rail cars, subways, signaling, infrastructure, and other items used in railroad operations are examples of train equipment. The train equipment industry has been a major force behind economic expansion in numerous countries across the world. Significant market drivers include rising need for improved and expanded train infrastructure networks. Railway electrification initiatives are necessary due to factors such as population growth, widespread digitalization, and global urbanization. This could also include building new lines, remodelling existing ones, updating stations, and investing in state-of-the-art train technology. For instance, the World Health Organization (WHO) reports that car crashes result in over 1.25 million fatalities yearly. Because of this, the public views railroads as superior to alternative dependable, efficient, and safe means of transportation, which should spur the market for train equipment. However, the manufacturing of train equipment necessitates a skilled labor force, raw material availability, and a large initial expenditure. This expenditure sometimes exceeds the actual cost of locomotives, rolling stock, railroad infrastructure, and other market-restricting elements.
Browse key industry insights spread across 180 pages with 95 Market data tables and figures & charts from the report on the "Global Train Equipment Market Size, Share, and COVID-19 Impact Analysis, By Type (Rolling Stock, Railway Infrastructure, Others), By End User (Locomotives, DMUs, EMUs, Freight Vehicles, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The railway infrastructure segment is expected to hold the largest share of the train equipment market during the anticipation timeframe
Based on the type, the train equipment market is categorized into rolling stock, railway infrastructure, and others. Among these, the railway infrastructure segment is expected to hold the largest share of the train equipment market during the anticipation timeframe. The machinery on modern trains can easily include advanced technology. Instances of this include communication systems, automation, energy-efficient solutions, and predictive maintenance. This type of integration improves operating efficiency while reducing its negative environmental effects.
The locomotives segment is expected to grow at the fastest CAGR during the anticipation timeframe
Based on the end user, the train equipment market is categorized into locomotives, DMUS, EMUS, freight vehicles, and others. Among these, the locomotives segment is expected to grow at the fastest CAGR during the anticipation timeframe. Compared to road transportation, long-distance freight is more affordable when using modern locomotives because of their fuel-efficient design. Aerodynamics, lightweight materials, and engine technology developments can reduce fuel consumption and operational expenditures.
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Europe is projected to hold the largest share of the train equipment market over the anticipation timeframe
Europe is projected to hold the largest share of the train equipment market over the anticipation timeframe. This is significant because there is one of the oldest and most respected rail networks in the world. For instance, since the East West Railway Company (EWR Co) announced its most recent designs for East West Rail (EWR), rail services between Cambridge, Milton Keynes, and Oxford have improved.
Asia Pacific is expected to grow at the fastest CAGR growth of the train equipment market during the anticipation timeframe. One of the main factors of market expansion is the huge investments made by APAC area countries to strengthen their train industry. The active resource allocation of these countries towards the construction, modernization, and expansion of their railway infrastructure is driving the demand for products in the APAC market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the train equipment market are Alstom, Siemens, Bombardier, CRECG, General Electric, Hitachi, Hyundai Rotem, Transmashholding, Voestalpine, Toshiba, Kawasaki, CRSC, Wabtec, and others.
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Recent Developments
- On June 2024, Alstom, a global pioneer in intelligent and sustainable mobility, has committed to paying up to €430 (£370) million to Transport for London's Elizabeth line for ten brand-new Aventra trains, each with nine cars, with associated maintenance until 2046.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the train equipment market based on the below-mentioned segments:
Global Train Equipment Market, By Type
- Rolling Stock
- Railway Infrastructure
- Others
Global Train Equipment Market, By End User
- Locomotives
- DMUs
- EMUs
- Freight Vehicles
- Others
Global Train Equipment Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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