Railway System Market Analysis, Post COVID-19 Scenario And Leading Players Updates By Forecast 2019-2026
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Increase in budget for railways development, rise in demand for safe, secure, and efficient transport system, and surge in use of public transport service as a solution to minimize traffic congestion augment the growth of the global railway system market. Whereas, the high capital requirement restrains the market growth. On the other hand, infrastructural improvement of railways in developing countries and rise in mining and industrial activities are anticipated to create innumerable opportunities in the near future.
COVID-19 Impact on Railway System Market:
The lockdown measures in different regions have impacted the global railway system market significantly. In certain regions, the transportation facilities including railways have been curtailed down.
Whereas, in countries such as India, the train compartments were utilized as isolation wards to treat corona patients, which aided the market to be stabilized.
The relaxation of restrictions in recovering regions have initiated special trains.
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The railway system market is segmented on the basis of system type, rolling stock type, end use, and region. Based on system type, the propulsion segment held the largest share in 2018, accounting for nearly one-fourth of the global railway system market, and is anticipated to maintain its dominance throughout the forecast period. On the other hand, the train safety segment is expected to register the fastest CAGR of 6.7% during the forecast period.
Based on end use, the cargo train segment held the largest share in 2018, contributing to nearly three-fifths of the global railway system market. Furthermore, the segment is anticipated to maintain its leadership throughout the forecast period. On the other hand, the passenger transit segment is expected to manifest the highest CAGR of 4.9% during the forecast period.
Based on region, the market across Europe accounted for the largest share in 2018, contributing to more than one-third of the market, and is anticipated to rule the roost. Moreover, the global railway system market across Asia-Pacific is expected to manifest the fastest CAGR of 6.9% through 2026. The report also analyzes regions including LAMEA and North America.
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The key market players in the report include ALSTOM, CRRC, Bombardier, Siemens, General Electric, Stadler Rail AG, Hitachi, Transmashholding, The Greenbrier Companies, and Trinity Industries, Inc.
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