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Anticipating Economic Growth: Increasing Urban Population Spurs Demand for Trains and Components Market in the Forecast Period || CRRC Co. Ltd., Siemens AG, Wabtec Corporation
Train And Components Market
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company's Train And Components Global Market Report 2023 identifies the economic growth and a rapidly growing urban population are expected to increase the demand for new trains and components manufactured during the forecast period. Urbanization increases the demand for luxurious items among the population. Globally, approximately 60% of urban settlements remained unbuilt. Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam, and the Philippines, which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030
The train and components market size has grown strongly in recent years. It will grow from $227.02 billion in 2023 to $246.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to economic conditions, urbanization, government investment, environmental concerns. The train and components market size is expected to see strong growth in the next few years. It will grow to $330.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Major competitors in the train and components market include CRRC Co. Ltd., Siemens AG, Wabtec Corporation, Alstom SA, Hyundai Motor Co. Ltd., Hitachi Ltd., Knorr-Bremse AG, Stadler Rail AG, China Railway Signal & Communication Corporation Limited, Construcciones y Auxiliar de Ferrocarrile.
A key trend in the train and components market includes focused on developing new innovative facilities such as components manufacturing facility that provides reliable services to customers. A components manufacturing facility is a factory that produces individual parts or components that are used in the assembly of finished products. For instance, in November 2021, Alstom, a France-based manufacturer of rolling stock, launched a component manufacturing facility. It is uniquely designed to increase industrial productivity while producing parts for numerous prestigious national and international projects. This new facility, which spans a total of 15 acres and has an installed capacity of 2.1 million hours, will provide more diversity and complexity in terms of output.
Read More On The Global Train And Components Market Report Here: https://www.thebusinessresearchcompany.com/report/train-and-components-global-market-report
The train and components market is segmented -
1) By Type: Parts & Accessories For Railway Vehicles, Locomotives, Wagons, & Other Rolling Stock
2) By Train Type: Metro, Light Rail, Bullet Train/HSR
3) By Application: Passenger, Freight
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the train and components market.
The Business Research Company's "Global Train And Components Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Train And Components Market Include:
1. Executive Summary
2. Train And Components Market Characteristic
3. Train And Components Market Trends And Strategies
4. Train And Components Market - Macro Economic Scenario
5. Train And Components Market Size And Growth
……………
27. Train And Components Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Train And Components Market
29. Train And Components Market Future Outlook And Potential Analysis
30. Appendix
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