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Railway Rolling Stock Market Estimated Growth Trends, Size, Share And Analysis 2024-2033
Railway Rolling Stock Market Estimated Growth Trends
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According to The Business Research Company's, The railway rolling stock market size has grown strongly in recent years. It will grow from $50.35 billion in 2023 to $53.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing urbanization, growing demand for efficient transportation, the expansion of railway networks, government initiatives and funding, increasing freight transportation needs, and the and the growing tourism sector.
The railway rolling stock market size is expected to see strong growth in the next few years. It will grow to $68.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing investment in smart transportation systems, a growing focus on sustainable and green transportation solutions, the expansion of high-speed rail projects, the rising adoption of autonomous and digital technologies, increasing demand for modernized and refurbished rolling stock, and a and a growing urban population. Major trends in the forecast period include increasing integration of IoT and big data analytics, a growing shift towards electric and hybrid locomotives, rising use of predictive maintenance technologies, the expansion of autonomous and driverless train systems, and an and an increasing focus on passenger experience and amenities.
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Market Drivers and Trends:
The growing electrification of rail networks is expected to propel the growth of the railway rolling stock market going forward. The electrification of rail networks is the process of converting locomotives and railway lines to use electric power instead of diesel or other fuel sources. There is growing electrification of rail networks, primarily to reduce greenhouse gas emissions and improve operational efficiency. Railway rolling stock is used in the electrification of rail networks to facilitate the transition to electric trains by incorporating electric traction systems and other necessary equipment. For instance, in February 2024, according to Eurostat, a Europe-based intergovernmental statistical organization, the quantity of railcars powered by electricity in France rose to 7113, marking an increase from 7081 in 2021 and 6908 in 2020. Similarly, in Sweden, the number increased to 2889 in 2022, reflecting a growth rate of 25.99% compared to 2291 in 2021. Therefore, the growing electrification of rail networks will drive the growth of the railway rolling stock market.
Major companies operating in the railway rolling stock market are focusing on development of smart railways and digitalization technologies, such as smart train lease technology, to optimize the leasing process and improve the management of train assets. Smart train lease technology for rolling stock incorporates advanced IoT and data analytics to optimize maintenance, improve operational efficiency, and enhance the passenger experience. For instance, in February 2024, Siemens Mobility GmbH, a Germany-based railway company, launched the smart train lease technology for rolling stock, leveraging advanced technology to provide optimized leasing solutions, aiming to enhance efficiency, reduce costs, and improve asset management for rail operators. The smart train lease concept introduces a new era of rail leasing by incorporating state-of-the-art digital tools and analytics. These tools enable real-time monitoring and predictive maintenance, ensuring that trains are always in optimal condition, thereby reducing downtime and maintenance costs.
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Major Key Players of the Market:
Hitachi Ltd, General Electric Company, Mitsubishi Electric Corporation, CRRC Corporation Limited, ABB Ltd., Alstom S.A., Thales Group, Kawasaki Heavy Industries Ltd, Wabtec Corporation, Knorr-Bremse AG, Bombardier Transportation, Tech Mahindra Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Stadler Rail AG, Construcciones y Auxiliar de Ferrocarriles SA, The Greenbrier Companies Inc, Hyundai Rotem Company, SYSTRA Group, Trinity Industries Inc., CSR Corporation Limited, Vossloh AG, Amsted Rail Company Inc, Škoda Transportation as, PESA Bydgoszcz SA, Siemens Mobility GmbH, Nippon Sharyo Ltd, Patentes Talgo SL, Talgo SA, FreightCar America Inc
Railway Rolling Stock Market 2024 Key Insights:
• The railway rolling stock market size is expected to see strong growth in the next few years. It will grow to $68.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Electrification Surge In Rail Networks Drives Growth In Railway Rolling Stock Market
• Smart Train Lease Concept With Advanced Technology For Enhanced Efficiency And Sustainability
• Asia-Pacific was the largest region in the railway rolling stock market in 2023
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Contact Us:
The Business Research Company
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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