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Driver Assistance Systems For Locomotives Market Key Drivers, Trends, Size, and Outlook 2024-2033
Driver Assistance Systems For Locomotives Market Key Drivers
According to The Business Research Company's, The driver assistance systems for locomotives market size has grown steadily in recent years. It will grow from $8.83 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to safety regulations compliance, risk mitigation and accident prevention, operational efficiency demands, increased rail traffic, investments in rail infrastructure.
The driver assistance systems for locomotives market size is expected to see steady growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to enhanced collision avoidance systems, environmental and fuel efficiency concerns, global connectivity and interoperability, regulatory framework evolution, autonomous train operation. Major trends in the forecast period include automated train operation, sensor integration and advanced analytics, communication-based train control , predictive maintenance solutions, integration with positive train control .
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Market Drivers and Trends:
The rise in the construction of new metro networks in major cities is expected to boost the growth of the driver assistance systems market going forward. A metro train is a railway locomotive that is linked to carriages that carry people or wheeled cargo. The locomotive driver assistance system, among other things, provides the driver with proactive information about the track and terrain. For instance, according to the Australian Railway Association, an Australia-based railway association, Australian railway construction activity increased by 2.2% to $10.73 billion in 2021-22. Furthermore, according to the China State Railway Group Co., Ltd., the Chinese railway corporation, a total of 4,100 kilometers of new railway lines will be placed into service in China by 2022, including 2,082 kilometers of high-speed tracks. Therefore, the rise in the construction of new metro networks is driving the growth of the driver assistance system market for locomotives.
Technological advancements have emerged as the key trend gaining popularity in the driver assistance system for locomotives. Major companies operating in the driver assistance system market for locomotives are developing innovative technologies to strengthen their position in the market. For instance, in June 2021, Thales Group, a France-based company that designs, develops and manufactures electrical systems, launched Greenspeed, a train driver assistance system intended to support transport decarbonation. The information providers can use artificial intelligence algorithms with a DAS connection. This implies that the system can advise the driver on the optimal speed to keep to the timetable, ensuring a comfortable ride. It also reduces energy consumption and prevents machinery wear and tear by minimizing needless usage of the brakes and engine.
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Major Key Players of the Market:
Thales Group; Alstom S A; Hitachi Ltd.; Siemens AG; Mitsubishi Electric Corporation; Kawasaki Heavy industries Ltd.; ABB Ltd.; Construcciones y Auxiliar de Ferrocarriles S A; Beijing Traffic Control Technology Co. Ltd.; Wabtec Corporation; Stadler Rail AG; Robert Bosch GmbH; Knorr-Bremse AG; Bombardier Inc.; Ansaldo STS; Johnson Electric Holdings Limited; SHW AG; Mobileye N.V.; Fuxin Dare Automotive Parts Co. Ltd.; Ningbo Shenglong Automotive Powertrain System Co. Ltd.; Pierburg GmbH; Denso Corporation; Nidec Corporation; The FTE automotive Group; Voith GmbH & Co. KGaA; ZF Friedrichshafen AG; General Electric Company; Caterpillar Inc.; Cummins Inc.; Honeywell International Inc.; Continental AG; Valeo SA
Driver Assistance Systems For Locomotives Market 2024 Key Insights:
• The driver assistance systems for locomotives market will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Surge In Metro Network Construction Fuels Growth In Driver Assistance Systems Market For Locomotives
• Technological Advancements Propel Driver Assistance System Market For Locomotives
• North America was the largest region in the driver assistance systems for locomotives market in 2023
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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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