Railway Propulsion System Market Growing at 4.5% CAGR Reach USD 15.1 billion by 2032

The global Railway Propulsion System Market was valued at $9.9 billion in 2022, and is projected to reach $15.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032. The development, production, and maintenance of locomotive and train propulsion systems are the primary objectives of the railway propulsion system industry. This sector is essential to the effective and consistent operation of the railway transportation system. Powering trains, providing the necessary traction to move heavy loads, and ensuring safe and efficient operation are all responsibilities of railway propulsion systems.

Download Sample Report (Get Full Insights in PDF - 330 Pages) at: https://www.alliedmarketresearch.com/request-sample/A12287

The growth of the global railway propulsion system market is driven an rise in distribution of budget for varies development of railways projects, upsurge in use of public transport services as a solution to minimize traffic congestion, growth in demand for safety and compliance in rail transit, and increase in demand for passenger and freight capacity drive the growth of the are the key factor that supports the growth of the railway propulsion system market during the forecast period.

The global railway propulsion system market is driven by factors such as an increase in the allocation of budget for the development of railways, a rise in the use of public transport services as a solution to minimize traffic congestion, and a surge in the demand for sustainable railway propulsion systems such as electric and hybrid propulsion systems. However, high initial investment costs and a lack of technological infrastructure and consistency in developing countries hinder the growth of the market. On the contrary, the rise in the adoption of automation, digitization, connectivity, and technological advancements is expected to offer remunerative opportunities for the expansion of the Railway Propulsion System market during the forecast period.

Buy Now & Get Exclusive Discount on this Report : https://www.alliedmarketresearch.com/checkout-final/63ef678b0b2f8a0794c7080ff66c3fd0

Developing countries especially in Asia such as India, Japan and others are focused on the enhancement of their railway infrastructure by distributing higher budgets for developments in railway projects. For instance, the Indian government planned to install railway systems such as Automatic Train Protection (ATP) System in the 300 to 400 Vande Bharat trains that are expected to be announced in the Budget 2023-24 to upgrade its rolling stock. Similarly, the government of India allocated a budget of around $15.06 billion for the railways, with a total capital outlay of $30.80 billion for the financial year 2021-2022, which highlights an increase of 33% in total capital expenditure for 2021-22 over $22.4 billion for 2020-21.

The key players profiled in this report include

ABB Ltd.
ALSTOM
Fuji Electric Co., Ltd.
CRRC Corporation Limited
Hitachi Ltd.
Medcom
Mitsubishi
Siemens
Titagrah Rail Systems Limited
Toshiba Corporation

Get Customized Reports with you're Requirements: https://www.alliedmarketresearch.com/request-for-customization/A12287

Likewise, heavy investment to implement modern technologies in propulsion systems and improve railway infrastructure is expected to drive the growth of the market. For instance, in June 2022, the European Union (EU) announced an investment of $5.7 billion to support 135 transport infrastructure projects across the continent. Therefore, an upsurge in budget allocation acts as a key factor that drives the growth of the global railway propulsion system market.

Furthermore, the population rate has increased the sales of private vehicles such as bikes, passenger cars, and more across the globe which contributes to traffic congestion on roads. People are increasingly choosing public transport as it reduces on-road congestion and provides a timesaving, comfortable, and economical mode of transportation. Thus, factors such as an increase in vehicle emissions, growth in concerns related to safety, and greater demand for faster commutes have increased the preference of individuals for rail transport.

Based on end user, the cargo transit segment accounted for the largest share in 2022, holding nearly three-fifths of the global railway propulsion system market revenue, and is expected to maintain its lead position throughout the forecast period. Due to a rise in international trade and recognition of the benefits of rail freight transport. However, the passenger transit segment would display the largest CAGR of 4.8% from 2023 to 2032. The growth is attributed to factors such as a rise in population, rapid urbanization, and an increase in traffic congestion across the world.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A12287

There is a rise in the development and integration of diesel-electric propulsion technology in different types of railways. For instance, in December 2022, Tesmec received a contract for the delivery of bi-mode infrastructure maintenance vehicles. The vehicles are equipped with a diesel-electric propulsion system and ETCS Level 2 onboard equipment. The new vehicles are expected to be certified to enable them to operate as passenger trains throughout the RFI network. Moreover, there is a surge in the demand for reliable and efficient transportation solutions in the railway industry. For instance, in September 2020, India delivered two Diesel-Electric Multiple Unit (DMUC) trains equipped with a diesel-electric propulsion system to the Nepal Railway for Jaynagar-Kurtha broad gauge line. Such developments drive the growth of the segment in the market.

Based on application, the locomotive segment held the highest market share in 2022, contributing to around one-third of the global railway propulsion system market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the expansion of rail networks in developed and developing nations, significant investment in the development of railway infrastructure for freight and high-speed trains, and innovative upgrades in trains, these are some of the primary factors propelling the demand for locomotives. However, the metro segment is projected to manifest the highest CAGR of 5.2% from 2023 to 2032. The rise in government initiatives and programs to develop smart cities and the expansion of railway networks to reduce passenger commute times are expected to drive the production of metros.

Regional Analysis:

Based on region, Europe held the highest market share in 2022, garnering more than one-third of the global railway propulsion system market revenue, and is expected to maintain its dominance throughout the forecast period. This is due to the rise in emphasis on electrification, which has led to increased demand for electric propulsion systems, which is expected to propel the growth of the market in the region. However, the LAMEA region is expected to witness the fastest CAGR of 5.6% from 2023 to 2032. Due to government initiatives and substantial investments in railway projects within the LAMEA region, creating a conducive environment for the growth of the railway propulsion system market.

Other Trending Reports:

Smart Railway Market - https://www.alliedmarketresearch.com/smart-railway-market

Rail Gangways Market - https://www.alliedmarketresearch.com/rail-gangways-market-A13964

Wireless EV charging market- https://www.alliedmarketresearch.com/wireless-electric-vehicle-charging-market

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.