The Rise of Railway Propulsion System Market : A $15.1 Billion Industry Dominated by ALSTOM, Hitachi Ltd, Siemens AG
Railway Propulsion System Market Trend
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/12652
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.
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.
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.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/12652
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.
🎯 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬
The electric segment to maintain its leadership status throughout the forecast period-
Based on type, the electric segment held the highest market share in 2022, accounting for more than two-fifths of the global railway propulsion system market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also portray the fastest CAGR of 4.8% during the forecast period. The growth is attributed to enhanced efficiency, reliability, and diminished environmental impact in comparison to conventional diesel locomotives. It also provides significant advantages in terms of energy efficiency, emissions reduction, and operational cost savings.
The locomotive segment to maintain its leadership status throughout the forecast period-
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.
The cargo transit segment to maintain its lead position during the forecast period-
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.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: - https://www.alliedmarketresearch.com/railway-propulsion-system-market/purchase-options
🌎 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬
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.
Leading Market Players: -
ABB Ltd.
ALSTOM
Fuji Electric Co., Ltd.
CRRC Corporation Limited
Hitachi Ltd.
Medcom
Mitsubishi
Siemens
Titagrah Rail Systems Limited
Toshiba Corporation
𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐑𝐚𝐢𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
https://www.alliedmarketresearch.com/smart-railway-market - The global smart railway market size was valued at $18,304.8 million in 2019, and is projected to reach $38,469.7 million by 2027, registering a CAGR of 12.8%.
https://www.alliedmarketresearch.com/railway-telematics-market-A12206 - The global railway telematics market was valued at $4.98 billion in 2020, and is projected to reach $12.43 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030.
https://www.alliedmarketresearch.com/north-america-railway-automated-inspection-equipment-market-A11320 - The North America railway automated inspection equipment market was valued at $643.6 million in 2019, and is projected to reach $831.6 million by 2027, registering a CAGR of 4.9%.
https://www.alliedmarketresearch.com/cash-logistics-market - The global cash logistics market was valued at $16.83 billion in 2020, and is projected to reach $33.28 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030.
David Correa
Allied Market Research
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