CHICAGO, May 18, 2023 (GLOBE NEWSWIRE) — rail vehicle market According to a new report by MarketsandMarkets™, the size is expected to grow from $53.8 billion in 2022 to $64.8 billion in 2027, at a CAGR of 3.8% over the forecast period.
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| report attributes | details |
| Market size value in 2022: | $53.8 billion |
| Estimated by 2027: | $64.8 billion |
| CAGR: | 3.8% |
| Considered base year: | 2021 |
| Forecast period: | 2022-2027 |
| Biggest market: | Asia Oceania |
| Covered Region: | Asia Oceania, Europe and North America |
| Covered segments: | Component, product type (locomotive, rapid transit, railcar, and coach), locomotive technology (conventional, turbocharged, and maglev), application (passenger and freight), and region |
| Covered companies: | CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (USA), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia) |
The increasing demand for energy-efficient and environmentally friendly means of transport has increased the electrification rate of railway networks worldwide. In addition, increasing traffic congestion, growing population and rapid urbanization have further increased the demand for efficient inner-city transportation worldwide. The governments of various countries have started planning new transport routes for the cities. As a result, various new subway and suburban railway projects are coming up in different countries. It is expected that this will increase demand for rail vehicles worldwide in the coming years.
In addition, the development of hydrogen fuel cell locomotives, battery electric locomotives and solar-powered locomotives is being promoted.
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