Rail Vehicle Market by Product, by Application, by Technology and Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026

The global rail vehicle market is expected to enlarge at a higher rate during the forecast period, 2020 - 2026. Technical innovation and designs in the railway transport industry has attracted a robust market growth. Developments in the public transportation sector followed by government initiatives to strengthen the use of railway contributes to the overall market development in the forecast period.

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The railroad industry is growing economically worldwide encompassing the use of modern scientific method for rail-wheel dynamics. In the recent years, the after sales market for rail maintenance witnessed a growing curve thanks to procurement of new vehicles in the recent years. Trends in the rail vehicle market have resulted into modernization and refurbishment of projects attributing to the rise in demand for refurbishment from private train companies within their active fleets. Rail companies are now looking forward to digitizing the rail operations as railways continue to be an inseparable part of any economy. For instance, Alstom remains a leading player for high-speed services. In addition, the company has also planned to configure driverless metros in European countries. Urbalis Evolution is one such initiative by Alstom that supports driver as well as driverless operation.

Rail transportation is sought as one of the best solution to achieve sustainable development when compared with other transportation modes. It is thus important for rail companies to demonstrate improvements that will benefit public transportation systems. For instance, for a rail locomotive solar energy can be used as a sustainable alternative for conventional fuel. Noise and vibration levels can be reduced with hydraulic braking system instead of mechanized braking system. In some countries, the market for rail vehicle is flourishing under these initiatives.

Rail Vehicle Market Trends, Drivers and Opportunities:

Growing incidences of traffic congestion in the metro cities, challenges in the public transportation figures and increase in population are some of the major factors that drive the development of rail vehicle market. On the other hand, inception of metro rail projects and the need for efficient transportation systems for passenger and freight is driving the production of rail vehicles. Tertiary factors such as flexible fares, government funding for mono and metro rail projects in metro cities also aims in a robust development of private-public partnership models for rail vehicle market. On contrary, limitations such as lack of manpower in developed countries, compatibility issues arising out of technical complexity, high maintenance and decline in land resources somehow results in slowing the market pace throughout the forecast period.