Global Train And Components Market Growth Analysis 2024, Forecast To 2033
22 Jan, 2024
The train and components market has seen robust growth, rising from $227.02 billion in 2023 to $246.21 billion in 2024, marking an 8.5% CAGR. Historical drivers include economic conditions, urbanization, government investment, and environmental concerns. Forecasts indicate strong growth to $330.87 billion in 2028, with a 7.7% CAGR. Growth is attributed to high-speed rail expansion, sustainable transport, electrification, freight rail expansion, and regulatory compliance. Key trends involve electrification, lightweighting, advanced materials, additive manufacturing, digitalization, connectivity, collaboration, and partnerships.
Global Train And Components Market Key Driver
Economic growth and the expanding urban population are set to drive demand for new trains and components during the forecast period. As urbanization grows, so does the demand for luxury items, especially in the roughly 60% of unbuilt urban settlements globally. Emerging opportunities in export-oriented manufacturing, particularly in Asian countries like Indonesia, Vietnam, and the Philippines, are expected to flourish. The World Bank predicts a 250-million increase in South Asia's urban population by 2030, further accelerating the growth of train and component manufacturing markets.
Get A Free Sample Of The Global Train And Components Market ReportGlobal Train And Components Market Segments
The train and components market covered in this report is segmented –
1) By Type: Parts & Accessories For Railway Vehicles, Locomotives, Wagons, & Other Rolling Stock
2) By Train Type: Metro, Light Rail, Bullet Train/HSR
3) By Application: Passenger, Freight
Subsegments Covered: Train Motors, Train Wheels, Train Doors, Train Bogies, Train Brake System, Other Parts & Accessories For Railway Vehicles
By Geography: The regions covered in the train and components market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Western Europe was the largest region in the train and components market in 2023. Asia-Pacific was the second largest market in train and components market. The regions covered in the train and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Major Train And Components Industry Players
CRRC Co. Ltd., Siemens AG, Wabtec Corporation, Alstom SA, Hyundai Motor Co. Ltd., Hitachi Ltd., Knorr-Bremse AG, Stadler Rail AG, China Railway Signal & Communication Corporation Limited, Construcciones y Auxiliar de Ferrocarrile, Bombardier Transportation, Brookville Equipment Corporation, CAF USA, CRRC Corporation, Electro-Motive Diesel, General Electric Transportation, Greenbrier Companies, Kawasaki Railcar Manufacturing Co. Ltd., Kinki Sharyo International L.L.C., L.B. Foster Company, Mitsubishi Electric Corporation, National Steel Car, New United Group, Nippon Sharyo Ltd., Plasser American Corporation, Progress Rail Services Corporation, Siemens Mobility, Stadler Rail, Talgo, The Andersons, Trinity Industries Inc., Wabtec Corporation, Westinghouse Air Brake Technologies Corporation, WSP USA, Xinhua News Agency, Zhuzhou CRRC Times Electric Co. Ltd.
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Train And Components Market Overview
A train is made up of a group of connected vehicles on wheels that are pulled by an engine along a track. Trains transport both people and cargo between locations. The train components refer to any locomotive, engine, tender, railroad car, passenger car, freight car, or other railroad rolling stock.
Train And Components Global Market Report 2023 provides data on the global train and components market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The train and components market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.