The global railway telematics market size is expected to grow from $3.84 billion in 2021 to $4.16 billion in 2022 at a compound annual growth rate (CAGR) of 8.48%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global railway telematics market size is expected to reach $5.77 billion in 2026 at a CAGR of 8.51%.
What is the Global Railway Telematics Market?
The railway telematics market consists of sales of railway telematics solutions and services or related products by entities (organizations, sole traders, and partnerships) that are used to enable communication and data transfer over long distances with wireless mediums. Railway telematics is referred to as the use of informatics and telecommunications in railways and consists of services or solutions using embedded technology and mobile and telematics systems to enable controls on railcars on the move.
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What drives the Global Railway Telematics Market?
The increase in government initiatives for smart railways is significantly driving the growth of the railway telematics market. Governments across the world are undertaking various smart railway initiatives to provide better transportation infrastructure. For instance, in July 2020, the government of China announced the development goal of smart railways using 5G technology and the BeiDou Navigation Satellite System (BDS), including a national railway network exceeding 200,000 kilometers. Also, in November 2021, the government of India announced the development of 102 semi-high-speed Vande Bharat Expresses, and in October 2021, Indian Railways announced a plan to establish approximately 500 multi-modal cargo terminals under the "PM GatiShakti" program, for a total cost of $6.68 billion over five years. Hence, the government's initiatives for smart railways will increase the demand for railway telematics and thereby drive the growth of the railway telematics market.
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https://www.thebusinessresearchcompany.com/report/railway-telematics-global-market-reportGlobal Railway Telematics Market Segments
The global railway telematics market is segmented:
By Solution: Fleet Management, Automatic Stock Control, Remote Data Access, Railcar Tracking and Tracing
By Railcar: Hoppers, Tank Cars, Well Cars, Boxcars, Refrigerated Boxcars
By Component Type: Telematics Control Unit, Sensors
By Geography: The regions covered in the railway telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Railway Telematics Global Market Report 2022provides market size and growth forecasts for the global railway telematics market, global railway telematics market share, railway telematics market segments and geographies, railway telematics market competitive landscape including leading competitors’ revenues, profiles and market shares. The railway telematics market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Railway Telematics Industry Playersinclude Siemens AG, Hitachi Ltd., Alstom SA, Knorr-Bremse AG, Robert Bosch GmbH, Intermodal Telematics BV, Intrex Telematics, Orbital Communications Corporation, Savvy Telematics, Trinity Industries Inc, Cisco Systems, Inc, Teledyne FLIR LLC, Sumitomo Electric Industries, Ltd, LG CNS, Kapsch TrafficCom AG, Thales Group, Bombardier Inc, General Electric Company, and IBM Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.