The global train and components market size is expected to grow from $188.95 billion in 2021 to $208.26 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The global train and components market is then expected to grow to $295.59 billion in 2026 at a CAGR of 9.2%.
What is the Global Train And Components Market?
The train and components market consists of sales of trains and components and related services by entities (organizations, sole traders, and partnerships) that produce and rebuild locomotives, locomotive frames and parts, railroad, street, and rapid transit cars, and car equipment for operation on rails for freight and passenger service, and/or rail layers, ballast distributors, rail tamping equipment and other railway track maintenance equipment.
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What drives the Global Train And Components Market?
Economic growth and a rapidly growing urban population are expected to increase the demand for new train and components manufacturing, during the forecast period. Urbanization increases the demand for luxurious items among the population. Globally, around 60% of the urban settlements remained to be built. Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam, and the Philippines which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the growth of the train and components manufacturing market.
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Global Train And Components Market Segments
The global train and components market is segmented:
By Type: Parts and Accessories for Railway Vehicles, Locomotives, Wagons, and Other Rolling Stock
By Train Type: Metro, Light Rail, Bullet Train/HSR
By Application: Passenger, Freight
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.
Train And Components Global Market Report 2022provides market size and growth forecasts for the global train and components market, global train and components market share, train and components market segments and geographies, train and components market competitive landscape including leading competitors’ revenues, profiles and market shares. The train and components market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Train And Components Industry Playersinclude 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, and Construcciones y Auxiliar de Ferrocarril. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
