The global railway system market is estimated to be USD 25.1 billion in 2022 and projected to reach USD 30.9 billion by 2027, at a CAGR of 4.2%. The growing requirement for upgradation and refurbishment of existing rolling stock is expected to drive the railway system market.
Rising concerns regarding a greener environment have increased the demand for non-polluting and energy-efficient transport systems globally. Additionally, the oil-importing countries are also planning to reduce their oil dependency, thereby looking for an alternative energy source. As a result, most countries prefer electricity as a source of energy for various rolling stocks. This has resulted in increasing electrification of railway networks all over the world. Therefore, the demand for electric locomotives and EMUs is rising at a rapid pace globally, this is expected to drive the railway system market
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The railway system market for rapid transit is projected to grow at a higher CAGR during the forecast period. Increasing urbanization is the major reason for the growth of intercity and intracity transportation. The rapid transit includes subways/metros, light rails/trams, DMUs, and EMUs, which are mostly used for intercity and intracity travels. Rapid transit is equipped with electric propulsion and advanced systems for comfort and safety. Increasing adoption of rolling stock and rising investments by governments in infrastructure developments are expected for the rapid transit segment.
The Asia Pacific railway system market is expected to be the largest market during forecast period, followed by Europe, North America, and RoW. The Asia Pacific region is the largest market for rolling stocks due to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. This increase in production helps cope with the rising demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. For example, in February 2021, CRRC Corporation Limited won a supply contract to supply 10 diesel locomotives to KiwiRail of New Zealand, and the company won a supply contract to supply 100 trams to Bucharest Town Hall of Romania in the same year. Moreover, many companies such as ABB and Alstom are expanding their presence and product offerings in high-growth potential markets to gain traction in the railway system market.
The propulsion system market, by system type, is expected to be the largest market during the forecast period. Modern propulsion systems are built using eco-design principles, which include low noise, energy efficiency (including natural cooling and regenerative braking), high recyclability, and low lifespan costs. Companies have created low-carbon alternative traction systems for use on non-electrified lines because of ongoing attempts to reduce environmental effects, including hydrogen fuel cell-based traction systems and energy storage-based traction systems.
The railway system market for passenger transportation is expected to be the largest market during the forecast period. The major markets for passenger transportation applications for railway systems include countries such as Japan, India, China, and European countries. In Japan, railway systems are the major means of passenger transport. The availability of robust infrastructure for both urban and intercity transport for mass transit in Japan is the major factor driving the adoption of railways for passenger transportation. With technological advancements in passenger trains, there is an integration of advanced propulsion systems. The high demand for safety and comfort of passengers leads to the increasing integration of HVAC systems in coaches. Trains are now equipped with automatic train protection and advanced safety systems for comfort and convenience of passengers which is expected to drive the railway system market.
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