Rail Components Market |
Rail components play a vital role in facilitating safe, efficient, and comfortable passenger and freight transportation globally. Various components such as railway bearings, wheels, axles, couplers, pantographs, braking systems, and others enable smooth train movements and operations. Rising investments towards multimodal transportation network expansion, especially in developing nations, are propelling the demand for rail components. The global Rail Components Market is estimated to be valued at US$ 100.69 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of multimodal transportation networks across regions is one of
the major trends driving the growth of the global rail components market.
Several countries are investing heavily in integrated transportation systems
with efficient connectivity between rail, road, air, and waterways. This is
augmenting traffic volumes and subsequently increasing the demand for
locomotives, rolling stock, and other components. For instance, according to
the Indian Brand Equity Foundation, India's overall infrastructure spending is
projected to be around $1.4 trillion during FY 2022-FY 2027, with railways
accounting for nearly 13% of the total outlay. Such large-scale investments are
boosting the production and replacement requirements for rail components.
Component manufacturers are hence enhancing their capacities and product
portfolios to capitalize on the opportunities arising from worldwide multimodal
network development initiatives.
Segment
Analysis
The global rail components market is dominated by rail tracks segment. Rail
tracks is the primary necessity for rail transport and hence remains the
dominating sub-segment, accounting for over 35% market share in 2024. With
growing rail infrastructure across regions, the demand for rail tracks is
expected to surge during the forecast period.
Key Takeaways
The global Rail
Components Market Growth is expected to witness high growth over the
forecast period 2024 to 2031.
Regional
analysis shows, Asia Pacific emerged as the fastest growing region in 2024 with
over 45% market share. China and India are dominating the APAC rail components
market due to large infrastructure modernization programs and network expansion
plans undertaken by the governments.
Key players operating in the rail components market are Avel, CRRC Corporation
Limited, Kawasaki Heavy Industries Ltd., Siemens AG, Alstom SA, Bombardier
Inc., Wabtec Corporation, Knorr-Bremse AG, Hitachi Ltd., and Hyundai Rotem
Company. Growing freight transportation is pushing rail operators to invest in
high-capacity components. Partnerships between OEMs and rail operators will
remain imperative for sustained demand of rail components during the forecast
period.
For more insights, read- https://www.ukwebwire.com/rail-components-market-trends-size-and-share-analysis/
For more details on the report, Read- https://whotimes.com/change-harmony-exploring-the-dynamic-world-of-ion-exchange-membranes-for-applications/
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