The symbolic increase in the number of travelers has influenced the demand for railway system positively. Developing nations are demanding high-speed rail for rapid transit. Also, growing industrial activities are generating the demand for an efficient transportation system. There is a global increase in railway projects for boosting trade and tourism. The key market players are expanding their global reach by penetrating the developing regions during the forecast period.
MARKET SCOPE
The "Global Railway System Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the railway system market with detailed market segmentation by type, transit type, application, and geography. The report provides key statistics on the market status of the leading railway system market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global railway system market is segmented into propulsion system, train safety system, HVAC system, auxilary power system and others.
- On the basis of transit type, the market is segmented into conventional and rapid.
- Based on application, the global railway system market is segmented into passenger transportation and freight transportation.
MARKET DYNAMICS
Drivers:
- The railway system market is anticipated to boost in the forecast period owing to the growing preference of travelers towards public transportation and integration of technology in the system.
- Moreover, the demand for energy-efficient transport is further expected to fuel market growth. However, high capital costs are restricting the growth of the railway system market during the forecast period.
Restraints:
- High usage in industrial and mining activities is expected to provide significant growth prospects for the railway system market over the coming years.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The railway system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the railway system market in these regions.
IMPACT OF COVID-19 ON RAILWAY SYSTEM MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the railway system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from railway system market are anticipated to lucrative growth opportunities in the future with the rising demand for railway system in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the railway system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd.
- Alstom SA
- Bombardier Inc.
- Fuji Electric Co., Ltd.
- Hitachi, Ltd.
- Hyundai Motor Group (Hyundai Corporation)
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Toshiba Infrastructure Systems and Solutions Corporation
- Wabtec Corporation