PUBLISHER: The Business Research Company | PRODUCT CODE: 1387661
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387661
“Train And Components Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on train and components market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for train and components? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The train and components market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
A train is a collective assembly of connected vehicles equipped with wheels, typically hauled by an engine as they travel along a set of tracks. Trains serve as a means of transportation for both passengers and cargo, facilitating movement between various locations. The components of a train encompass any element within the train system, such as locomotives, engines, tenders, railroad cars, passenger cars, freight cars, and other forms of rolling stock used on railways.
The primary categories within the train and components market include parts and accessories for railway vehicles, locomotives, wagons, and other types of rolling stock. Locomotives are comprised of multiple diesel-electric locomotives linked together to provide power for a train, which can be composed of one or more locomotives. Various types of trains, such as light rail, bullet trains, and high-speed rail, are utilized for the transportation of both passengers and freight.
The train and components market research report is one of a series of new reports from The Business Research Company that provides train and components market statistics, including train and components industry global market size, regional shares, competitors with a train and components market share, detailed train and components market segments, market trends and opportunities, and any further data you may need to thrive in the train and components industry. This train and components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The train and components market size has grown strongly in recent years. It will grow from $227.02 billion in 2023 to $246.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historical period can be attributed to various factors, including economic conditions, urbanization, government investments, and environmental concerns.
The train and components market size is expected to see strong growth in the next few years. It will grow to $330.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. Anticipated growth in the forecast period can be attributed to several factors, including the expansion of high-speed rail networks, a focus on sustainable transportation solutions, the electrification of rail systems, the expansion of freight rail services, and adherence to regulatory requirements. Major trends expected in the forecast period include the adoption of electrification and lightweight materials, the utilization of advanced materials, the incorporation of additive manufacturing, digitalization and connectivity in rail operations, as well as an emphasis on collaboration and partnerships within the industry.
Anticipated economic growth and the rapidly expanding urban population are set to drive increased demand for new trains and components during the forecast period. Urbanization fosters a heightened preference for luxurious goods among the populace. Globally, roughly 60% of urban areas remain undeveloped, presenting significant opportunities, particularly in Asian countries like Indonesia, Vietnam, and the Philippines, which are gaining prominence in export-oriented manufacturing. The World Bank projects a growth of 250 million in the urban population of South Asia by 2030. This swift urbanization is poised to significantly contribute to the growth of the train and component manufacturing markets.
Government initiatives are expected to play a pivotal role in propelling the train and component market forward. Government initiatives encompass plans and actions aimed at addressing specific issues or challenges and can be funded through various sources, including taxes, grants, and donations. In the context of train and components, government initiatives facilitate research and development in new train technologies and components. For example, in July 2021, the UK's Department for Transport increased its allocation to support freight carriage by rail and water routes to approximately $24.3 million (£20 million), marking a 28% increase from 2020. Hence, government initiatives are instrumental in driving the growth of the train and component market.
The outbreak of COVID-19 had a significant restraining effect on the train and component manufacturing market in 2020 due to disrupted supply chains caused by trade restrictions and reduced consumption resulting from global government-imposed lockdowns. COVID-19, an infectious disease with flu-like symptoms, including fever, cough, and breathing difficulties, first emerged in 2019 in Wuhan, Hubei province, China, and subsequently spread worldwide. Transportation manufacturers rely heavily on the global supply of parts and components, and as governments-imposed restrictions on cross-border movement of goods, production was hindered due to a shortage of necessary parts. Additionally, new automobile sales sharply declined due to reduced consumer demand amid widespread lockdowns. While this impact extended into 2021, it is expected that the train and component manufacturing market will recover over the forecast period, considering that this setback resulted from a black swan event and not from any inherent or fundamental market weaknesses or global economic issues.
Locomotive parts manufacturers are increasingly adopting nose suspension drivers as they help mitigate shock loads resulting from the tensile coupling between the motor shaft and the axle. A nose suspension drive is a mechanism employed in electric railcars, distributing half of the traction motor's weight through a metal wheel axle, while the remainder is supported by a bogie frame. Integration of an electric motor with a nose-mounted traction motor effectively reduces the shock and vibrations arising from track irregularities. Leading companies engaged in the manufacture of such systems include WINDHOFF Bahn-und Anlagentechnik GmbH, Afcons Infrastructure Ltd., and Balfour Beatty Rail Ltd.
Prominent firms operating in the train and component market are directing their efforts toward establishing innovative facilities, such as a components manufacturing facility, to provide reliable services to their clientele. A components manufacturing facility is essentially a factory specializing in producing individual parts or components essential for the assembly of finished products. For example, in November 2021, Alstom, a renowned French rolling stock manufacturer, inaugurated a state-of-the-art component manufacturing facility. This facility, spanning 15 acres and boasting an installed capacity of 2.1 million hours, is tailored to enhance industrial productivity while producing parts for numerous prestigious national and international projects. Consequently, this new facility will contribute to greater diversity and complexity in output.
Major companies operating in the train and components market include 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, Construcciones y Auxiliar de Ferrocarrile, Bombardier Transportation, Brookville Equipment Corporation, CAF USA, CRRC Corporation, Electro-Motive Diesel, General Electric Transportation, Greenbrier Companies, Kawasaki Railcar Manufacturing Co. Ltd., Kinki Sharyo International L.L.C., L.B. Foster Company, Mitsubishi Electric Corporation, National Steel Car, New United Group, Nippon Sharyo Ltd., Plasser American Corporation, Progress Rail Services Corporation, Siemens Mobility, Stadler Rail, Talgo, The Andersons, Trinity Industries Inc., Wabtec Corporation, Westinghouse Air Brake Technologies Corporation, WSP USA, Xinhua News Agency, Zhuzhou CRRC Times Electric Co. Ltd.
Western Europe was the largest region in the train and components market in 2023. Asia-Pacific was the second largest market in train and components market. The regions covered in the train and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The countries covered in the train and components market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The train and components market consists of sales of train motors, train wheels, train doors, train bogies, and train brake system. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.