Train Market Opportunities In 2028: USD 86.0 Bn Industry On An Upward TrendPosted by rahul nikade on February 1st, 2023 Train Industry Overview The global train market size was valued at USD 66.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) 3.8% from 2022 to 2028. Technological developments and expansion of rail network across the world are the major drivers to the train market. Developments in high speed rail technology such as magnetic levitation and hyperloop, hydrogen fuel cell technology for zero emission etc. are expected to propel the global train market growth. Government initiatives to expand the long-distance rail networks across the world and improve public transportation systems are likely to drive the train market growth. For instance, Rail Baltica Project integrates Baltic States into European rail networks and acts as a catalyst for the economic corridor in Northeastern Europe, providing passenger and freight services. Gather more insights about the market drivers, restrains and growth of the Global Train Market The global outbreak of COVID-19 across the world had a negative impact on the global train market. Due to the imposition of lockdowns and restrictions, long-distance or intercity travel for business or tourism was banned. Passenger travel by rail declined by 30.0%, globally, in 2020 as compared with 2019. Slow and steady recovery is expected in the coming years due to the increased vaccination and relaxed regulations, amid uncertainty due to the new strain emergences. Factors such as increasing the budget for railway development and rising demand for safe, reliable, and efficient transportation systems are driving the growth of this target market. Furthermore, increasing the use of public transportation services as a solution to reduce traffic congestion is expected to drive market growth. Furthermore, improvements in infrastructure within developing countries and increased mining and industrial activities provide significant growth opportunities for the players operating in the global market. Increasing investment in the analytics systems by network operators in developed regions along with advancements targeted towards the enhancement of customer experience act as a major driving factor for the growth of the global train market. Smart solutions such as advanced vehicle control systems, advanced PIS, and various other systems provide information about the vehicle's real-time location, which can be used to monitor schedule compliance and provide passengers with information about the location of vehicles in transit. Providing passengers with accurate real-time information on the status and location of in-transit vehicles is expected to increase satisfaction. Furthermore, the development of new fuel technologies and the use of hydrogen or solar panels for more sustainable solutions present lucrative opportunities for market players, during the forecast period. For instance, in 2021, Alstom, the UK's leading train manufacturer and maintenance supplier, and Eversholt Rail, the UK's leading train owner, and financier, signed a memorandum of understanding to deliver the UK's first new fleet of hydrogen-powered trains. The growth of the global train market is restrained by the significant development in passenger cars and air travel. The increasing affordability of passenger cars, frequent car launches, and increasing purchasing power of the consumers are fueling the car market and consequently increasing intercity travel preference for cars. Additionally, the increasing affordability of air travel and expanding aviation industry is impacting the global train market for long-distance travel. Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
Train Market Segmentation Grand View Research has segmented the global train market based on the distribution channel, and region: Train Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Train Regional Outlook (Revenue, USD Million, 2017 - 2028)
Market Share Insights
Key Companies profiled: Some prominent players in the global train market include
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