Railroads Market is Expected to Grow on Account Rising Initiatives from Government to Boost Rail Transport in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Railroads Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Railroads Market report, assessing the market based on its segments like type and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3%
- Forecast Market Size (2026): USD 253 Billion
The global railroad market is anticipated to grow on account of government initiatives in increasing investments in railway infrastructure and newer lines. Rapid urbanization and increased mobility are some of the primary drivers of the light rail vehicle market’s growth. It is exacerbated further by increased demand for transportation as a result of population growth and migration to urban areas, especially in Asia-Pacific. The surge in rail supply production points to growth in the forecast period.
Industry Definition and Major Segments
Railroads, alternatively referred to as railways, are a form of transport for freight (goods) and passengers (people) on vehicles that travel on fixed rails that preclude steering, comparable to all kinds of road transport. Railroad travel imparts less frictional resistance to a wheeled vehicle than road travel, hence boosting transit dependability and reducing energy usage.
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Based on type, the industry can be segmented into:
- Passenger Rail
- Rail Freight
The regional markets for light rail vehicle include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Rail transportation is an ideal mode of urban and interurban transportation as it’s safe, comfortable, and environmentally friendly, which is the reason for the industry’s growth. Urbanization in emerging economies has put a strain on the existing road, rail, and air infrastructure. This has also resulted in the development of infrastructure for metro-suburban connectivity. The growing population’s awareness of public transportation’s environmental and financial benefits has also contributed to the growth. Additionally, increasing tourism in Asia-Pacific and Europe is also boosting the market. Due to the low fares, many travelers from other countries rely on railways to travel to local destinations in the Asia Pacific and Europe.
In June 2021, ÖBB Rail Cargo Group (RCG) and Pasifik Eurasia (PASFK EURASA) have forged new cooperation to accelerate the development of rail freight on the Eurasian continent. The agreement is anticipated to improve the connectivity between Europe and Asia via Terminal Köseköy, which is critical for transportation to and from Turkey and more profound into the Commonwealth of Independent States (CIS) countries and China. By region, Asia Pacific has the most significant demand for accessible and time-efficient rail and transport systems. This can be attributed to increasing urbanization and population. At the same time, the Middle East and Africa are expected to grow at a faster pace.
Key Market Players
The major players in the market are Central Japan Railway Company, SNCF Group, Union Pacific Railroad Company, JSC Russian Railways Logistics, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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