Overview and Scope
A train is made up of a group of connected vehicles on wheels that are pulled by an engine along a track. Trains transport both people and cargo between locations. The train components refer to any locomotive, engine, tender, railroad car, passenger car, freight car, or other railroad rolling stock.
Sizing and Forecast
The train and components market size has grown strongly in recent years. It will grow from <b>$227.02 billion in 2023 to $246.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. </b> The growth in the historic period can be attributed to economic conditions, urbanization, government investment, environmental concerns.
The train and components market size is expected to see strong growth in the next few years. It will grow to <b>$330.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. </b> The growth in the forecast period can be attributed to high-speed rail expansion, sustainable transport, electrification, freight rail expansion, regulatory compliance. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships
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Segmentation & Regional Insights
The train and components market covered in this report is segmented –
1) By Type: Parts & Accessories For Railway Vehicles, Locomotives, Wagons, & Other Rolling Stock
2) By Train Type: Metro, Light Rail, Bullet Train/HSR
3) By Application: Passenger, Freight
Subsegments Covered: Train Motors, Train Wheels, Train Doors, Train Bogies, Train Brake System, Other Parts & Accessories For Railway Vehicles
<b>Western Europe</b> 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.
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Major Driver Impacting Market Growth
Economic growth and a rapidly growing urban population are expected to increase the demand for new trains and components manufactured during the forecast period. Urbanization increases the demand for luxurious items among the population. Globally, approximately 60% of urban settlements remained unbuilt. Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam, and the Philippines, which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the growth of the train and component manufacturing markets.
Key Industry Players
Major companies operating in the train and components market include <b> 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.</b>
The train and components market report table of contents includes:
1. Executive Summary
2. Train And Components Market Characteristics
3. Train And Components Product/Service Analysis -Product/Service Examples
4. Train And Components Market Trends And Strategies
5. Train And Components Market – Macro Economic Scenario
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26. Germany Train And Components Market
27. France Train And Components Market
28. Italy Train And Components Market
29. Spain Train And Components Market
30. Austria Train And Components Market
Top Major Players:
- CRRC Co. Ltd
- Siemens AG
- Wabtec Corporation,
- Alstom SA
- Hyundai Motor Co. Ltd
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