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Market Size

Report ID: GMI4511
Published Date: Sep 2021
Report Format: PDF

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Railway AfterMarket Size

Railway Aftermarket size exceeded USD 78 billion in 2020 and is anticipated to exhibit a CAGR of over 4.6% from 2021 to 2027. Stringent regulations associated with railway emissions and growing usage of rail freight transportation are driving the industry growth.

Rail maintenance ensures the prevention and remedial maintenance of railway assets including train components, electric equipment, infrastructure, and other components. To ensure passenger and freight safety, regulatory bodies highly emphasize periodic maintenance and inspection, which will positively influence the market.

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Rising efforts to reduce the cost of ownership are increasing the efficiency and reliability of the railway fleet. Moreover, investments in data-driven preventive technologies are further allowing operators to enhance rail safety, improve cost savings, and effective usability. Advanced analytic solutions and sensor technologies are a significant part of such investments. In addition, the installation of GPS and remote monitoring technologies in an increasing number of trains are further providing substantial opportunities for service providers. Innovative technologies adopted by component providers will fuel the market revenue. For instance, Stratasys, a 3D printer OEM, unveiled a rail industry solution for 3D printing rail components.

The lurking COVID-19 pandemic is hampering the business expansion. The severity of the imposed lockdowns and other restrictions coupled with an acute decline in the number of passengers had a severe impact on the railway aftermarket. Attributable to such factors, the industry observed a downfall of double digits in 2020. However, slow recovery in the traveling rate by trains, especially internationally, is expected to hinder the market growth in the preceding year.

Railway Aftermarket Report Attributes
Report Attribute	Details
Base Year:	2020
Railway Aftermarket Size in 2020:	77.9 Billion (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	4.6%
2027 Value Projection:	121.5 Billion (USD)
Historical Data for:	2017 to 2020
No. of Pages:	150
Tables, Charts & Figures:	169
Segments covered:	Subsystem, Product, Service Provider, & Region
Growth Drivers:	Stringent regulations for railway emission reduction Ageing railway fleet Increasing rail freight transportation Technological advancements in railway maintenance
Pitfalls & Challenges:	High initial cost of predictive rail asset maintenance

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Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The railway aftermarket size crossed USD 78 billion in 2020 and will expand at a CAGR of 4.6% between 2021 and 2027.

Traction & propulsion systems will record over 20% of the industry revenue through 2027 owing to their upgradation and modernization for curbing the levels of emission.

The share of rail infrastructure is expected to be around USD 19.5 billion by 2027 driven by surging preference for the improvement of track quality and ensuring safety via mechanized practices.

The Asia Pacific is estimated to register around 40% of the market revenue through 2027 propelled by the rising efforts of railway operators for the alleviation of overall downtime.