Railway Aftermarket industry size to exceed $120 Bn by 2027

Railway Aftermarket industry size is predicted to reach USD 120 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The growing railway network globally in conjunction with a large number of passengers using this mode of transportation is substantially contributing to the industry growth. Investments and accommodating government policies targeted toward the maintenance of existing trains and infrastructure along with the expansion of rail networks are further fueling the market development. For instance, in 2019, China Railway Corporation unveiled its plans to initiate the operation of 6,800 new rail lines, which will comprise 3,200 km of high-speed connections.
 

The collaborative efforts of market participants while focusing on the technology and digitalization of the railway system will further propel the industry statistics. For instance, in 2020, Deutsche Bahn and SNCF, which started collaborating in the field of digitalization in the past, entered into a new agreement. The collaboration is poised to help rail operators to automate operations and improve the quality, attractiveness & performance of the railways. The two companies are further expected to look into ways to reduce carbon emissions from the industry and find better energy management solutions.
 

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COVID-19 is impeding the industry expansion

The outbreak of the deadly coronavirus left the world in chaos, resulting in stringent government restrictions and harsh lockdowns across the globe. Many railways observed a period of abeyance owing to mobility restrictions. This factor, in turn, severely disrupted the industrial supply chain and led to revenue decline in 2020. Moreover, the new variants of the virus are further hampering the railway aftermarket growth, especially on the international lines.
 

Browse key industry insights spread across 150 pages with 146 market data tables & 23 figures & charts from the report, “Railway Aftermarket Size By Subsystem (Traction & Propulsion, Bogies/Wheelsets & Suspension, Body Structures, Braking Systems, Auxiliary Systems, Rail Tracks), By Product (Rail Infrastructure, Rolling Stock & Locomotives {Metro, High-Speed Railway (HSR), Light Rail & Trams, Locomotives, Passenger Coaches, Freight Wagons}), By Service Provider (OEM, Rail Operators, Component Suppliers), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, Application Growth Potential & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/railway-aftermarket
 

High-speed trains to bolster the market growth

The high-speed trains segment is projected to witness around 4.5% CAGR through 2027. Rising penetration of high-speed trains in a growing number of countries is likely to boost the industry demand. Additionally, growing investments for existing trains will aid in market development.
 

Rail infrastructure maintenance projects to offer a positive outlook to Europe

Europe railway aftermarket accounted for a significant share in 2020 and is forecast to register growth rate of more than 5% till 2027. The regional market growth is supported by supportive investments aimed at railway infrastructure maintenance. For instance, in 2019, an investment of USD 94 billion was announced by Deutsche Bahn and the German government for rail network maintenance and upgrade over a period of ten years.