Train and Components Market: Robust Growth and Urbanization Drive Expansion

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, January 18, 2024 /EINPresswire.com/ -- The train and components market has exhibited robust growth, escalating from $227.02 billion in 2023 to $246.21 billion in 2024, registering a substantial compound annual growth rate (CAGR) of 8.5%. Forecasts indicate sustained strong growth, projecting the train and components market size to reach $330.87 billion by 2028, with a steady CAGR of 7.7%.

Economic Growth and Urbanization as Catalysts:
Economic growth and the rapidly expanding urban population are anticipated to fuel the demand for new trains and components during the forecast period. The surge in urbanization, coupled with a growing demand for luxurious items, creates opportunities, particularly in Asian countries like Indonesia, Vietnam, and the Philippines. The World Bank predicts a substantial increase in the urban population in South Asia by 2030, driving growth in the train and component manufacturing markets.

Government Initiatives Propel Market Growth:
Government initiatives play a crucial role in propelling the train and component market's growth. These initiatives involve funding research and development for new train technologies and components. Notably, the UK government, through the Department for Transport, increased funding by 28% in 2021 to support the carriage of freight by rail and water on specific routes. Government support continues to be a driving force in the train and component market.

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Key Players Shaping the Market Landscape:
Major companies, including CRRC Co. Ltd., Siemens AG, Wabtec Corporation, and Alstom SA, wield significant influence, adapting to industry trends and shaping market dynamics. These key players play a pivotal role in steering the market's trajectory.

Advancements in Locomotive Parts Manufacturing:
Innovations in locomotive parts manufacturing, such as the adoption of nose suspension drivers, reduce shock loads caused by tensile coupling between the motor shaft and axle. Key manufacturers, including WINDHOFF Bahn-und Anlagentechnik GmbH, Afcons Infrastructure Ltd., and Balfour Beatty Rail Ltd., contribute to advancements in these systems, enhancing the efficiency of electric railcars.

Innovative Facilities Transforming the Market:
Major train and components market players focus on developing innovative facilities, with a particular emphasis on component manufacturing. For instance, Alstom, a leading manufacturer of rolling stock, launched a component manufacturing facility designed to enhance industrial productivity and produce parts for prestigious national and international projects. This facility, spanning 15 acres with an installed capacity of 2.1 million hours, aims to diversify and increase output complexity.

Regional Overview:
In 2023, Western Europe emerged as the largest region in the train and components market, with Asia-Pacific securing the second-largest position. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
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

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Train And Components Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Train And Components Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on train and components market size, train and components market drivers and trends, train and components market major players, competitors' revenues, market positioning, and train and components market growth across geographies. The train and components market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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