USD 310.12 billion
Report ID:
SQMIG20U2012 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
61
|Figures:
77
Global Railroads Market size was valued at USD 310.12 billion in 2022 and is poised to grow from USD 324.70 billion in 2023 to USD 468.87 billion by 2031, at a CAGR of 4.7% during the forecast period (2024-2031).
The increasing demand for rail freight transport, which enables the delivery of more cargo over longer distances, is what propels the global market. Governments all over the world are investing heavily in railroads as a result because they are more affordable and effective. Only a tenth of what it costs to transport goods by car, on average, uses rail. Governments are choosing railroads as a result of these factors. Additionally, expanding international trade and industrialization have created a new market for logistics and transportation firms. Currently, about 80% of all railroad sales are made through rail freight shipments. Railroad transportation networks are frequently used to move materials such as gas, chemicals, and broken rocks as well as consumer goods containers and automobiles. A major global trend that is expected to have a positive effect on railroad transportation is railcar leasing. Depending on the cargo and the use of modern railroad transportation technologies, this method of moving goods is not only safer but also more economical. Additionally, improvements in timing of transportation, storage facilities, and power sources are likely to open up new growth opportunities for the railroad transportation sector.
US Railroads Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 310.12 billion
Largest Segment
Passenger Rail
Fastest Growth
Rail Freight
Growth Rate
4.7% CAGR
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Global Railroads Market is segmented on the basis of Type, End Use and region. By Type, the market is segmented into Rail Freight and Passenger Rail. By End Use, market is segmented into, Mining, Construction, Agriculture, Others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Railroads Market Analysis by Type
With a market share of 58.7% of the total revenue in 2021, the passenger rail sector held the top spot. The market is expected to expand in the upcoming years as the tourism sector accelerates as a result of low passenger train tickets. Moreover, growing investments in the development of passenger railway networks and the introduction of newer, faster trains, such as metros and bullet trains, are projected to accelerate segment growth.
Due to a rising reliance on railway routes for the movement of commodities as well as declining rail freight rates, the rail freight market has been steadily expanding. Also, due to the strong connections within the railway network, it is possible to transfer goods to isolated areas that would be impossible to access by air.
Railroads Market Analysis by End Use
In terms of revenue, the railway market was dominated by the agriculture sector in 2021 with a 34.2% share. In particular, the agriculture sector depends on reliable and effective railway service. For low-value, bulk goods located in rural areas far from maritime transit and end markets, rail transportation is practically the only economically viable shipping option
To surpass the agricultural category in terms of market size by 2030, the mining segment is anticipated to experience the quickest CAGR throughout the forecast period. A growing number of coal and ore mines are using monorail systems due to their effectiveness and low operating costs. When transportation networks have been streamlined and it is possible to combine rail and road transit, monorail systems are soon becoming fundamental elements in all mining projects.
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North America dominated the global market. The Association of American Railroads asserts that freight rail is a foundational element of the American economy, and the United States is home to a top-notch freight rail infrastructure. The country's expanding use of freight rail can be attributed to ongoing expenditures made in infrastructure, technology, and equipment improvement.
Because of rising government spending on new railroad construction and the region's heavy reliance on rail transportation, Asia Pacific is anticipated to have the quickest CAGR between 2022 and 2030. As an illustration, the Construction Intelligence Center (CIC) of Timetric reveals that the Asia Pacific region invests the most in railroads globally. With PwC estimating yearly investment of around USD 900 billion by 2025, it is also the largest transport infrastructure market in the entire globe.
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Railroads Market Drivers
Energy prices and fuel efficiency
Supply chain optimization and logistics efficiency
Railroads Market Restraints
Technology and digitization challenges
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Participants in the market, both domestically and internationally, concentrate on tactics including innovation, mergers and acquisitions, and investments in infrastructure, technology, and expansions to strengthen their market position.
Railroads Market: Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global railroads market analysis, the market is a critical component of the transportation industry, providing efficient and sustainable transportation solutions for passengers and freight. The market has experienced significant growth over the years, with rail transportation being widely recognized for its benefits such as cost-effectiveness, reduced carbon footprint, and long-haul capacity. Global market is a dynamic and growing industry, driven by the need for efficient and sustainable transportation solutions. It is influenced by various market drivers, including demand for freight transportation, government investments in rail infrastructure, technological advancements, and environmental concerns. However, the market also faces challenges such as high initial capital investments and regulatory complexities. Understanding these overall market dynamics and trends is crucial for stakeholders in the railroads industry to make informed decisions and capitalize on the opportunities in the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 310.12 billion |
Market size value in 2031 | USD 468.87 billion |
Growth Rate | 4.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Railroads Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Railroads Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Railroads Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Railroads Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20U2012