Urban Rail Transit Market - Drivers and Forecasts by Technavio
October 12 2017 - 4:03PM
Business Wire
Technavio analysts forecast the global urban rail transit
market to grow at a CAGR of over 5% during the forecast period,
according to their latest report.
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Technavio has published a new report on
the global urban rail transit market from 2017-2021. (Graphic:
Business Wire)
The research study covers the present scenario and growth
prospects of the global urban rail transit market for 2017-2021.
The report also presents the vendor landscape and a corresponding
detailed profiling of the market participants across the value
chain of global urban rail transit market.
The global urban rail transit market is expected to grow during
the forecast period, due to the growing demand for the public
transportation facilities. The market has been segmented based on
the product type as metro rail, light rail, and monorail. The metro
rail has the major share in the market, due to the increased
investments for metro projects. According to the region-wise
segmentation, APAC is the major contributor, followed by EMEA and
the Americas. The major markets in APAC are China and India. The
demand for urban transit systems has grown in this region due to
growing urbanization.
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Technavio analysts highlight the following three factors that
are contributing to the growth of the global urban rail transit
market:
- Growing urbanization and need for
sustainability
- Surge in investments for rail
projects
- Growth of rail supply market
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Growing urbanization and need for sustainability
The rise in the urban population can result in the increasing
mobility in urban areas. With the growing urbanization, the primary
issue is traffic and congestion associated with the increasing
mobility. Therefore, with the growth of the urban population, there
emerges a need for more public transportation solutions that offer
high capacity transit.
Shakti Jakhar, a lead transportation and
distribution research analyst at Technavio, says, “The demand for
rail transport has grown because it is less expensive, safe, and
sustainable. The rail transport options are more sustainable
because they generate least CO₂ emissions when compared with other
modes of transport. In addition, the choice of regenerative braking
in trains makes rail transport a more sustainable option.”
Surge in investments for rail projects
The governments of various nations have been investing in rail
projects to improve the transportation segment and, in turn, the
economy. The infrastructure projects include building new rail
vehicles or enhancement of the existing rail systems. The number of
infrastructure projects has been increasing significantly in
countries like China and India because of the growing urbanization
and economic development of these countries.
“One of the major investments in the UK was
the contract for Aventra vehicles signed with Bombardier, which was
worth USD 996 million. In the US, the initiative Railroad
Rehabilitation and Improvement Financing was introduced in December
2015. According to the act, operators and transport authority can
claim loans of around USD 30-USD 40 billion for the development and
upgrade projects of infrastructure related to railways,” adds
Shakti.
Growth of rail supply market
The rail supply market includes all rail infrastructure
projects, rail signaling services, and rolling stock. The growth in
the rail supply market will have a positive impact on the urban
rail transit system. In 2015, the world supply market was estimated
to be around USD 180 billion in 2015 and is expected to grow to
above USD 200 billion by 2021.
Irrespective of the slow economic growth in many European and
Asian countries, the global rail market shows an increasing trend.
In the European region, the major contributors to the market are
France, the UK, and Germany. These countries have a majority of the
leading vendors, which operate in these countries. The growing
urbanization has created demand for more sustainable transportation
facilities like railways, which has accelerated the growth of the
urban rail transit system.
Top vendors:
- Alstom
- Bombardier
- CRRC
- Mitsubishi Heavy Industries
- Siemens
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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