Railway Passenger Coaches Market Size Worth USD 21.98 Billion, Globally, by 2030 at a CAGR of 4.2%
Pune, May 29, 2023 (GLOBE NEWSWIRE) -- The global railway passenger coaches market size was valued at USD 15.94 billion in 2022. The market is projected to grow from USD 16.48 billion in 2023 to USD 21.98 billion by 2030, exhibiting a CAGR of 4.2% during the forecast period. Rising population, increasing population, and growing traffic congestion has boosted the need for cost effective and convenient modes of transport especially in densely populated areas. Railways are an economical, environment friendly and faster alternative in such places thus aiding market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Railway Passenger Coaches Market, 2023-2030.”*Competitive Landscape:*
*Leading Players are Signing Supply Contracts with Governments to Hold Dominant Market Share *
The competitive nature of the market prompts key companies to resort to innovative and smart ways to maintain their positioning and earn higher revenues. In some cases, companies partner with governments or sign supply deals with them to hold a strong position in the market. For example, in January 2023, Alstom signed a contract with Santo Domingo, Dominican Republic. This contract supplies ten 3-passenger coach system metro train sets to the Domingo metro. This new contract will increase Alstom’s presence in the Dominican Republic. The company will manufacture the trains at its coach facility in Santa Perpetua, Barcelona.
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*Report Highlights:*
*Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 4.2%
2030 Value Projection USD 21.98 Billion
Base Year 2022
Market Size in 2022 USD 15.94 Billion
Historical Data for 2019-2021
No. of Pages 165
*Drivers & Restraints:*
*Rising Demand for High-Speed and Energy Efficient Trains to Propel Market Augmentation*
The growing demand for environment friendly and energy efficient railway coaches to decrease carbon emissions is aiding railway passenger coaches market share. Governments and railway operators worldwide are trying to decrease their carbon footprint and travel sustainably thus encouraging the adoption of eco-friendly rail vehicles. For example, in September 2022, Indian Railways equipped 65,000 coaches with LED lights. This saved 6,50,00,000 Kwh units of energy thus cutting travel costs and emissions. Furthermore, the rising popularity of high-speed trains which offer a better travel experience to consumers and decrease travel time is also aiding market proliferation.
On the other hand, the availability of alternative modes of transport that offer faster travel times than railways and high maintenance costs will hamper railway passenger coaches market growth.
*COVID-19 Impact:*
*Pandemic Slowed Down the Demand for New Coaches*
The COVID-19 pandemic impacted the demand, supply, and overall development of the industry. With worked from home model, non-essential travels were discouraged or prohibited which reduced the revenue for rail companies and slowed demand for new coaches. Additionally, the COVID-19 pandemic has significantly impacted the market, with reduced passenger demand, delayed projects, supply chain disruptions, and increased focus on safety and hygiene.
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*Report Coverage:*
The report covers provides a comprehensive review of the global market including drivers, restraints, opportunities, and threats affecting market dynamics. Market share, growth rate, and valuation of each region and segment is also documented in the report. Moreover, key players are listed along with the most recent developments undertaken by them to gather higher profits and revenues.
*Segments:*
*Growing Demand for Transportation Modes in Urban Areas Aided Standard Sitting Coaches Segment Expansion*
Based on coach type, the global market is divided into standard sitting, sleeper, and others. The standard sitting segment captured the dominant market share in 2022. The rising number of mono rails, metro rails, and high-speed trains are attributing to segment expansion. The surging demand for alternative modes of transport in urban areas has also contributed to segment expansion.
*50-100 Segment to Dominate Backed by Development of Intercity Travel Infrastructure *
According to capacity, the market is arrayed into up to 50, 50-100, & above 100. The rising development of intercity travel infrastructure such as metros is responsible for the dominance of 50-100 capacity segment. This segment also provides more cost-efficient solutions for smaller routes and helps decrease operational costs also aiding segment expansion.
*Metro Rail Segment to Lead Stoked by Rising Urbanization and Need for High Frequency Modes of Transport*
As per train type, the global market is split into the metro rail, passenger train, and others. The metro rail segment is the fastest growing segment in the global market. Rising urbanization and the need for smaller sizes and faster and high-frequency modes of transportation for commuters are the factors contributing to segment expansion. Metro also offers reliability, higher efficiency, and reduced emissions than other trains.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
*Regional Insights:*
*Asia Pacific to Lead Backed by Dense Population and High Demand for Railway Passenger Coaches*
Asia Pacific has a high population thus generating the need for transportation facilities. It also has the most high-speed rail networks and countries like Japan and China are investing in developed advanced rail infrastructure thus contributing to its dominance among other regions.
Europe has a strong rail network which has created a substantial demand for railway passenger coaches. The region has invested large amounts in developing speed rails and other advanced technologies which will further propel market proliferation.
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*List of Key Players Covered in **Railway Passenger Coaches Market **Report**:*· Alstom (France)
· CRRC Sifang Co., Ltd. (China)
· Stadler Rail AG (Switzerland)
· Kawasaki Heavy Industries, Ltd. (Taiwan)
· Siemens AG (Germany)
· Hitachi (U.K.)
· SKODA TRANSPORTATION a.s. (Czech Republic)
· TALGO (Spain)
· TITAGARH WAGONS LIMITED (India)
· Jupiter Wagons Limited (India)
· Transmashholding (TMH) (Russia)
*Railway Passenger Coaches Market **Segmentation:-*
*By Coach Type*
· Standard Sitting
· Sleeper
· Others
*By Capacity*
· Upto 50
· 50 – 100
· Above 100
*By Train Type*
· Metro Rail
· Passenger Train
· Others
*Key Industry Development:*
*April 2023**: *Titagarh Wagons Ltd (TWL) & Bharat Heavy Electricals Ltd (BHEL) consortium received a contract for Vande Bharat Train estimated at USD 3.5 million. The contract is for manufacturing 80 train sets and maintenance for the next 35 years.
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*Table of Content:-*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Industry Developments –Mergers, Acquisitions and Partnerships
· Porters Five Forces Analysis
· Technological Development
· Impact of Covid-19
· *Global Railway Passenger Coaches Market Analysis, Insights and Forecast, 2019-2030 *
· *Key Findings / Definitions*
· *Market Analysis, Insights and Forecast – By Coach Type*
· Standard Sitting
· Sleeper
· Others
· *Market Analysis, Insights and Forecast – By Capacity*
· Upto 50
· 50 to 100
· Above 100
· *Market Analysis, Insights and Forecast – By Train Type*
· Metro Rail
· Passenger Train
· Others
· *Market Analysis, Insights and Forecast – By Region*
· North America
· Europe
· Asia pacific
· Rest of the world
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