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Railway Aftermarket Global Industry Analysis, By System, Growth Potential, Share, Top Key Players, Trends & Forecast to 2026

Author : Ronak Bora | Published Date : 2020-08-25 

Railway aftermarket is estimated to record significant gains over the forthcoming years. Rail is the transport backbone of a sustainable economy and is a vital service to the global security. Today, it has an exceptional opportunity to achieve the sustainability that is needed to stay afloat in the present efficiency and emission-conscious world. Railways can also effectively respond to the expected growth in demand for transport, in freight as well as passenger, thereby augmenting railway aftermarket.

Based on subsystem, the railway aftermarket is bifurcated into body structures, auxiliary systems, braking systems, boggies/wheelsets & suspension, rail tracks & equipment, traction & propulsion, and others. Among these the body structures segment held a market share of 6% in 2018 and is projected to grow at a CAGR of over 2.8% throughout the assessment period.

Lightweight vehicles generally reduce axle loads, thereby resulting in cost benefits by minimizing maintenance costs of rail track as well as consumption of energy required to drive vehicles. High speed trains will not emerge without the efforts for weight-saving. These efforts are would be one of the key factors responsible for impelling the growth of the body structures segment.

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Lightweight vehicle production can also be achieved in numerous ways including design modifications created using optimization techniques, by eliminating overall number of components, via leveraging their multi-functionality, and by using lightweight materials.

Due to adoption of advanced materials, aluminum alloys, and fiber reinforced composites, stainless steel is gradually being phased out as the base material used for railway car body structures. To that end, the body structures segment will showcase momentous growth owing to the usage of lightweight vehicles.

Based on product, the market is divided into rail infrastructure, and rolling stock & locomotive. The rolling stock & locomotive segment is further bifurcated into passenger coaches, freight wagons, locomotives, light rail & trams, metro, and high-speed railway (HSR).

Among these, the passenger coaches segment held a revenue share of around 23% in 2018. Proliferating passenger rail transportation along with increasing rail networks across developing countries would spur the segment size over the coming years.

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Citing an instance, the Modern Coach Factory, a coach manufacturing unit of the Railway Ministry of India, has increased the production of passenger coaches. There has been improvement in quality of coaches as well, leading to lesser amount of customer complaints. The railways have also increased the level of production and use of LHB (Linke Hoffmann Busch) coaches since these are lighter and have the ability to withstand accidents better, thereby ensuring safety of passengers.

With respect to the service provider landscape, the market is classified into rail operators, component suppliers and OEM. Among these, the railway operators segment is expected to exhibit a CAGR of over 3.2% through the anticipated time duration. Shifting inclination of fleet operators towards generating real time data and performance measurement of railway systems is also likely to escalate the growth of this segment.

From a regional frame of reference, the Middle East railway aftermarket is likely to grow at a CAGR of 2% with respect to revenue throughout the forecast time period. Owing to higher prices of oil and diversified revenue sources, the Gulf States are picking up speed in rail investments with numerous railway network expansion projects, thereby fueling the industry growth.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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