Rail vehicle is a type of vehicle that runs on railway tracks. It is one of the most important & very cost effective ways of commuting and goods carriage over long, as well as, short distances. It runs on metal (usually steel) rails and wheels. It has an inherent advantage of lesser frictional resistance which helps attach more loads in terms of carriages or wagons.
These rail vehicles have numerous variants such as; intercity passenger rails, high-speed rail, regional rail, metro rail, light rail, streetcars, and many others.
Based on product type, rail vehicle market is segmented into automated monorails, automated people movers, locomotives, light rail vehicles, metros, and others (high speed train and freights/goods rail). Locomotives are usually used to haul freight or passenger wagons for long distance main line transport. However, vehicles for instance light rail vehicles, metros, and subways are being used for intercity as well as intra-city transportation. Based on capacity, market is segmented into higher capacity and lower capacity. Based on clearance, market is segmented into high-floor light rail vehicle and low-floor light rail vehicle. Based on transit type, market is segmented into rapid and conventional. Based on technology, market is segmented into electric drive, mechanical drive and hydraulic drive. In addition, based on application, market is segmented into freight and passenger.
The rail vehicle market is driven by growth in traffic congestions on roads, followed by rise in rate of population & urbanization, increase in technical innovations in the transportation industry, economical ticket pricing, rise in government investments, increase in use of big data analytics in railways, growth in economy and increase in need for cleaner & faster modes of transportation. However, high capital outlay in terms of maintenance & construction and lack of availability from the underdeveloped economies may impact the market. Moreover, rise in need for energy-efficient transportation systems is a key opportunity for market. Furthermore, increase in mergers & acquisition (M&A) to further industry consolidation is a major trend for market.
Based on geography, the Asian-Pacific and European regions hold major share in rail vehicle market owing to increase in population, rise in demand for new & improved rail and transport related infrastructure projects in the region. The North-American region is expected to exhibit substantial growth rate due to increase in demand for energy efficient transportation systems over the forecast period. In near future, it is predicted that the market will be reached at rapid pace as a result of rise in focus of the rail vehicle manufacturers on transportation safety & digitalization and growth in demand for speedy & cheaper transportation during the forecast period.
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