At 4.11% CAGR, Global Railroad Market Share & Size to Surpass US$ 307.6 Billion by 2027 | Industry Trends, Growth, Share, Opportunities, Statistics, Analysis & Forecast Report by IMARC
Global Railroad Market Overview (2022-2027) • Historical Market Size (2021): US$ 307.6 Billion • Forecast CAGR (2022-2027): 4.11% • Forecast Market Size (2027): US$ 503.3 Billion
What is a Railroad?
Railroad represents a set of tracks made of steel that are laid on a roadbed. It is a medium of land-based mass transportation catering to the movement of passengers and commodities over short and long-distance routes.
Railroad comprises of vehicles with flange wheels guided by parallel tracks that restrict movement and remove the requirement for steering. These vehicles are either self-propelled or utilize a locomotive for propulsion.
Railroads are extensively used for traveling and transporting bulk commodities, such as coal, petroleum, chemicals, construction materials, agricultural produce, consumer goods, automobiles, etc.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Railroad Market?
The increasing industrialization levels coupled with significant growth in the tourism industry are among the key factors stimulating the railroad market. Apart from this, the rising number of local and cross-border movements of travelers and commodities is also propelling the market growth.
Besides this, the introduction of advanced driver assistance systems (ADAS) in railroads that provide automatic warning, supervision, control arrangements, etc., to improve operational management and optimize energy usage is further fueling the global market.
Moreover, the growing adoption of railroads for transporting bulk commodities to remote areas, owing to their robust connectivity, is acting as another significant growth-inducing factor.
Furthermore, the rising investments by several government bodies for the expansion of the railroad networks and the emerging trend of railcar leasing are expected to positively influence the railroad market over the forecasted years.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Rail Freight
Passenger Rail
Breakup by Distance:
Long Distance
Short Distance
Breakup by End Use:
Mining
Construction
Agriculture
Others
Based on the end-use sector, the report finds that the Transportaion sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.
Regional Insights:
Asia Pacific
North America
Europe
Middle East and Africa
Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
List of Major Key Players:
The competitive landscape of the industry has Bnsf Railway Company (Berkshire Hathaway Inc.), Canadian National Railway Co., Canadian Pacific Railway Limited, CSX Corporation, CTL Logistics Sp. z o.o, DB Cargo Aktiengesellschaft (Deutsche Bahn AG), Japan Freight Railway Company, Norfolk Southern Corporation, PKP Cargo International (PKP Cargo), SBB Cargo (Swiss Federal Railways), SNCF Group and Union Pacific Corporation.
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