Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The "Autonomous Train Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Autonomous train market is valued at USD 7,448.05 million in 2020 and is expected to reach USD 10,222.75 million by 2026 registering a CAGR of 5.61% during the forecast period.
The Covid-19 pandemic had a negative influence on the railway industry across the world. With increased preference for personal transport, the likelihood of choosing trains for transportation has gone down.
However, with the rising concerns over emissions, the need for using public transportation and pooling is expected to help the trains market grow.
Increasing electrification across the global transportation industry irrespective of the mode of transport has led to the development of automated transport methods and trains have been at the forefront of transport automation after road transport. In addition, the increasing need for efficiency and safety can drive the existing railway operators towards automation.
However, as market is still in a nascent stage, the need for huge investments for R&D of the equipment anticipated to restrain growth of the market. Asia-Pacific region and North America expected to witness significant growth during the forecast period.
Asia-Pacific has one of the largest rail networks across the world and is expected to show the highest growth in the autonomous train market. Technology advancement is expected to accelerate rail mobility gradually in improving adoption rate of autonomous trains in North America.
Key Market Trends
Passenger Segment Expected to Dominate the Market during Forecast Period
Rail is considered as one of the safest modes of land transport and more attractive to the customer as this offers a much better service to potential passengers and drives an increase in passenger numbers.
The demand for safer and efficient transport is increasing from consumers across the world highlighting importance of adoption of advanced technology-based transport i.e., autonomous trains for commuting purpose.
Currently, rail has been identified as one of the most energy-efficient transport modes, accounting for 8% of global motorized passenger movements and 7% of freight but consuming only 2% of transport energy. However, the passenger train segment of the market has suffered a loss due to pandemic owing to trade and travel restrictions imposed worldwide.
The highest rail network China witnessed a downfall of 39.4% in 2020 compared to 2019, but as economic activities resumed market expected to gain momentum during the forecast period. In addition, latest developments like testing driverless passenger cars to further propel the growth of the market. For instance,
Asia-Pacific Region Expected to Witness Significant Growth During the Forecast Period
Asia-Pacific region anticipated to hold significant share in the market during the forecast period. It has one of the largest rail networks across the world owing to the presence of major countries, such as India, China, and Japan.
In addition, public transportation is also very popular in these countries, such as in India, where people often travel by metro for daily commuting. Due to this, the railway network plays a very significant role in the economic development of countries in Asia-Pacific. For instance,
The installed base of metro-rail rolling stock in India is expected to increase to 5,458 railcars by 2023, owing to huge demand for commuter transportation in metropolitan cities. A total of 3,343 railcars are planned to be added to the metro-rail network, over a period of five years from 2018 to 2023.
Of these, contracts for 1,758 railcars have already been awarded. Such factors can boost the demand for autonomous trains equipped with GoA 3 and GoA 4 for metro trains in the region.
Asia-Pacific is also characterized by the presence of both developed and developing economies, such as Singapore, Malaysia, Indonesia, and Bangladesh. New rail projects for urban passenger transportation, as well as for the replacement and maintenance of the existing fleet, are expected to drive the market in these countries.
Competitive Landscape
The Autonomous Train market is a highly consolidated market owing to the presence of few major players such as Hitachi Rail STS (Ansaldo), Alstom, Thales, Siemens AG, and many more.
In addition, as the railway industry is still in the nascent stage of automation, the need for huge investments for R&D of the equipment to meet international standards is high making it difficult for new companies to enter the market, leaving the field to major players.
Some of the major players in the market are adopting various growth strategies such as mergers, acquisitions, collaborations, and agreements to strengthen their position in the market. For instance,
Companies Mentioned
- Siemens AG
- Alstom S.A
- Thales Group
- Hitachi Rail STS (Ansaldo STS)
- Mitsubishi Heavy Industries Ltd
- Kawasaki Heavy Industries
- Construcciones y Auxiliar de Ferrocarriles (CAF)
- CRRC Corporation Limited
- Wabtec Corporation
- Ingeteam Corporation SA
For more information about this report visit https://www.researchandmarkets.com/r/nigtxl
