New York, May 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Train And Components Global Market Report 2022" - https://www.reportlinker.com/p06277686/?utm_source=GNW
The global train and components market is expected to grow from $188.95 billion in 2021 to $208.26 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The market is expected to grow to $295.59 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.
The train and components market consists of sales of trains and components and related services by entities (organizations, sole traders, and partnerships) that produce and rebuild locomotives, locomotive frames and parts, railroad, street, and rapid transit cars, and car equipment for operation on rails for freight and passenger service; and/or rail layers, ballast distributors, rail tamping equipment and other railway track maintenance equipment.
The main types in the train and components market are parts & accessories for railway vehicles, locomotives, wagons, & other rolling stock.A locomotive consists of several diesel-electric locomotives coupled together to offer power to a train, as it is called consist of locomotives.
The various train types include light rail, bullet train/hsr. These are used in passenger, freight.
Western Europe was the largest region in the train and components market in 2021.Asia Pacific was the second largest market in train and components market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Economic growth and a rapidly growing urban population are expected to increase the demand for new train and components manufacturing, during the forecast period.Urbanization increases the demand for luxurious items among the population.
Globally, around 60% of the urban settlements remained to be built.Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam, and the Philippines which are becoming increasingly popular for export-oriented manufacturing.
According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the growth of the train and components manufacturing market.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the train and components manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns.
The outbreak is expected to continue to harm businesses throughout 2020 and into 2021. However, it is expected that the train and components manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Locomotive parts manufacturers are using nose suspension drivers as they reduce the shock loads due to tensile coupling between motor shaft and axle.Nose suspension drive is a mechanism used in electric railcars, which supports half of the weight of the traction motor by wheel axle made of metal and the rest by a bogie frame.
The electric motor when integrated with a nose-mounted traction motor reduces the shock and vibrations caused due to irregularity in the track. For instance, some of the major companies manufacturing these systems include WINDHOFF Bahn- und Anlagentechnik GmbH, Afcons Infrastructure Ltd, and Balfour Beatty Rail Ltd.
The countries in the train and components market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India; Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06277686/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
