Market Size of Rail Components Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rail Components Market Analysis
The rail components market was valued at USD 78 billion in 2020, and it is expected to reach USD 95 billion by 2026, registering a CAGR of more than 3% during the forecast period (2021 - 2026).
The outbreak of COVID-19 acted as a massive restraint on the rail components market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.
However, the market is expected to regain its growth post lockdown, as governments are going to introduce many new projects to maintain social distancing, as people will be more concerned about the safety and security and clean air in the bogies in the wake of the pandemic. These measures are likely to boost the production of new bogies and necessary rail components during the forecast period.
An increase in developments of metro projects and expansion of electrified network rail routes will further create opportunities for OEMs to expand their revenue stream and increase their geographical presence. Factors, such as the increase in investments in rail infrastructure and expansion of rail networks in densely populated regions, will enable the growth of the rail components market.
Asia-Pacific is expected to witness significant growth during the forecast period owing to the high demand for rail transportation from countries like China, Japan, South Korea, and India. Meanwhile, in Europe and North America, the market is anticipated to grow due to the rising demand for passenger and freight transportation.
