India Railway Equipment Market to Grow at Substantial Rate During Forecast Period
Rising volume of transported products and expansion of the
distance covered by logistics vehicles to drive India railway equipment market
during forecast period
According to
TechSci Research report, “India
Railway Equipment Market By Rolling Stock, By Railway Infrastructure, By
Region, By Company, Competition, Forecast & Opportunities, 2024”, India railway
equipment market is anticipated to grow at a substantial CAGR during the forecast
period on account of growing urban population, replacement of ageing rail
equipment and rail infrastructure development. Indian railways is a massive
public sector organization that manages the fourth largest rail network in the
world in size, with about 121,407 kms of total track over a 67,368 kms route.
Additionally, in 2017, it also became the world’s largest commercial enterprise
in terms of number of employees. Increasing environmental awareness is one of
the major factors that is propelling the demand for railway equipment by hampering
the other modes of transportation. Moreover, the government regulations are
greatly affecting the industry dynamics as government of the country is shifting
its focus towards investing more on railway infrastructure by making
investor-friendly policies enabling Foreign Direct Investment in railways to
improve infrastructure for freight and high-speed trains. Currently, several
domestic and foreign companies are also looking to invest in Indian rail
projects.
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India railway
equipment market can be segmented based on type, application and region. Among
types, the rolling stock category (freight wagons, locomotives, passenger coaches,
etc.) accounted for 43% of the total market in 2018 and is anticipated to
maintain its position during the forecast years as well owing to rising
development in this sector coupled with increased fuel prices. This has shifted
the trend of freight transport from trucks to rails. In terms of application, EMU
category is anticipated to witness the highest growth in the coming years owing
to growing demand for dedicated freight corridor in a country.
Nokia
Corporation, Kawasaki Heavy Industries, Ltd, Toshiba India Pvt. Ltd., Hitachi
India Pvt. Ltd., Siemens, General Electric, Hyundai Rotem, Alstom, Bombardier
Transportation India Pvt Ltd and Metalocaucho MTC (Wabtec company), among
others are the leading players operating in India railway equipment market.
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“India railway
equipment market is expected to grow substantially during the forecast period which
can be attributed to several domestic and foreign companies that are looking to
invest in Indian rail projects. Furthermore, some other factors like rise in
domestic consumption, demand for freight transport, and growth in passengers
are further fueling growth in the market. Additionally, long-term growth
prospects are expected to be good for the railway equipment market driven by
population growth, urbanization, global trade expansion, and increasing
environmental awareness.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based India management consulting firm.
“India Railway Equipment Market By Rolling
Stock, By Railway Infrastructure, By Region, By Company, Competition, Forecast
& Opportunities, 2024” has evaluated
the future growth potential of India railway equipment market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India railway equipment market.
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