RAIL COMPONENTS MARKET ANALYSIS

Regional Analysis

Global Rail Components Market: Regional Insights

North America is expected to gain a major share in the global rail components market during the forecast period. This can be due to increasing rate of transportation in the countries across the region. For instance, according to Coherent Market Insights, in 2017, nearly 10 billion trips on public transportation by people in the U.S. were registered, out of which five billion trips were on vanpool, demand response service, and bus; 78 million trips were on passenger ferry, while 4.9 billion trips were on rail transit. Thus, the region is likely to witness strong growth in the global rail components market over the forecast period.

Moreover, Asia Pacific is also expected to show robust growth in the global rail components market during the forecast period owing to presence of largest market for rail components in countries such as China, in the region. The country has leading manufacturer such as CRRC of rolling stocks and other rail components. Moreover, the railway system of China plays a crucial role in the economic development of the country, as it has large geographic area, mixed terrain, and weather conditions that make the railway network most reliable transportation medium for passengers and goods. Furthermore, the increasing ridership in India is also driving growth of the market across the region. The country is witnessing new metro projects, and extension of existing lines. Thus, such developments in the region are expected to support growth of the global rail components market over the forecast future.