The research study covers the present scenario and growth prospects of the global urban rail transit market for 2017-2021. The report also presents the vendor landscape and a corresponding detailed profiling of the market participants across the value chain of global urban rail transit market.
The global urban rail transit market is expected to grow during the forecast period, due to the growing demand for the public transportation facilities. The market has been segmented based on the product type as metro rail, light rail, and monorail. The metro rail has the major share in the market, due to the increased investments for metro projects. According to the region-wise segmentation, APAC is the major contributor, followed by EMEA and the Americas. The major markets in APAC are China and India. The demand for urban transit systems has grown in this region due to growing urbanization.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global urban rail transit market:
- Growing urbanization and need for sustainability
- Surge in investments for rail projects
- Growth of rail supply market
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Growing urbanization and need for sustainability
The rise in the urban population can result in the increasing mobility in urban areas. With the growing urbanization, the primary issue is traffic and congestion associated with the increasing mobility. Therefore, with the growth of the urban population, there emerges a need for more public transportation solutions that offer high capacity transit.
Shakti Jakhar, a lead transportation and distribution research analyst at Technavio, says, “The demand for rail transport has grown because it is less expensive, safe, and sustainable. The rail transport options are more sustainable because they generate least CO₂ emissions when compared with other modes of transport. In addition, the choice of regenerative braking in trains makes rail transport a more sustainable option.”
Surge in investments for rail projects
The governments of various nations have been investing in rail projects to improve the transportation segment and, in turn, the economy. The infrastructure projects include building new rail vehicles or enhancement of the existing rail systems. The number of infrastructure projects has been increasing significantly in countries like China and India because of the growing urbanization and economic development of these countries.
“One of the major investments in the UK was the contract for Aventra vehicles signed with Bombardier, which was worth USD 996 million. In the US, the initiative Railroad Rehabilitation and Improvement Financing was introduced in December 2015. According to the act, operators and transport authority can claim loans of around USD 30-USD 40 billion for the development and upgrade projects of infrastructure related to railways,” adds Shakti.
Growth of rail supply market
The rail supply market includes all rail infrastructure projects, rail signaling services, and rolling stock. The growth in the rail supply market will have a positive impact on the urban rail transit system. In 2015, the world supply market was estimated to be around USD 180 billion in 2015 and is expected to grow to above USD 200 billion by 2021.
Irrespective of the slow economic growth in many European and Asian countries, the global rail market shows an increasing trend. In the European region, the major contributors to the market are France, the UK, and Germany. These countries have a majority of the leading vendors, which operate in these countries. The growing urbanization has created demand for more sustainable transportation facilities like railways, which has accelerated the growth of the urban rail transit system.
- Mitsubishi Heavy Industries
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