DUBLIN, September 15, 2021--(BUSINESS WIRE)--The "Global Railway Telematics Market Size, Share & Trends Analysis Report by Solution (Fleet Management, Automatic Stock Control, Remote Data Access, Railcar Tracking & Tracing), by Railcar, by Component Type, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global railway telematics market size is expected to reach USD 18.82 billion by 2028, expanding at a CAGR of 7.5%, from 2021 to 2028.
CANDO RAIL AND TERMINALS
Robert Bosch GmbH
Increasing government initiatives aimed at introducing smart railways, rapid urbanization, and the evolution of smart cities globally are some of the key factors driving the market growth. Governments across the globe are emphasizing smart city initiatives to speed up operational activities in public transport services and offer better infrastructure for transportation.
Countries such as Germany, India, France, and Canada have recognized the benefits of expanding railway infrastructure and its positive impact on the economy. As a result, OEMs and numerous countries are investing in railway infrastructures. For instance, Digitaler Bedienplats of Germany and Commande Centralisee de Reseau of France have declared their plans of deploying digital interlocking technology across several systems by 2033 and 2035. In May 2021, Etihad Rail, UAE's national railway network, entered into a strategic agreement with Transportr, a digital freight service provider, to digitize the company's railway fleet. Various developed and developing economies such as India, U.S., Germany, and Canada are putting increased focus on innovation and R&D and are adopting various technologies in their rail infrastructure to overcome mobility challenges.
Europe is home to some of the prominent players in the market for railway telematic, including OEMs such as Alstom, DB Cargo, Knorr-Bremse, and Siemens AG. These companies hold a majority share in the market. Several railway operators are replacing old technologies with progressive train-signaling and control systems. For instance, European Railway Traffic Management System (ERTMS) Level 2, designed and developed by Trans-European Rail Network, provides speed control systems and signaling solutions for interoperability across railways in Europe.
The COVID-19 pandemic lockdowns and travel restrictions imposed by various governments hampered freight and logistics activities globally during the first half of 2020, negatively impacting the market growth. This has led to a significant decline in the overall demand for telematics services. However, the gradual ease in lockdown restrictions and the revival of logistics, freight activities, and business activities are expected to help the market gain traction over the forecast period.
Railway Telematics Market Report Highlights
In terms of solution, the fleet management segment is expected to dominate the market over the forecast period, due to increasing freight activities globally. The segment is expected to reach USD 6.17 billion by 2028
In terms of railcar, the refrigerated boxcars segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period
In terms of component type, the telematics control unit segment is expected to dominate over the forecast period. The segment is anticipated to reach USD 9.96 billion by 2028
Europe is projected to account for the majority share of the market over the forecast period. The regional market is anticipated to reach USD 7.25 billion by 2028. The rapid adoption of technological innovations and the presence of several prominent players in the region are some of the key factors expected to work favorably for the market's future growth prospects
Key Topics Covered:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Railway Telematics Market Variables, Trends, and Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.4. Business Environment Analysis Tools
3.4.1. Industry Analysis - Porter's Five Forces Analysis
3.4.2. PEST Analysis
3.5. Covid-19 Impact
3.6. Company Market Share Analysis, 2020
Chapter 4. Railway Telematics Market: Solution Outlook
Chapter 5. Railway Telematics Market: Railcar Outlook
Chapter 6. Railway Telematics Market: Component Outlook
6.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (USD Million)
6.1.1. Telematics Control Unit
18.104.22.168. Market estimates and forecasts by region, 2018 - 2028 (USD Million)
22.214.171.124. Market estimates and forecasts by region, 2018 - 2028 (USD Million)
Chapter 7. Railway Telematics Market: Regional Outlook
Chapter 8. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/e1946l
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