In 2024, the gross revenue of the world's railroad market is expected to be valued at USD 311,628.9 million.
A comprehensive analysis of the rail transit market projects that the railroad investment could increase at an annual growth rate of 5% from 2024 to 2034. The analysis report also gets to the bottom of underlying determinants for market growth in discussion until 2034, when it is expected to reach USD 507,610.6 million.
| Report Attribute | Details |
|---|---|
| Railroad Market Revenue (2024) | USD 311,628.9 million |
| Market Anticipated Forecast Value (2034) | USD 507,610.6 million |
| Market Projected Growth Rate (2024 to 2034) | 5% |
According to the earlier assessment of railroad industry demand, sales of railroad components worldwide generated a revenue of around USD 243,947.6 million in 2019.
During the subsequent five years, the global sales of the railroad market progressed at an average 4.8% growth rate per year. By 2023 end, the global railroad industry was figured to have realized an annual revenue of USD 294,267.1 million.
| Attributes | Details |
|---|---|
| Railroad Market Size (2019) | USD 243,947.6 million |
| Market Size (2023) | USD 294,267.1 million |
| Market (CAGR 2019 to 2023) | 4.8% |
Since traffic and road congestion emerged as persistent problems in the last decade, many countries chose to move products by train, instigating a higher demand for railroad track construction. Moreover, a rise in the e-commerce sector also raised the need for dependable and effective freight transportation infrastructure during this period.
Though the sector experienced a brief period of downturn during the years 2020 and 2021, it regained its market potential in 2022 and 2023.
The railroad sector is expected to expand further as sustainability and environmentally friendly transportation options become essential. So, higher investments in the railway sector by public and private entities are expected to support the expansion of the railroad equipment sector over the forecast years.
In an increasingly urbanized world, underground railways or tube trains have become an indispensable mode of transportation for many countries. So, many established railroad equipment suppliers have evolved in the last few years to cater to the growing demand for railroads in the subway sector.
The advent of high-speed rails or bullet trains has increased the appeal of train travel for long-distance passengers as well as commercial enterprises. In the coming days, the growing popularity of bullet trains in emerging economies is expected to boost rail infrastructure development.
The table below lists the countries which are expected to witness a noteworthy growth rate in the railroad market. China and the United States are expected to grow on the back of increased export demand for railroad equipment. Meanwhile, domestic demand for railroad infrastructure is expected to drive the markets in India and Australia.
| Regional Market Comparison | CAGR (2024 to 2034) |
|---|---|
| United States | 2.8% |
| Australia | 4.5% |
| China | 6.8% |
| India | 7.3% |
As per the global railway industry growth forecast, the market in the United States is projected to grow at 2.8% through 2034.
The railroad industry in the United States is seeing an increased investment by private market participants. For instance, Union Pacific Railroad Corporation provides a vital link in the global supply chain by building train connections between 23 states in the western part. Union Pacific supported America's rail transportation infrastructure by investing almost USD 34 billion in its network and operations between 2013 and 2022.
Australia has emerged as a promising market for railroad equipment manufacturers, and it is anticipated to experience a year-on-year growth rate of 4.5% till 2034.
Currently, the expansion and modernization of rail networks to improve the connection, capacity, and efficiency of train transportation services is driving the sales of railroad equipment in the domestic market. However, new policies to enhance the connectivity of hinterlands with coastal towns are more than likely to drive this growth trend during the projected years.
The railroad sector in China is projected to register an impressive 6.8% growth rate per year over the next ten years.
China has started financing for rail projects in its neighboring countries because it understands how important railroads are for its Belt and Road (BRO) initiative. Moreover, it is hoped that the expansion of the railway network beyond China's borders could create enough business opportunities for railroad companies in many Asian countries.
According to the market predictions, the demand for the railroad market in India is projected to rise at a robust 7.3% CAGR through 2034.
The revival of the Indian railroad industry in recent years can be attributed to increased investments by the federal government to beef up national train logistics. The regional market is experiencing some lucrative growth opportunities with the construction of new rail lines, the extension of current networks, and advancements in rail technology.
In 2024, the passenger rail segment is estimated to account for 56.7% of the worldwide revenue from sales of railroad equipment.
| Attributes | Details |
|---|---|
| Top Type | Passenger Rail |
| Market Share in 2024 | 56.7% |
The rail transit market is witnessing a significant shift from the freight or logistic sector to the passenger or tourism sector these days. Additionally, the expansion of passenger railroad networks after the introduction of metros and bullet trains is expected to boost the demand in this segment.
As per our industry sales analysis, the agriculture sector is anticipated to be the leading end user with a 33.8% market share in 2024.
| Attributes | Details |
|---|---|
| Top End User | Agriculture |
| Market Share in 2024 | 33.8% |
According to many governments, the railroad network is a cornerstone of their economy, as it helps to transport agricultural produce in bulk through freight rail corridors. Over the coming years, the contribution of the agriculture vertical is anticipated to expand further, particularly in the Asian and African countries.
The greater share of the railroad project supplies is typically entrusted to a very few renowned railroad manufacturers, which consolidates the overall market.
New market participants can establish their positions in the global railroad market by releasing innovative products tailored to specific railway tracks and by maintaining product differentiation.
Recent Developments in the Global Railroad Market
In November 2023, BNSF Railway and J.B. Hunt Transport Services Incorporate launched a groundbreaking intermodal service, Quantum, together. Quantum offers the dependability, flexibility, and quickness required for rail-based transit requirements during service-sensitive highway freight transportation. BNSF, the leading intermodal rail provider in North America, aims to meet the needs of customer supply chains through this development.
Hitachi Rail introduced four new products and services in September 2021 as part of its commitment to expand its rail business in North America. The company developed a processor which combines fundamental train control capabilities with next-generation communications, monitoring, and analytics. This new product, ViPro, has been designed to be used for railroad signaling and PTC applications.
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 311,628.9 million |
| Projected Market Size (2034) | USD 507,610.6 million |
| Anticipated Growth Rate (2024 to 2034) | 5% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Type, By End Use, and By Region |
| Key Companies Profiled | Central Japan Railway Company; SNCF Group; Union Pacific Corporation; OAO RZD (Russian Railways); BNSF Railway; Indian Railways; Deutsche Bahn; JSC Russian Railways; CSX Corporation; Siemens Group Ltd.; Wabtec Corporation; The Greenbrier Companies; Progressive Rail Locomotive; Trinity Industries; ALSTOM; Bombardier Inc.; CRRC Corporation; Mitsubishi Electric Corporation; Hitachi Rail STS, Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Global Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 3: Global Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 4: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 5: North America Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 6: North America Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 8: Latin America Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 9: Latin America Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 10: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 11: Western Europe Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 12: Western Europe Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 13: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 14: Eastern Europe Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 15: Eastern Europe Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 16: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 17: South Asia and Pacific Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 18: South Asia and Pacific Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 19: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 20: East Asia Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 21: East Asia Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Table 22: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 23: Middle East and Africa Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 24: Middle East and Africa Market Value (US$ Million) Forecast by End-use, 2019 to 2034
Figure 1: Global Market Value (US$ Million) by Type, 2024 to 2034
Figure 2: Global Market Value (US$ Million) by End-use, 2024 to 2034
Figure 3: Global Market Value (US$ Million) by Region, 2024 to 2034
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 7: Global Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 8: Global Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 9: Global Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 10: Global Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 11: Global Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 12: Global Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 13: Global Market Attractiveness by Type, 2024 to 2034
Figure 14: Global Market Attractiveness by End-use, 2024 to 2034
Figure 15: Global Market Attractiveness by Region, 2024 to 2034
Figure 16: North America Market Value (US$ Million) by Type, 2024 to 2034
Figure 17: North America Market Value (US$ Million) by End-use, 2024 to 2034
Figure 18: North America Market Value (US$ Million) by Country, 2024 to 2034
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 22: North America Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 23: North America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 24: North America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 25: North America Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 26: North America Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 27: North America Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 28: North America Market Attractiveness by Type, 2024 to 2034
Figure 29: North America Market Attractiveness by End-use, 2024 to 2034
Figure 30: North America Market Attractiveness by Country, 2024 to 2034
Figure 31: Latin America Market Value (US$ Million) by Type, 2024 to 2034
Figure 32: Latin America Market Value (US$ Million) by End-use, 2024 to 2034
Figure 33: Latin America Market Value (US$ Million) by Country, 2024 to 2034
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 37: Latin America Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 40: Latin America Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 43: Latin America Market Attractiveness by Type, 2024 to 2034
Figure 44: Latin America Market Attractiveness by End-use, 2024 to 2034
Figure 45: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 46: Western Europe Market Value (US$ Million) by Type, 2024 to 2034
Figure 47: Western Europe Market Value (US$ Million) by End-use, 2024 to 2034
Figure 48: Western Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 50: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 51: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 52: Western Europe Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 53: Western Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 54: Western Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 55: Western Europe Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 56: Western Europe Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 57: Western Europe Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 58: Western Europe Market Attractiveness by Type, 2024 to 2034
Figure 59: Western Europe Market Attractiveness by End-use, 2024 to 2034
Figure 60: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 61: Eastern Europe Market Value (US$ Million) by Type, 2024 to 2034
Figure 62: Eastern Europe Market Value (US$ Million) by End-use, 2024 to 2034
Figure 63: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 64: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 65: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 66: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 67: Eastern Europe Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 68: Eastern Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 69: Eastern Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 70: Eastern Europe Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 71: Eastern Europe Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 72: Eastern Europe Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 73: Eastern Europe Market Attractiveness by Type, 2024 to 2034
Figure 74: Eastern Europe Market Attractiveness by End-use, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 76: South Asia and Pacific Market Value (US$ Million) by Type, 2024 to 2034
Figure 77: South Asia and Pacific Market Value (US$ Million) by End-use, 2024 to 2034
Figure 78: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034
Figure 79: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 80: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 81: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 82: South Asia and Pacific Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 83: South Asia and Pacific Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 84: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 85: South Asia and Pacific Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 86: South Asia and Pacific Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 87: South Asia and Pacific Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 88: South Asia and Pacific Market Attractiveness by Type, 2024 to 2034
Figure 89: South Asia and Pacific Market Attractiveness by End-use, 2024 to 2034
Figure 90: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034
Figure 91: East Asia Market Value (US$ Million) by Type, 2024 to 2034
Figure 92: East Asia Market Value (US$ Million) by End-use, 2024 to 2034
Figure 93: East Asia Market Value (US$ Million) by Country, 2024 to 2034
Figure 94: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 95: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 96: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 97: East Asia Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 98: East Asia Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 99: East Asia Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 100: East Asia Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 101: East Asia Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 102: East Asia Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 103: East Asia Market Attractiveness by Type, 2024 to 2034
Figure 104: East Asia Market Attractiveness by End-use, 2024 to 2034
Figure 105: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 106: Middle East and Africa Market Value (US$ Million) by Type, 2024 to 2034
Figure 107: Middle East and Africa Market Value (US$ Million) by End-use, 2024 to 2034
Figure 108: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034
Figure 109: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 110: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 111: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 112: Middle East and Africa Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 113: Middle East and Africa Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 114: Middle East and Africa Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 115: Middle East and Africa Market Value (US$ Million) Analysis by End-use, 2019 to 2034
Figure 116: Middle East and Africa Market Value Share (%) and BPS Analysis by End-use, 2024 to 2034
Figure 117: Middle East and Africa Market Y-o-Y Growth (%) Projections by End-use, 2024 to 2034
Figure 118: Middle East and Africa Market Attractiveness by Type, 2024 to 2034
Figure 119: Middle East and Africa Market Attractiveness by End-use, 2024 to 2034
Figure 120: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
The global railroad market is to grow at 5% during the forecast period.
The global railroad market is predicted to be valued at USD 507,610.6 million by 2034.
The global railroad market was valued at USD 294,267.1 million in 2023.
SNCF, ALSTOM, and Hitachi are a few leading players in the global market.
India is likely to witness a CAGR of 7.3% through 2034.
Explore Similar Insights
Railroad Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
