Global Railroad Market Research Report 2023-2028
IMARC Group has recently released a new research study “Railroad Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Railroad Industry?
The global railroad market size reached US$ 307.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 503.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028.
What is a Railroad?
A railroad is a set of tracks made of carbon, alloy, and heat-treated steel laid on the roadbed. It is a land-based transportation medium catering to the movement of bulk commodities, such as chemicals, petroleum, construction materials, consumer goods, automobiles, agricultural produce, coal, and passengers over long and short-distance routes. It enables the transportation of vehicles that are either self-propelled or use a locomotive for propulsion, is safer, more comfortable, faster, cost-effective, and energy-efficient on account of the frictional resistance offered by tracks. As a result, railroads are gaining traction among the construction, agriculture, and mining industries.
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What are the major market drivers in the Railroad Market?
The market is primarily driven by the expanding railroad networks, particularly in remote areas, to enhance global connectivity. In addition, the growing industrialization and population, along with the rising trend of travel and tourism activities, are contributing to market growth. Moreover, the introduction of advanced driver assistance systems (ADAS) in railroads that offers supervision, automatic warning, and control arrangements to optimize energy use and improve operational management, which is providing a positive thrust to the market growth.
Besides this, increasing investments by governments of various countries to enhance railway infrastructure and construct new lines and the introduction of faster trains such as metros and bullet trains are acting as another major growth-inducing factors. Furthermore, extensive research and development (R&D) activities conducted by key players and the growing consumer preference toward public transport systems to reduce carbon footprint, pollution, and traffic congestion are creating a positive global market outlook across the globe.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Rail Freight
- Passenger Rail
Breakup by Distance:
- Long Distance
- Short Distance
Breakup by End Use:
- Mining
- Construction
- Agriculture
- Others
By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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