The global railway telematics market size is estimated to arrive at USD 18.82 billion by 2028. It is projected to develop by 7.5% CAGR from 2021 to 2028.
Rising lead taken by various governments, globally, intended for setting up fast urban development, quick railways and the progression of smart cities are a few major factors, steering the enlargement of the market for railway telematics.
The global administrations are putting emphasis on smart city projects, to accelerate operational actions in public transportation services plus provide superior infrastructure, designed for the transport.
The nations like Canada, Germany, France and India have accepted the benefits of increasing railway infrastructure along with its optimistic effects on the financial system. Therefore, several nations and Original Equipment Manufacturers (OEMs) are spending on railway infrastructures.
Europe is a homeland for several well-known companies of the railway telematics market. It comprises Original Equipment Manufacturers (OEMs) like Siemens AG, Alstom, Knorr-Bremse, and DB Cargo. These companies retain a leading share in the market. A number of railway operating organizations are interchanging aged technologies by means of progressive control systems and train-signaling.
Mainly, the companies concentrate on the mergers & acquisitions in addition to tactical joint ventures, to increase their industry functions. Such as, Hitachi Rail obtained a U.K. sourced rail technology firm Perpetuum, in April 2021, to augment Hitachi’s digital rail repairs actions.
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Further key findings from the report suggest:
• Europe is expected to hold the leading share of the global market during the forecast period. By 2028, the local market is projected to arrive at USD 7.25 billion. The existence of a numerous well-known companies and fast implementation of the technical modernization within the region are a few input factors, likely to perform positively for the prospective expansion projections of the market
• The telematics control unit section is anticipated to lead the market for railway telematics, on the basis of component type. By 2028, the section is projected to arrive at USD 9.96 billion
• By the source of railcar, the refrigerated boxcars section is projected to increase by maximum 8.4% CAGR, during the forecast period
• As a result of the rising global cargo activities, the fleet management sector is estimated to lead the market, during the forecast period, by the source of solution. The sector is likely to attain USD 6.17 billion by 2028
Million Insights segmented the global railway telematics market based on Railcar, Component Type, Solution, and Region.
Railway Telematics Solution Outlook (Revenue, USD Million, 2018 - 2028)
• Fleet Management
• Automatic Stock Control
• Remote Data Access
• Railcar Tracking and Tracing
Railway Telematics Railcar Outlook (Revenue, USD Million, 2018 - 2028)
• Tank Cars
• Well Cars
• Refrigerated Boxcars
Railway Telematics Component Type Outlook (Revenue, USD Million, 2018 - 2028)
• Telematics Control Unit
Railway Telematics Regional Outlook (Revenue, USD Million, 2018 - 2028)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Various companies for railway telematics market are:
• Knorr-Bremse AG
• Hitachi Ltd.
• Robert Bosch GmbH
• Alstom SA
• Siemens AG