NEW YORK, Aug. 23, 2023 /PRNewswire/ — The maglev train market size is estimated to grow by USD 1,387.33 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.08%. The growth momentum will progress during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness a growth of 63%. The region, particularly China and India, is experiencing rapid economic expansion, which has resulted in a sharp increase in demand for transport infrastructure. Furthermore, maglev trains are often recognized as a symbol of modernization and technological progress, attracting the attention and investment of governments and the private sector. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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- Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Maglev Train Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (Superconducting maglev and Normal conducting maglev), application (Passenger and Freight), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The super-conducting maglev segment will account for a major share of the market’s growth during the forecast period. The superconducting maglev trains use both magnetic levitation and superconducting magnets to achieve high speeds and frictionless motion. The train is fitted with superconducting magnets underneath, while the track or rail has an array of electromagnets. In addition, this technology offers the potential for high-speed travel combined with reduced power consumption, as well as minimal noise and vibration. Hence, these factors are expected to drive segment growth during the forecast period.
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report
Maglev Train Market – Market Dynamics
Key Driver
The high-speed transportation demand is a key factor driving market growth. The growing interest in Maglev trains is mainly due to the need for rapid transportation. High-speed travel is appreciated for its ability to reduce travel time. Furthermore, Maglev trains use the most advanced magnetic levitation technology to achieve outstanding speeds, facilitating rapid passenger journeys. This time-saving attribute makes the Maglev train attractive to both business travelers and efficiency-conscious tourists, especially over long periods of time. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend
The growing use of artificial intelligence (AI) technology is a major trend in the market.
Significant Challenge
The high cost associated with maglev trains is a significant challenge restricting market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Maglev Train Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the maglev train market between 2023 and 2027
- Precise estimation of the size of the maglev train market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the maglev train market across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of the maglev train market companies
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Maglev Train Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
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Market growth 2023-2027 |
USD 1,387.33 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.75 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 63% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ALSTOM SA, American Maglev Technology Inc., Central Japan Railway Co., CRRC Corp. Ltd., Hyundai Motor Co., Max Bogl Bauservice GmbH and Co. KG, Mitsubishi Heavy Industries Ltd., Northeast Maglev, Shanghai Maglev Transportation Development Co. Ltd., and SwissRapide AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
