The growth of the global rail gangways market is driven by increase in allocation of budget for development of railways, growth in demand for passenger capacity, and rise in demand for passenger comfort and experience
NEW CASTLE, Del., Oct. 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Rail Gangways Market by Product Type (Single Piece Gangways, Two Piece Gangways), Material (Steel, Aluminum, Alloys, Composites), Train Type (Passenger Train, Metro and Subway Train, High-speed train, Special Train) and Service (New Installation, Upgradation): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the rail gangways market was valued at $560.8 million in 2022 and is estimated to surpass $961.1 million by 2032, exhibiting a CAGR of 5.6% from 2022 to 2032.
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Prime determinants of growth
Factors such as increase in allocation of budget for development of railways, growth in demand for passenger capacity, and rise in demand for passenger comfort and experience boost the growth of the rail gangways market. However, regulatory compliance and safety standards, and high initial investment are anticipated to hinder market growth. On the other hand, the surge in the development & testing of autonomous trains, and technological advancements provide a remarkable growth opportunity for the market players operating in the market.
Rail Gangways Market Leading Market Players: –
Airflow Equipments (India) Pvt. Limited.
ATG Autotechnik GmbH
Dellner
Chongqing Hengtairail Equipment Co., Ltd.
Hubner GmbH And Co. KG
Hutchinson
Kasper-Elektronik GmbH
KTK Group
Narita MFG., Ltd.
Victall
The report provides a detailed analysis of these key players of the global rail gangways market. These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Rail Gangways Market Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$560.8 million |
|
Market Size in 2032 |
$961.1 million |
|
CAGR |
5.6 % |
|
No. of Pages in Report |
265 |
|
Segments covered |
Product Type, Material, Train Type, Service, And Region |
|
Drivers |
Increase in allocation of budget for development of railways Growth in demand for passenger capacity Rise in demand for passenger comfort and experience |
|
Opportunities |
Surge in development & testing of autonomous train Technological advancements |
|
Restraints |
Regulatory compliance and safety standard High initial investment |
The Two-Piece Gangways segment to maintain its leadership status throughout the forecast period
Based on product type, the two-piece gangways held the highest market share in 2022, accounting for more than three-fourths of the global rail gangways market revenue and is estimated to maintain its leadership status throughout the forecast period as Many rail operators are opting to modernize their existing rolling stock with two-piece gangways to enhance passenger transfer capabilities while optimizing costs. However, the single piece gangways segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032, owing to their seamless passenger flow and enhanced aerodynamics.
The Aluminum segment to maintain its leadership status throughout the forecast period
Based on material, the Aluminum segment held the highest market share in 2022, accounting for more than one-third of the global rail gangways market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the second highest CAGR of 6.2% from 2023 to 2032, owning demand for lightweight and energy-efficient solutions in the railroad industry.
The passenger trains segment to maintain its lead position during the forecast period
Based on train type, the passenger trains accounted for the largest share in 2022, contributing to nearly two-fifths of the global rail gangways market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing need for efficient and sustainable long-distance transportation solutions. However, the metro and subway train segment are projected to manifest the highest CAGR of 6.6% from 2023 to 2032. The increasing urbanization and population density in cities around the world are driving the expansion and modernization of metro and subway systems.
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Europe to maintain its dominance by 2022
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global rail gangways market revenue and is estimated to maintain its leadership status throughout the forecast period. However, Asia-Pacific segment is projected to manifest the highest CAGR of 6.6% from 2023 to 2032. This is owning to countries such as China, India, Australia, and Japan are largely focused on developing metros and monorails for intra-city travel to reduce the travelling time and regulate the pollution in the region.
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