Growing need for rail gangways in various countries on the coattails of ongoing railway infrastructure development along with new construction of metro rails is anticipated to accelerate the growth of rail gangways market across the globe.
The global rail gangways market is expected to be valued at US$ 392.8 million in 2018, expanding at a significant CAGR of 4.9% over the forecast period (2018-2028). Rising investments in railway developments and upcoming metro rail projects are likely to complement future expansion of the market which has been foreseen to attain a value of US$ 634.0 million by 2028-end. Further, the rail gangways market is anticipated to create incremental $ opportunity worth US$ 241.3 million throughout the assessment period.
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Development in Rail Activities to Offer Lucrative Opportunities
Developing regions including China and SEA & Pacific are heavily investing to provide support in the development of rail activities which will serve as a catalysts for the overall growth of rail gangways market. In addition, increase in rolling stock is likely to create lucrative opportunities for suppliers of rail gangways during the forecast period.
Changing travelling medium along with rapid consumer inclination toward the economical public transportation systems such as trains and metros will continue to shape the future of global rail gangways market. However, increasing attractiveness of air travel and significant growth of automobiles for both short and long trips will possibly remain daunting challenges for key market players.
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Western Europe to be at the Forefront of Global Rail Gangways Market
In terms of market value share, the global rail gangways market is expected to remain concentrated in Western Europe, followed by China which is likely to account for maximum share in term of sales during the forecast period of 2018-2028.
South East Asia & Pacific is estimated to project incremental $ opportunity worth nearly US$ 30.6 million, while rail gangways market in Latin America and Japan are anticipated to expand at an above average rate throughout the forecast period.
Two Piece Rail Gangways to Reign Supreme over the Counterpart
Based on the product type, two piece rail gangways are estimated to be valued at US$ 312.5 million by 2018-end, holding the highest value share of global rail gangways market. Single piece rail gangways, on the other hand, are projected to account for the lowest share of 30% of unit sales in the rail gangways market at global level.
With an estimated sales of 206,747 units by the end of 2028, aluminum rail gangways will witness maximum demand throughout the forecast period. In addition, manufactures are focusing on the development of steel rail gangways which are expected to create incremental $ opportunity worth around US$ 85.0 million. Further, the global demand for composite rail gangways is likely to grow at a remarkable rate during the forecast period.
Based on train type, the passenger train segment will continue to maintain its dominance in the global rail gangways market. However, due to penetration of new technologies and innovations, this segment is likely to witness a passive growth over the forecast period, while high speed train segment is anticipated to create a prominent incremental $ opportunity worth US$ 52.2 million between 2018 and 2028. The passenger train segment is predicted to be valued at US$ 340.9 million by 2028-end in the global rail gangways market.
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Global Rail Gangways Market: Competitive Landscape
Key players operating in the global rail gangways market are Hutchinson, Hubner GmbH & Co. KG, Bellow and Bus (Pty) Ltd., Chongqing Hengtai Electromechanical Equipment Co., Ltd., Schliess- und Sicherungssysteme GmbH, Airflow Equipments (India) Pvt. Limited, ATG AUTOTECHNIK GmbH, Dellner Couplers AB, Narita Mfg. Ltd., KTK Group, Qingdao Victall Railway Co., Ltd, Kasper Elektronik GmbH, Korea Railway Parts Co Ltd, and Vulcanite Pty Ltd.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.