The country is expected to witness the fastest growth during the forecast period. The Indian rolling stock market is witnessing a steady growth, driven by the new metro projects coming up across the country, as well as the extension of existing lines.
New York, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Rail Components Market (2019 - 2024)" - https://www.reportlinker.com/p05778182/?utm_source=GNW
As of March 2018, approximately 2,115 railcars were operational across nine metro rail projects. In early 2019, the Ministry of Railways increased the allocation toward the procurement, upgradation, and maintenance of rolling stock by 64%.
Given the rapidly increasing ridership, the major cities across the country are experimenting with state-of-the-art transport technologies to make urban rail systems more reliable, efficient, and passenger friendly. The Indian metro systems are steadily moving from semi-automatic to unmanned/driverless train operations. Most of the upcoming systems are exploring the deployment of advanced technological solutions for the safety and comfort of commuters.
The emergence of the metro sector and the government’s focus on improving public transportation in the county have not only resulted in the development of the metro coach industry, but also in the growth of the equipment and spare parts industry. Metro coaches and other parts, including battery boxes, window glasses, bogie frames, brake blocks, propulsion systems, and vacuum circuit breakers, are being manufactured in India. The government’s Make in India initiative laid special emphasis on promoting manufacturing activities within the country. This, in turn, is expected to drive the market for rail components in India.
The market for rail components is a consolidated one with the top four major players holding more than 50% of the market share. Other important players, such as Hitachi, Wabtec Corporation, CAF, The Greenbrier Companies, and Kawasaki Heavy Industries, hold a relatively smaller market share, and they are in the process of expanding their operations in both home and international markets.
The rail industry is one of the critical backbones of the economic framework of many countries, as a result, there is increasing interference from regulatory bodies and competition commissions in fructification of mergers, acquisitions, and collaborations.
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