Railway Track Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Railway Track Market Analysis
The railway track market is anticipated to register a CAGR of about 3% during the forecast period (2020-2025).
- The rapid urbanization, traffic congestion, and increasing railway network of major countries are expected to fuel the demand for railway tracks during the forecast period. The market is witnessing the active participation of governments to expand the existing rail networks and enhance this cheapest and safest means of transportation, to make it more comfortable and eco-friendly.
- Rail freight transport is one of the cheapest means of goods transport. According to IEA, around 7% of the global freight transportation is being carried out through rail networks. In some countries, such as Russia, more than half of the goods transport is done through rail. Similarly, metro systems provide cheap and convenient urban transportation in around 200 cities worldwide, with more than 32,000 km of rail length. As cities are turning to greener transportation alternatives, metro rails are expected to grow at a much faster rate, which may boost the demand for tracks in the future.
- The European Union (EU) has the largest electrified rail length, as well as one of the safest railway networks, in the world, with around 218,000 km of the active rail network. The EU commission is committed to making its rail network more convenient for passengers, by introducing various laws and inviting private industry players to advance the current network. For instance, the EU commission has a target of moving 30% of freight traveled by a distance more than 300 km for other modes of transport (rail or water), by 2030.
Railway Track Market Trends
This section covers the major market trends shaping the Railway Track Market according to our research experts:
Expansions of Rail Network Driving the Railway Track Market
The expansion and electrification activities of the major rail networks are being carried out across the world, to promote the most eco-friendly means of transport. In most of the biggest rail network countries, management is under the control of private players. However, at the same time, governments have some control over the rail network operations. For instance,
- In 2019, the Transport Ministry of Germany announced its plans to invest around USD 69 billion in the up-gradation of railway networks over the next 10 years, with approximately USD 26 billion to be contributed by Deutsche Bahn. About 33,000 km of the railway network of Germany has dilapidated bridges and overused train tracks.
- In 2017 the UK government announced that to invest around USD 50 billion in the modernization of rail network from 2019 to 2024. In January 2020, the UK government planned to invest around USD 550 million for the restoration of the previously closed rail lines to boost the connectivity within the country.
Asia-Pacific Is Expected to Lead the Railway Track Market
The Asian economies, such as China, India, and Japan, top the list of passenger-kilometer per year. In addition, major manufacturers of the railway track market are headquartered in this region. Local governments are putting more and more capital for advancing the present rail network. For instance,
- In 2018, China invested USD 117.12 billion in fixed rail assets.
- India, which has the fourth-largest rail network in the world, has a state-owned rail network. In 2019, the Indian government's PSU Ircon International Limited signed a USD 91.26 million contract agreement with the Sri Lankan government, for the up-gradation of old tracks of around 130 km between Colombo and Tamil Nadu. Till now, India has provided around USD 1.3 billion Line of Credit for the development of the railways in Sri Lanka. Furthermore, the Indian railway is replacing the traditional steel tracks to zinc-coated tracks where the chances of corrosion are high.
Railway Track Industry Overview
The railway track market is consolidated with the presence of a limited number of active players, owing to the requirement of high initial investment costs, experience, and a high-level of technological requirements. Some of the major players in the market are Voestalpine Schienen GmbH, Nippon Steel Corporation, and AGICO Group, among others. The companies are grabbing contracts from the rail management companies and forming strategic alliances with other players in the market. For instance,
- In 2018, Jindal Steel and Power Limited won the first-ever global tender for rail track by the Indian railways, worth USD 7 billion, to supply 126 million metric ton of rail track. In 2019, the company successfully supplied around 97 million metric ton of railway track to the Indian railways.
Railway Track Market Leaders
-
Voestalpine Schienen GmbH
-
Nippon Steel Corporation
-
AGICO Group
-
Harmer Steel Products Co.
-
Vossloh AG
*Disclaimer: Major Players sorted in no particular order
Railway Track Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Type
- 5.1.1 Standard Rail
- 5.1.2 Head Hardened Rail
- 5.1.3 Heavy Haul Rail
- 5.1.4 Tongue Rail
- 5.1.5 Crane Rail
-
5.2 By Component Type
- 5.2.1 Rail
- 5.2.2 Sleepers
- 5.2.3 Switch
-
5.3 By Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Rest of the World
- 5.3.4.1 Brazil
- 5.3.4.2 Mexico
- 5.3.4.3 United Arab Emirates
- 5.3.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
-
6.2 Company Profiles
- 6.2.1 AGICO Group
- 6.2.2 Nippon Steel Corporation
- 6.2.3 Voestalpine Schienen GmbH
- 6.2.4 Harmer Steel Products Co.
- 6.2.5 Jindal Steel and Power Limited
- 6.2.6 Shanghai Wedo Industry Co. Ltd
- 6.2.7 Kimes Steel & Rail Inc.
- 6.2.8 Vossloh AG
- 6.2.9 ArcelorMittal SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityRailway Track Industry Segmentation
The report on the railway track market covers the latest trends and technological developments and provides an analysis on the market demand on various market segments, like type, component type, and market share of major railway track manufacturers across the world.
| By Type | Standard Rail | |
| Head Hardened Rail | ||
| Heavy Haul Rail | ||
| Tongue Rail | ||
| Crane Rail | ||
| By Component Type | Rail | |
| Sleepers | ||
| Switch | ||
| By Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Rest of the World | Brazil |
| Mexico | ||
| United Arab Emirates | ||
| Other Countries |
Railway Track Market Research FAQs
What is the current Railway Track Market size?
The Railway Track Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Railway Track Market?
Voestalpine Schienen GmbH, Nippon Steel Corporation, AGICO Group, Harmer Steel Products Co. and Vossloh AG are the major companies operating in the Railway Track Market.
Which is the fastest growing region in Railway Track Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Railway Track Market?
In 2024, the Asia Pacific accounts for the largest market share in Railway Track Market.
What years does this Railway Track Market cover?
The report covers the Railway Track Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Railway Track Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Railway Track Industry Report
Statistics for the 2024 Railway Track market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Railway Track analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
