Market Size of Railway Track Industry
| 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 |
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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 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 | |||||||
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Railway Track Market Size Summary
The railway track market is poised for steady growth, driven by rapid urbanization, traffic congestion, and the expansion of railway networks in major countries. Governments are actively investing in the development of rail infrastructure to enhance this cost-effective and safe mode of transportation, making it more comfortable and environmentally friendly. Rail freight transport remains a significant component of global goods transportation, with countries like Russia relying heavily on rail for over half of their goods transport. Metro systems, offering affordable urban transportation, are expanding rapidly in cities worldwide, further boosting the demand for railway tracks. The European Union, with the largest electrified rail network, is focused on improving passenger convenience and increasing freight transport by rail, aiming to shift a substantial portion of long-distance freight from other modes of transport by 2030.
Globally, major rail networks are undergoing expansion and electrification to promote eco-friendly transport solutions. While private players manage most of these networks, government oversight remains significant. Countries like Germany and the UK are investing billions in railway modernization and restoration projects. In Asia, China, India, and Japan are leading in passenger kilometers and are home to major railway track manufacturers. These countries are also investing heavily in advancing their rail networks. The railway track market is consolidated, with a few key players like Voestalpine Schienen GmbH, Nippon Steel Corporation, and AGICO Group dominating due to the high initial investment and technological requirements. These companies are securing contracts and forming strategic alliances to strengthen their market position, as evidenced by significant contracts won by companies like Jindal Steel and Power Limited in India.
Railway Track Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Standard Rail
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2.1.2 Head Hardened Rail
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2.1.3 Heavy Haul Rail
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2.1.4 Tongue Rail
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2.1.5 Crane Rail
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2.2 By Component Type
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2.2.1 Rail
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2.2.2 Sleepers
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2.2.3 Switch
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 Brazil
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2.3.4.2 Mexico
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2.3.4.3 United Arab Emirates
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2.3.4.4 Other Countries
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Railway Track Market Size 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.
