The railway braking system market size is projected to reach US$ 11.3 billion by 2031 from US$ 8.7 billion in 2023. The market is expected to register a CAGR of 3.3% in 2023–2031. Rise in investment towards research and development of automatic train braking systems and to expand the rail fleet across the globe are among the key trends driving the railway braking system market.
Railway Braking System Market Analysis
Factors such as increasing demand for rail transit among individuals as a mode of transportation and growing railway projects for building new rail and lines in metro, monorail, and high-speed rail. Projects coupled with rising government investment for expanding their railway sector are continuing towards strengthening of railway sector. With the rising railway sector, the scope of integrating safety systems, including brakes, is receiving high momentum. In addition, the arrival of automatic train braking systems, automatic train operations, and next-generation high-speed trains in emerging economies is another factor drawing market growth of braking systems. Moreover, the rising number of volume packages and trade in nations is impacting the use of railways, as it is the cheapest mode of transportation compared to airways. Therefore, booming freight business, the development cycle of freight rail has also increased. With the growing development of light rail, the integration of braking systems will also increase.
Railway Braking System Market Overview
In light of key megatrends like sustainability, urbanization, mobility vehicles, and digitalization, the transportation industry is witnessing huge growth. The trends mentioned above will benefit the railway sector by providing long-term sustainable growth opportunities for future mobility. In addition, owing to strict safety and quality standards involved in the railway sector, the integration of advanced systems and equipment is increasing. In the railway sector, the tracks with double elastic fastening, automated driving, overhead power cables/third rail, and communications-based train control signaling systems are among the few technologies, which are getting integrated into metro lines. Incorporation of such advanced technologies into the metro rails will play an essential role in increasing the scope for integrating rail-braking systems.
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Railway Braking System Market: Strategic Insights
Market Size Value in US$ 8,909.9 Million in 2019 Market Size Value by US$ 10,515.7 Million by 2027 Growth rate CAGR of 3.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Railway Braking System Market: Strategic Insights
| Market Size Value in | US$ 8,909.9 Million in 2019 |
| Market Size Value by | US$ 10,515.7 Million by 2027 |
| Growth rate | CAGR of 3.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Railway Braking System Market Drivers and Opportunities
Increasing Demand for Railways in Transportation
Railway transportation is majorly considered a secure, safe, and economical mode of transportation when compared with road transportation. Pertaining to factors such as high precision and capability to cover a maximum geographic area, the demand among travelers is growing. To ensure the safety of trains, freight, and passengers, braking systems are among the systems used in rails. In addition, government projects like Dubai Route 2020 Metro for building new rail infrastructure and increasing investments to expand train connectivity are contributing towards the growth of the railway sector. The demand for railways for freight transport is rising as well. With the increasing volume of packages and goods transported through railways, the number of trains is increasing. Massive transportation of freight through railways is creating lucrative opportunities for both train and other train-related system manufacturers. Thus, this aspect of increasing freight transport and rail passengers is boosting the growth of the railways sector and motivating governments of countries to invest heavily in rail projects.
Emergence of Next-Generation High-Speed Trains
In the time of constant technological advancements, the railway industry worldwide is experiencing new technologies and systems that are playing a crucial role in transforming the entire sector. For instance, in April 2024, South Korea unveils a next-generation high-speed bullet train. This train has a maximum speed of 320 Kmph. In addition, in October 2023, France unveiled its next-generation high-speed TGV M trains, and is expected to be in service in 2025. Such technological advancement and the emergence of high-speed trains across the globe are projected to drive the demand for the railway braking system market during the forecast period.
Also, the advent of next-generation air disk brakes is making its path for transforming rails. In addition, in the direct braking system, the brake commands are transmitted quickly with a shorter time lag. Furthermore, Shift2Rail- a joint undertaking is working on a digital brake testing solution, which would allow the drivers to test brakes from their cabins through a tablet. This digital brake testing solution would help in saving time and labor costs while enhancing flexibility & safety. In the period of next-generation mobility, the emergence of high-speed trains, digital testing brake solutions, and next-generation brakes would help make the railway sector ready for the future. All mentioned aspects are projected to hold a significant position in the adoption of railway braking systems.
Railway Braking System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the railway braking system market analysis are type and train type.
- Based on type, the railway braking system market has been divided into pneumatic brakes, electrodynamic brakes, mechanical brakes, and electromagnetic brakes. The pneumatic brake inches segment held a larger market share in 2023.
- Based on the train type, the railway braking system market has been divided into metros, monorail, high-speed trains, light rail/trams, and freight trains. The light rail/trams line segment held a larger market share in 2023.
Railway Braking System Market Share Analysis by Geography
The geographic scope of the railway braking system market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Asia Pacific will dominate the railway braking system market in 2023. The Asia Pacific region includes Australia, China, Japan, India, South Korea, & the Rest of Asia Pacific. Stable economies and technological advancements support the growth of a diversified range of industries and markets in the region. The regional railway network connectivity in the Southeast Asia region is becoming better due to the implementation of several projects to connect existing routes under the Pan Asia railway network. New rail projects supported and planned by the government of China would ensure connections between major cities in the Southeast Asia mainland—stretching from Kunming in China to Bangkok, Singapore, and Kuala Lumpur, with a central line from Vientiane in Laos to Bangkok; an eastern line through Hanoi City & Ho Chi Minh City in Vietnam and Phnom Penh City in Cambodia; and a western line through Yangon in Myanmar.
Indonesia and the Philippines also planned railway projects to connect key cities with their major islands. The railway sectors of the Philippines, Thailand, China, and India are making huge investments in their respective territories to strengthen rail transit by integrating advanced technologies. In addition, Japan is amongst the major countries that are into using high-speed rail to lower congestion on roads and help passengers save both time & money.
Railway Braking System Market Report Scope
Railway Braking System Market News and Recent Developments
The railway braking system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for railway braking systems market and strategies:
- In January 2024, Wabtec Corporation ordered a US$ 157 million brake system from Siemens India Private Limited. Through this supply agreement, Siemens Limited will provide brake systems with improved operating performance, efficiency, and safety for the new line of 1,200 electric locomotives.
- In October 2023, Siemens Mobility launched a new air-free brake system. This new brake system enables full electric control of the friction brake in rail vehicles and strengthens the product portfolio of the company.
Railway Braking System Market Report Coverage and Deliverables
The “Railway Braking System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, & country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Train Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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