Railway telematics Market
The global railway telematics market was size valued at $4.98 billion in 2020, and is projected to reach $12.43 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030.
Increase in allocation of budget for development of railways, surge in demand for secure, safer and efficient transport system, and reduction in pollution & accidents drive the growth of the global railway telematics market. On the other hand, high cost incurred in train automation restrains the growth to some extent. However, improvement in railway infrastructure in developing countries and rise in freight transport through trains are expected to create.
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Telematics in railways are installed to keep a record of the information related to the status of the vehicle, distance covered by the vehicle, keeping a track of surrounding information and other things. Telematics in trains are connected at the on-board diagnostics port (OBD II Port) of the engine, which is located beneath the operating panels of the engine as well as at different locations across the train compartments, thus making the installation of the device an easier process. Once the component is installed in trains, it starts to record the information on numerous aspects such as suspension, shock absorption, weight on the trains, live status and others.
The global railway telematics market is analyzed across solution, mode of operation, train type, and region. Based on solution, the fleet management segment accounted for more than two-fifths of the total market share in 2020, and is expected to dominate by the end of 2030. The collision detection & prevention segment, on the other hand, would cite the fastest CAGR of 12.0% during the forecast period.
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Based on mode of operation, the semi-autonomous segment held more than two-fifths of the total market revenue in 2020, and is anticipated to lead the trail by 2030. The fully-autonomous segment, however, would manifest the fastest CAGR of 10.8% from 2021 to 2030.
Based on region, Europe garnered the major share in 2020, holding more than half of the global railway telematics market. However, the market across LAMEA would manifest the fastest CAGR of 13.20% throughout the forecast period. The other provinces studied in the report include North America and Asia-Pacific.
The key market players analyzed in the global railway telematics market report include Hitachi Ltd., Intermodal Telematics, ORBCOMM, Alstom, Railnova, Robert Bosch GmbH, Savvy Telematics, Siemens AG, Trinity Industries, and Intrex Telematics. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Key Findings Of The Study
By solution, the collision detection & prevention segment is expected to register a significant growth during the forecast period.
Depending on mode of operation, the fully-autonomous segment is anticipated to exhibit significant growth in the near future.
On the basis of train type, the freight train segment is projected to lead the global railway telematics market owing to higher CAGR.
LAMEA is anticipated to register the highest CAGR.
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