IMARC Group, a leading market research company, has recently releases report titled “Railroad Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global railroad market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Railroad Market
A railroad represents a set of tracks made of steel that are laid on a roadbed. It is a land-based transportation medium catering to the movement of passengers and commodities, including coal, petroleum, chemicals, construction materials, agricultural produce, consumer goods, and automobiles, over short and long-distance routes. Railroads enable the transfer of vehicles that are either self-propelled or use a locomotive for propulsion, which is safer, more comfortable, faster, cost-effective, and energy-efficient, owing to lower frictional resistance offered by tracks. Consequently, they are gaining traction in the construction, agriculture, and mining industries.
How Big Is the Railroad Market?
The global railroad market size reached US$ 307.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 503.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028.
Global Industry Trends and Drivers:
The rising industrialization and the expanding tourism sector, on account of the globalization-induced industrial revolution and the growing number of local and cross-border movements of travelers and commodities, are among the key factors stimulating the railroad market. Moreover, the introduction of advanced driver assistance systems (ADAS) in railways that provide automatic warning, supervision, and control arrangements to enhance operational management and optimize energy usage is also propelling the market growth. Apart from this, the widespread adoption of railroads for transporting bulk commodities to remote areas, owing to their robust connectivity, is further fueling the global market. Furthermore, numerous investments by several government bodies to improve railway infrastructure and construct new lines and the development of new high-speed rails, such as metros, are acting as significant growth-inducing factors. Besides this, the shifting preferences of the masses toward public transport systems to reduce carbon footprint, pollution, and traffic congestion are positively influencing the market growth. Additionally, extensive research and development (R&D) activities conducted by key players are anticipated to fuel the railroad market over the forecasted period.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Breakup by Distance:
Breakup by End Use:
Breakup by Region:
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are Bnsf Railway Company (Berkshire Hathaway Inc.), Canadian National Railway Co., Canadian Pacific Railway Limited, CSX Corporation, CTL Logistics Sp. z o.o, DB Cargo Aktiengesellschaft (Deutsche Bahn AG), Japan Freight Railway Company, Norfolk Southern Corporation, PKP Cargo International (PKP Cargo), SBB Cargo (Swiss Federal Railways), SNCF Group and Union Pacific Corporation.
