The key driving factors for the market growth are increasing railway network expansion and rising demand for track inspection vehicles from Asia-Pacific countries. With the launch of new projects, such as China's high-speed railway development plan and India's Dedicated Freight Corridor project, the demand for track inspection vehicles is expected to increase in the coming years. In addition, the growing need for efficient and cost-effective track maintenance solutions is another major factor propelling the growth of the global track inspection vehicles market. The traditional methods of track inspections are time-consuming and require large workforce, which often leads to increased operational costs. Thus, there is a growing preference for automated track inspection systems that can reduce operational costs and improve efficiency.
The need for the market is two-fold. First, there is a need for track inspection vehicles in order to inspect railway tracks for any potential problems. This is important in order to keep railways running smoothly and safely. Second, there is a need for track inspection vehicles in order to maintain and repair railway tracks. This is important in order to keep railways running smoothly and safely.
Track inspection vehicles are specially designed vehicles that are used to inspect railway tracks. These vehicles are equipped with various tools and equipment that help in the inspection of track geometry, rail profile, track alignment, etc.
The market value of track inspection vehicles is expected to reach USD 901 million by 2031, growing at a CAGR of 3.2% during the forecast period.
The rising demand for track inspection vehicles from the railway industry is driving the growth of the global track inspection vehicles market.
There are several restraining factors that are impacting the growth of the track inspection vehicles market. Firstly, the high cost associated with these vehicles is hindering their adoption, especially in developing countries. Secondly, the lack of trained personnel for operating these vehicles is another challenge faced by the market players. Thirdly, stringent government regulations regarding railway safety are making it difficult for new entrants to enter the market. Lastly, the risk of accidents associated with track inspection vehicles is also hampering the growth of this market. However, several factors are going to boost the market in the future.
The report provides an extensive analysis of key players operating in the global track inspection vehicles market. Some of the leading players profiled in the report include Hitachi, Ltd., Safetran Systems LLC, Ansaldo STS SpA, Bombardier Inc., GE Transportation, Siemens Mobility, Toshiba Corporation, and Knorr-Bremse AG. Apart from the above mentioned players, the report also includes profiles of various other companies including Alstom SA, CAF Group, Hyundai Rotem Company, Nippon Sharyo, Ltd., Mitsubishi Heavy Industries Railway System Co., Ltd., Stadler Rail AG, and Wabtec Corporation.
Portable Track Inspection Vehicles segment to form major portion of the market
In terms of type, the track inspection vehicles market has been split into portable track inspection vehicle and ordinary track inspection vehicle. Among these, portable track inspection vehicles are expected to witness the highest growth during the forecast period owing to their easy maneuverability and portability.
The High Speed Railway Segment to be on top of the market
The high-speed railway segment is expected to grow at the highest CAGR during the forecast period. The increasing investments in high-speed rail projects across the globe are one of the major factors driving the growth of this segment.
North America to dominate the market
North America is expected to be the largest market for track inspection vehicles, followed by Europe and Asia Pacific. The North American region is expected to grow at a CAGR of 6.16% during the forecast period. This growth can be attributed to the increasing investments in railway infrastructure and the presence of major players in this region.
Covid-19 Impact & Market Status
The outbreak of COVID-19 has had a mixed impact on the track inspection vehicles market. The pandemic has resulted in a decline in the demand for these vehicles from the railway sector. However, the increased focus on infrastructure development and maintenance in several countries has led to an increase in the demand for track inspection vehicles from the construction and mining industries.
Latest Innovations in the Global Track Inspection Vehicles Market: A Snapshot
• In September 2019, Avis Budget Group Inc acquired Zipcar to expand its business operations and gain a larger market share.
• In October 2019, Europcar Group acquired Goldcar Spain to increase its foothold in the European car rental market.
• In November 2019, Enterprise Holdings Inc acquired e-Z Car Rental Ltd to expand its presence in New Zealand.
Track Inspection Vehicles Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 901 million|
|Growth Rate||CAGR of 3.9% during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Hitachi, Ltd., Safetran Systems LLC, Ansaldo STS SpA, Bombardier Inc., GE Transportation, Siemens Mobility, Toshiba Corporation, and Knorr-Bremse AG. Apart from the above mentioned players, the report also includes profiles of various other companies including Alstom SA, CAF Group, Hyundai Rotem Company, Nippon Sharyo, Ltd., Mitsubishi Heavy Industries Railway System Co., Ltd., Stadler Rail AG, and Wabtec Corporation.|
Key Segment of Global Track Inspection Vehicles Market
By Type Overview 2021-2031, (USD Million)
• Portable Track Inspection Vehicle
• Ordinary Track Inspection Vehicle
By Application Overview 2021-2031, (USD Million)
• High-Speed Railway
• Heavy Haul Railway
• Conventional Railway
• Urban Transport
By Region Overview 2021-2031, (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa