The global train bogies market is enhanced by the increasing demand of safety and security in railway transportation.
The Train Bogies market is expected to grow at a CAGR of 4.4% to reach USD 2936.3 million in 2028.
Covid-19 Impact & Market Status
The covid-19 has had a drastic impact on the global train bogies market owing to factors like mobility restrictions, supply chain disruption, and other restrictions. The report gives a detailed overview of the global train bogies market including the competitive environment, challenges, growth opportunities, drivers, market size estimates, and other aspects of the global train bogies market.
2-Axle Bogies Segment To Be In High Demand
Articulated bogies segment currently earns the highest revenue share in the global train bogies market and is expected to continue in the same way during the analysis period due to the simple structure of the bogie and also the fact that it decreases any kind of impact on the suspension car as a result of track irregularities thus increasing the safety of the train.
Locomotive And Coach Parts Segment To Earn Highest Revenue
The locomotive and coach parts segment currently earns the highest revenue share in the global train bogies market and is expected to continue in the same way during the analysis period due to the increasing demand for the faster trains so that people can reach their destinations in a shorter period of time. These trains are equipped with highly powered motorized bogies.
North America to Dominate the Global Train Bogies Market
North America held the largest market share in global train bogies market owing to factors such as stringent government rules regarding passenger safety, increasing rail travel in US and other countries. Following suite, APAC is the second largest market dominant. Growing use of public transport, increasing investment on advanced train bogies due to growing awareness regarding safety transportation has driven APAC in global train bogies market.
The global train bogies market’s rise is also expected to be aided by the technological advancements being made in this market so as to provide the best product possible to the customers.
Owing to benefits such as strong support to rail body, stability, improved ride quality, reduction in track irregularities and rail abrasion, increased efficiency of rails, improved power and behaviour of rail, the train bogies is experiencing rapid adoption thus fostering remarkable progress of global train bogies market.
The global train bogies market is ascendency in recent time and is expected to rise to about USD 3054.6 million by 2029 during the analysis period at a CAGR of 4.4 percent.
The train's bogie is an essential component of every train. It is a frame that is installed beneath the train and to which railway vehicles' wheels are fastened. The train bogie is equipped with a suspension system and an independent brake system to ensure the train's flexibility and comfort during its journey. It's also in charge of preserving the train's quality, guiding the train along the track with the wheels, and providing a nice buffering effect during operation. It is built to match the train's structure and engine, resulting in a cost-effective transportation solution.
The train bogie global market is predicted to be driven by rising consumer demand for safety and security in railway transportation in both the commercial and passenger sectors throughout the forecast period. Since last year, there has been a steady increase in the usage of public transportation, which is projected to continue in the near future. The train bogie market is expected to be driven directly by the rail sector. One of the major drivers of the train bogie global market in the near future will be stringent rules and regulations by governments and ruling authorities in both developed and developing countries about the safety of passengers and products moved. Train bogies have the distinct advantage of being both energy and cost efficient.
The most important driver for the rail sector is growing customer preference for trains as one of the most cost-effective and environmentally friendly modes of transportation available on the worldwide market.
The key players in global train bogies market are Amsted Rail, ALSTOM, SKF, Kawasaki, Siemens, Jiangsu Railteco Equipment, CRRC Sifang, Nencki, WBN Waggonbau Niesky, FLEISCHMANN, NIPPON STEEL & SUMITOMO METAL, Bombardier, Premier, and TITAGARH among others.
Latest Innovations in the Global Train Bogies Market: A Snapshot
- In September 2021, Amsted Rail Transit announced a partnership with Alstom to deliver 200 new multilevel railcars for Chicago metropolitan area's commuter rail system.
Train Bogies Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3054.6 million|
|Growth Rate||CAGR of 4.4 % during 2021-2028|
|Segment Covered||Component, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Amsted Rail, ALSTOM, SKF, Kawasaki, Siemens, Jiangsu Railteco Equipment, CRRC Sifang, Nencki, WBN Waggonbau Niesky, FLEISCHMANN, NIPPON STEEL & SUMITOMO METAL, Bombardier, Premier, and TITAGARH among others.|
Key Segments of the Global Train Bogies Market
Type Overview, 2019-2029 (USD Billion)
- Non-Articulated Bogie
- Articulated Bogies
Component Overview, 2019-2029 (USD Billion)
- Locomotive And Coach Parts
- Coupler Systems
- Brake System
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa