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Railway Telematics Market
The Railway Telematics Market is expected to reach USD 18,747 million by the end of 2028, growing at a CAGR of 7.5% over the forecast period (2021-2028).
The factors driving the growth of Railway Telematics Market includes rise in the construction of smart cities around the world, growing adoption of telematics systems by insurance and fleet management companies, to monitor location of the vehicle and increasing demand for safe and efficient transportation systems. According to the report published by Bloomberg, the Global Smart City Market was estimated around USD 390.13 billion in 2021 and is predicted to reach USD 1874.83 billion by the end of 2029, growing at a CAGR of 21.68% over the forecast period (2022-2028), which will boost the Railway Telematics Market size in the approaching years. Moreover, rising popularity of advanced technologies such as integrated service management, predictive analytics, and automatic stock control systems and Government initiatives for modernizing the railways, are some of the additional factors supplementing the market growth. In addition, emerging need to improve the freight transportation services, digitalization of railcar tracking, increasing investments by major corporations on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
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However, the growth of Railway Telematics Market is hindered due to growing concerns related to data privacy and security.
The major players operating in the market are Railnova, Trinity Industries, Savvy Telematics, Siemens AG, Hitachi Ltd., Robert Bosch, Intrex Telematics, Knorr-Bremse, Alstom SA and Intermodal Telematics, among others.
Based on Solution, the Rail Tracking & Tracing segment is estimated to expand at a significant CAGR over the forecast period
The Rail Tracking & Tracing offers helps to detect collision and shock detectors aids in analyzing the approaching threats, are some of the features responsible for the segment’s growth.
Based Rail Cars, the Hoppers segment is predicted to grow at a remarkable CAGR during the forecast period
The increasing use of hoppers in the freight activities and transporting bulk commodities along with rise in the number of logistics and freight transportation companies, are some of the factors propelling the segment’s growth.
Based on Region, the Asia-Pacific region is projected to capture the largest market share over the forecast period
As per the Railway Telematics Market Analysis, increase in Government’s expenditure on modernizing railways, growing adoption of advanced safety systems in railways trains, rapid urbanization, rising disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Development:
In 2021, Trinity Rail Group launched, Trinsight, which aims to provide real-time intelligence on the location and of the rail equipment.
In 2021, Siemens AG announced digitalization of Finnentrop interlocking., which includes digitalizing switch points and derailers.
Market Segmentation
Global Railway Telematics Market by Solution
Fleet Management
Automatic Stock Control
Remote Data Access
Rail Tracking & Tracing
Global Railway Telematics Market by Railcar
Hoppers
Tank Cars
Well Cars
Box Cars
Refrigerated Boxcar
Others
Global Railway Telematics Market by Component
Telematic Control Unit
Sensors
Global Railway Telematics Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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