The global maglev train market revenue was around US$ 2.7 billion in 2022 and is estimated to reach US$ 5.13 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2023 to 2031.
Magnetic levitation is the word “maglev” originates. Powerful magnets are used to suspend, steer, and push the vehicles in these trains, which operate on the electromagnetic propulsion theory. The three main parts of the maglev train system are, the track known as the “guideway”, the power source, and the enormous magnets that are linked to the trucks/cars.
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Factors Influencing Market Growth
– Increase in demand for safe, reliable, and efficient transportation, the expansion of funding for railroad construction, and the usage of public transportation to reduce traffic congestion drive the market growth.
– Improvements in the railway infrastructure in emerging nations and a rise in the development and testing of maglev trains create lucrative opportunities in the market.
– High capital requirements and the need to renovate old railroads. Such factors may limit the market expansion.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, overall production and sales were halted. Under the World Health Organization’s (WHO) recommendations, several nations’ governments implemented trade and lockdown restrictions, which disrupted exports, particularly from China, and led to the closure of assembly plants in the U.S. In addition, large-scale manufacturing disruptions throughout Europe. The scenario put the rolling stock business under a lot of pressure. The railway department has scaled back its freight transport capabilities due to the suspension of all passenger train services.
Europe is expected to dominate the market. This is due to the rising urbanization of developing nations, increased investment in rolling stock development, maintenance, and upgrade, and expansion of fast and reliable rail networks. Such factors propel the market growth in this region.
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However, North America is predicted to have the fastest rate during the forecast period. This is due to the presence of the top producers of maglev trains in the region and the growing number of industries choosing to use maglev trains over other means of transportation.
The leading competitors in the global maglev train market are:
– CRRC Corporation Limited (CRRC)
– Medha Servo Drives Pvt Ltd
– Mitsubishi Heavy Industries, Ltd
– Central Japan Railway Company
– American Maglev Technology
– SwissRapide AG
– Northeast Maglev
– Max b?gl
– Hitachi Ltd
– Hyundai Rotem Company
– Agile Setu Pvt Ltd
– Bharat Heavy Electricals Ltd
– Shanghai Maglev Transportation Development Co. Ltd
– East Japan Railway Company
The global maglev train market segmentation focuses on Type, Technology, Application, Top Speed, and Region.
Segmentation based on Type
– Normal Conducting Magnetic Levitation
– Superconducting Maglevs
Segmentation based on Technology
– Electromagnetic Suspension (EMS)
– Electro-dynamic Suspension (EDS)
– Inductrack System (permanent magnet passive suspension)
Segmentation based on Application
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Segmentation based on Top Speed
Segmentation based on Region
– North America
– The U.S.
– Western Europe
– The UK
– Rest of Western Europe
– Eastern Europe
– Rest of Europe
– Asia Pacific
– Australia & New Zealand
– Rest of Asia Pacific
– Middle East & Africa (MEA)
– Saudi Arabia
– South Africa
– Rest of MEA
– South America
– Rest of South America
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Table of Content
Chapter 1: Global Maglev Train Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Maglev Train market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Maglev Train Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Maglev Train market Size Forecast (2023-2031).
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Maglev Train market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Maglev Train market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Maglev Train market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Maglev Train business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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