Rockville Pike, MD -- (SBWIRE) -- 07/19/2019 -- Railways have always been an integral part of the public transport system around the world and will play an important role in the coming years, with rapid urbanization, growing passenger density, and changing travelling mediums. This has led to surge in the global demand for railway products, influencing the development of rail gangways market.
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The global rail gangways market has been envisaged to grow steadily at a CAGR of 4.9%, reaching a value of US$ 634 million by the end of the forecast period (2018-2028).
The railway ministry is focused on improving safety of passengers and trains which influenced the manufactures to install gangway doors between rail gangways, allowing to block the path of fire through automatic sliding mechanism during an accident. In addition, a focus on enhancing product quality as well as ease of handling is one of the important growth strategies of key players operating in the global rail gangways market.
Sprawling railway infrastructure along with growing need for high speed rail transportation among middle-class population is expected to give a boost to the growth of rail gangways market globally.
Introduction of government schemes for enhancing connectivity between cities through the development of high speed train infrastructure and incorporation of digitalization in metro are the crucial factors to ramp up the growth of rail gangways market in the global scenario. Moreover, China is making large scale investments for improving the country's rail sector which in turn is likely to create lucrative opportunities of manufactures of rail gangways.
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Two piece gangways will continue to reign supreme in the global rail gangways market by product type, anticipated to account for 3.5x the value share of single piece gangways during the forecast period. They are generally used in regions with high passenger density including North America, Europe, China, and others, while single piece gangways are used in Japan, India, and other nations. Growing passenger density in respective countries or regions is likely to provide bilateral support to the future expansion of global rail gangways market.
In terms of incremental $ opportunity, the two piece rail gangways segment is foreseen to create 27x the opportunity created by its counterpart over the period of assessment.
Based on train type, passenger train is expected to maintain a superiority in the global rail gangways market, expanding at a CAGR of 4.2% through 2028. Although special train is likely to hold the lowest market share, the segment is anticipated to grow at a significant rate, in terms of year-over-year growth during the forecast period.
Nature of the global rail gangways market is likely to remain consolidated, with leading players accounting for the highest market share. These players are expected to generate over US$ 50 million in revenue through the global sales of rail gangways. Mid-sized companies operating in the global rail gangways market are projected to hold market share of 25% to 35%.
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Some of the prominent players of the global rail gangways market are Hubner GmbH & Co. KG, Bellow and Bus (Pty) Ltd., Chongqing Hengtai Electromechanical Equipment Co., Ltd., Schliess- und Sicherungssysteme GmbH, Airflow Equipments (India) Pvt. Limited, ATG AUTOTECHNIK GmbH, Hutchinson, Dellner Couplers AB, Narita Mfg. Ltd., KTK Group, Qingdao Victall Railway Co., Ltd, Kasper Elektronik GmbH, Korea Railway Parts Co Ltd, and Vulcanite Pty Ltd.
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