Growing need for rail gangways in various countries on the coattails of ongoing railway infrastructure development along with new construction of metro rails is anticipated to accelerate the growth of rail gangways market across the globe.
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The global rail gangways market is expected to be valued at US$ 392.8 million in 2018, expanding at a significant CAGR of 4.9% over the forecast period (2018-2028). Rising investments in railway developments and upcoming metro rail projects are likely to complement future expansion of the market which has been foreseen to attain a value of US$ 634.0 million by 2028-end. Further, the rail gangways market is anticipated to create incremental $ opportunity worth US$ 241.3 million throughout the assessment period.
Development in Rail Activities to Offer Lucrative Opportunities
Developing regions including China and SEA & Pacific are heavily investing to provide support in the development of rail activities which will serve as a catalysts for the overall growth of rail gangways market. In addition, increase in rolling stock is likely to create lucrative opportunities for suppliers of rail gangways during the forecast period.
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Changing travelling medium along with rapid consumer inclination toward the economical public transportation systems such as trains and metros will continue to shape the future of global rail gangways market. However, increasing attractiveness of air travel and significant growth of automobiles for both short and long trips will possibly remain daunting challenges for key market players.
Western Europe to be at the Forefront of Global Rail Gangways Market
In terms of market value share, the global rail gangways market is expected to remain concentrated in Western Europe, followed by China which is likely to account for maximum share in term of sales during the forecast period of 2018-2028.
South East Asia & Pacific is estimated to project incremental $ opportunity worth nearly US$ 30.6 million, while rail gangways market in Latin America and Japan are anticipated to expand at an above average rate throughout the forecast period.
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