Enjoy complimentary customisation on priority with our Enterprise License!
The railway fleet management market size is forecast to increase by USD 4.53 billion, at a CAGR of 14.19% between 2023 and 2028. The growth rate of the market depends on several factors, including the growth in the adoption of wireless technology in the railway industry, the growing need for operational competency, and the Technological advancements in railway fleet management. Railway fleet management refers to the comprehensive process of overseeing and optimizing the operation and maintenance of a fleet of trains and associated assets within a railway system. The goal of railway fleet management is to ensure the efficient, safe, and reliable operation of trains while minimizing costs and maximizing the lifespan of the railway equipment.
The report offers extensive research analysis on the Railway Fleet Management Market, with a categorization based on Communication Technology, including GNSS and cellular system. It further segments the market by Component, encompassing software, hardware, and services. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
For More Highlights About this Report, Download Free Sample in a Minute
One of the key factors driving the railway fleet management market growth is the technological advancements in railway fleet management. Several IoT devices, including sensors and GPS trackers, are integrated into trains and rail infrastructure to collect real-time data. In addition, these data are used for monitoring train performance, tracking locations, and conducting predictive maintenance, contributing to improved operational efficiency. Furthermore, advanced analytics and big data solutions process large volumes of data generated by railway operations.
Moreover, analytics tools help in extracting actionable insights, predicting equipment failures, optimizing schedules, and making informed decisions to enhance overall fleet management. In addition, AI is employed for predictive maintenance, fault detection, and optimization of train schedules. Furthermore, machine learning algorithms analyze historical data to identify patterns and trends, enabling operators to anticipate maintenance needs and optimize fleet performance. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the railway fleet management market growth is the emergence of digital twins for railway asset management. Digital twins facilitate real-time monitoring of assets, offering insights into their condition, performance, and health. In addition, operators can track key parameters such as temperature, vibration, and energy consumption. Furthermore, this information helps optimize asset performance and identify potential issues before they escalate.
Moreover, digital twins support comprehensive life cycle management of railway assets. In addition, from the design and construction phase to ongoing operations and eventual decommissioning, the digital twin provides a holistic view of an asset life cycle. Furthermore, this assists in planning for upgrades and replacements and ensuring compliance with safety standards. Hence, such factors are driving the market growth during the forecast period.
The slow adoption rate among small fleet owners is one of the key challenges hindering the railway fleet management market growth. There is an increasing use of fleet management by large- and medium-scale railway fleet owners to streamline operations. However, there is a slow adoption rate of fleet management among small operators due to various factors such as the lack of awareness, limited operation scale, and financial limitations.
Moreover, small-scale operators find it difficult to deploy fleet management, and it is not feasible as an advanced fleet management system might be a waste of resources. In addition, high capital requirements and a rise in operational costs after the implementation add to the apprehensions of small-scale operators. Furthermore, apart from basic financial constraints, the lack of awareness among small-scale operators regarding many of the advanced technologies, such as fleet management hinders the market growth during the forecast period.
The GNSS segment is estimated to witness significant growth during the forecast period. GNSS segment is a technology that is being widely used in the railway industry. In addition, it is a generic term for satellite navigation systems that provide autonomous geo-spatial positioning with global coverage. Furthermore, GNSS uses a group of satellites to provide signals from space that transmit position and timing data to GNSS receivers, which use this data to determine the location.
Get a glance at the market contribution of various segments Download the PDF Sample
The GNSS segment was the largest segment and was valued at USD 1.89 billion in 2018. Moreover, Europe Galileo, the US NAVSTAR Global Positioning System (GPS), Russia Global naya Navigatsionnaya Sputnikovaya Sistema (GLONASS), and China BeiDou Navigation Satellite System are examples of GNSS. In addition, GNSS receivers have access to multiple satellites, which makes the signals more accurate and redundant. Furthermore, in case of failure of any one satellite system, GNSS receivers can pick up signals from systems, which avoids downtime or lag in signals. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The increasing adoption of the software segment will fuel the market growth. Fleet tracking and monitoring software increasingly utilizes real-time tracking of the location, speed, and status of each railway vehicle, which helps in improved visibility, better resource allocation, and enhanced operational efficiency. In addition, the maintenance management system schedules and tracks maintenance activities for each vehicle in the fleet helps in preventive maintenance planning, reduces downtime, and increases the lifespan of railway assets. Moreover, implementing an integrated system that incorporates the software components can significantly enhance the efficiency, safety, and overall management of a railway fleet. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as growing urbanization and the need for better public transport are driving investments in the railway industry and are contributing to the market growth in APAC. In addition, the continued urbanization in the region is further increasing the need to enhance the railway network, especially in countries such as China and India. Moreover, the growing urbanization in emerging countries such as India, Australia, and New Zealand is increasing the focus of the railway industry to upgrade the railway infrastructure. Furthermore, the other factor contributing to the growing need to enhance the railway network is the growing emergence of smart cities, which further increases the demand for smart transportation. Hence, such factors are driving the market growth in APAC during the forecast period.
Railway Fleet Management Market forecasts include the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their railway fleet management market growth and trends strategies.
Global Railway Fleet Management Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CLX Logistics LLC: The company offers railway fleet management services to visually manage and control fleet status, composition, condition of service, and positioning in real-time from a single UI for better, safer outcomes.
HaslerRail AG: The company offers railway fleet management services that provide a complete range of control, management and service regulation functions plus passenger information.
Masternaut Ltd: The company offers railway fleet management services that provide clients with improved efficiency of rail shipments and optimized utilization of rail fleets.
The Railway Fleet Management Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Railway Fleet Management Market market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The railway fleet management market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Railway Fleet Management Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.19% |
Market Growth 2024-2028 |
USD 4.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.63 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, India, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AllTranstek L.L.C, CLX Logistics LLC, CRX SOFTWARE, Geotab Inc., GMV Innovating Solutions SL, HaslerRail AG, KLS Logistics Services Inc., Masternaut Ltd., Network Rail Consulting, ORBCOMM Inc., Railcar Tracking Co., Railnova SA, Ricardo Plc, Sultran Ltd., The Greenbrier Companies Inc., Trimble Inc., Verizon Communications Inc., VTG GmbH, Westinghouse Air Brake Technologies Corp., and Arcadis NV |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.