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The railway fleet management market share is expected to increase to USD 3.31 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.66%.
This railway fleet management market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers railway fleet management market segmentations by the following:
The railway fleet management market report also offers information on several market vendors, including AT and T Inc., Bourque Logistics, CLX Logistics LLC, CRX SOFTWARE, GeoMetrix Rail Logistics Inc., Geotab Inc., GMV Innovating Solutions SL, HaslerRail AG, KLS Logistics Services Inc., Masternaut Ltd., Nomad Technologies Holdings Ltd., ORBCOMM Inc., Railcar Tracking Co., Railnova SA, Ricardo Plc, The Greenbrier Companies Inc., Trimble Inc., Verizon Communications Inc., VTG Aktiengesellschaft, and Westinghouse Air Brake Technologies Corp. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growth in adoption of wireless technology in railway industry is notably driving the railway fleet management market growth, although factors such as slow adoption rate among small fleet owners may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the railway fleet management industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Railway Fleet Management Market Driver
One of the key factors driving the global railway fleet management market growth is the growth in adoption of wireless technology in the railway industry. Factors such as rising demand for Wi-Fi, the need for flexible train re-configurations, and the ever-growing demand for increasing productivity are driving the adoption of industrial ethernet. Ethernet connectivity facilitates the delivery of real-time updates on arrival as well as connection information. Ethernet also enables railway operators to collect data across a range of onboard and centralized systems. This data is crucial for monitoring trains and provides productivity gains in different areas, including greater fuel efficiency. As fleet managers and operators increasingly adopt advanced technologies to attract customers, they need to handle and coordinate an increasing number of systems, technologies, third-party integrations, and employees. Thus, there is a growing need for standard solutions which can manage the full fleet at optimum, which will drive the market growth during the forecast period.
Key Railway Fleet Management Market Trend
Growing adoption of cloud computing for streamlining fleet management operations is one of the key railway fleet management market trends that is expected to impact the industry positively in the forecast period. The cloud model promotes data availability and is composed of five essential characteristics, namely on-demand self-service, broad network access, pooling of resources, increased elasticity, and measured services. The adoption of cloud computing provides an array of benefits to railway fleet owners and operators. With the growing evolution in cloud computing, the railway industry has also started leveraging the benefits by deploying cloud-based solutions. For instance, in 2017, Norway's railway regulator decided to move IT into the cloud based on the government advice and made similar efforts to be implemented across the country since then.
Key Railway Fleet Management Market Challenge
One of the key challenges to the global railway fleet management market growth is the slow adoption rate among small fleet owners. Owing to the lack of awareness, limited operation scale, and financial limitations, 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. Moreover, high capital requirements and a rise in operational costs after the implementation adds to the apprehensions of small-scale operators. Small operators are unaware of the benefits associated with the implementation of advanced technologies. They often face issues with uncertainty about the performance and operational impact of new technologies. This might include the uncertainty about the effectiveness of a comparatively smaller fleet, payback time, acceptance by the workforce (especially drivers), and reliability and maintenance requirements of new technologies. Such factors may hamper the growth of the market during the forecast period.
This railway fleet management market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global railway fleet management market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the railway fleet management market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the railway fleet management market encompasses successful business strategies deployed by the key vendors. The railway fleet management market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The railway fleet management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the railway fleet management market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for railway fleet management in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing urbanization and need for better public transport are driving the investments in the railway industry, which, in turn, will facilitate the railway fleet management market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the growth across several industries in the region was affected by the COVID-19 outbreak, which slowed down manufacturing activities and reduced commodity prices. In addition, it resulted in major supply chain disruptions. The global economic slowdown and disruptions in the supply chain are expected to significantly hamper the growth of the market in the coming years. Several initiatives are being taken to facilitate and enhance the ease of doing business and improve operational efficiency through the use of technology in the global railway fleet management market. For instance, in February 2022, the Government of India is digitalizing its maritime logistics ecosystem to increase exports. Such initiatives in the railway industry are expected to support the growth of the railway fleet management market in the region during the forecast period.
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The railway fleet management market share growth by the GNSS segment will be significant during the forecast period. GNSS is one such technology that is being widely used in the railway industry. The adoption of GNSS in railway fleet management is driven by rapid urbanization in developing economies, various benefits of GNSS, and government initiatives to strengthen their satellite navigation systems.
This report provides an accurate prediction of the contribution of all the segments to the growth of the railway fleet management market size and actionable market insights on post COVID-19 impact on each segment.
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Railway Fleet Management Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.66% |
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Market growth 2022-2026 |
$ 3.31 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
13.43 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 40% |
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Key consumer countries |
US, China, India, France, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AT and T Inc., Bourque Logistics, CLX Logistics LLC, CRX SOFTWARE, GeoMetrix Rail Logistics Inc., Geotab Inc., GMV Innovating Solutions SL, HaslerRail AG, KLS Logistics Services Inc., Masternaut Ltd., Nomad Technologies Holdings Ltd., ORBCOMM Inc., Railcar Tracking Co., Railnova SA, Ricardo Plc, The Greenbrier Companies Inc., Trimble Inc., Verizon Communications Inc., VTG Aktiengesellschaft, and Westinghouse Air Brake Technologies Corp. |
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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, Market condition analysis for forecast period |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Communication Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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