Light Rail Vehicle Market Size, Share, Growth, Report 2024-2032
Light Rail Vehicle Market Outlook
According to a new report by Expert Market Research titled, “Light Rail Vehicle Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global light rail vehicle market is projected to grow at a CAGR of 5% between 2024 and 2032. Aided by the growing demand for sustainable transport systems and the escalating applications of light rail vehicles in urban transportation, the market is expected to grow significantly by 2032.
Light rail vehicles, also known as trams or streetcars, are a type of rail transport that use tracks for passenger or freight services. They are energy-efficient and environmentally friendly, producing fewer emissions and consuming less energy compared to other modes of transport. They are extensively used in city transportation networks and are seeing an increased adoption in suburban and intercity networks as well.
The escalating demand for eco-friendly and efficient transportation systems is driving the global light rail vehicle market growth. With increasing urbanisation and population growth, cities worldwide are facing mounting challenges related to traffic congestion, air pollution, and infrastructure development. Light rail vehicles provide a solution to these issues by offering an efficient, sustainable, and cost-effective mode of transportation, leading to a surge in their adoption.
The broadening applications of light rail vehicles in urban transportation are also contributing significantly to the light rail vehicle market expansion. Light rail vehicles are becoming a preferred choice for public transportation due to their ability to navigate through city streets with ease, their high passenger capacity, and their adaptability to existing city infrastructure. Moreover, they have the added benefit of reducing road congestion and lowering carbon emissions, making them a suitable choice for environmentally conscious urban planning.
Additionally, the increasing government initiatives worldwide to promote sustainable transportation are spurring the light rail vehicle market. Many governments are investing heavily in the development of light rail infrastructure to reduce dependency on road transport and to achieve their climate goals. Tax incentives, subsidies, and favourable policies are also being introduced to encourage the adoption of light rail systems.
Further, technological advancements in light rail systems are expected to boost the market expansion. Developments such as autonomous operation, real-time tracking, and enhanced passenger information systems are making light rail systems more efficient and passenger friendly. These advancements are anticipated to attract more commuters to light rail systems, thereby fuelling the light rail vehicle market development.
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Light Rail Vehicle Market Segmentation
The market can be divided based on capacity, ground clearance, application, and region.
Market Breakup by Capacity
• Lower Capacity
• Higher Capacity
Market Breakup by Ground Clearance
• Low-Floor
• High-Floor
Market Breakup by Application
• Inner City
• Interconnecting Cities
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global light rail vehicle companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Bombardier Inc.
• Alstom
• Siemens Mobility GmbH
• Mitsubishi Heavy Industries, Ltd.
• Kawasaki Rail Car, Inc.
• PKC Group Ltd
• Others
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