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(USGovernment-News.Com, December 17, 2018 ) The global train and components manufacturing market, a part of the transportation manufacturing industry, grew at a compound annual growth rate (CAGR) of around 4% during the historic period. The transportation manufacturing industry showed a steady growth. The growth is mainly due to increasing demand for passenger and commercial vehicles mainly due to strong economic activity in developing countries increasing rates of urbanization and large influence of globalization.
In the forecast period, the global train and components manufacturing market size is expected to be over $182 billion by 2021, growing at a CAGR of nearly 5%. This is expected due to the expected increase in demand for rail transportation, particularly in developing countries. Global trends in urbanization are expected to provide opportunities to invest in rapid transit modes such as metro, to reduce crowding and to improve predictable transit times.. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global train and components manufacturing market in the future.
Train and components manufacturers are implementing both AR and VR technologies to enable train component manufacturing companies to assess the performance of components and identify and minimize the defects faster, thereby enabling manufacturers to reduce operational costs. While AR is a real-time integration of digital information with the user's environment, VR is a three-dimensional, computer generated environment that can be explored and interacted with. Both these
technologies facilitate train and components manufacturers to accelerate and optimize their production, and minimize costs..
Major companies in the train and components manufacturing market, offering AR and VR technology include CRRC, Siemens AG, Alstom, Bombardier, GE Transportation, Hyundai-Rotem, The Greenbrier Co, Stadler, Trinity Industries, and CAF.
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