(USGovernment-News.Com, September 27, 2019 ) According to the latest report by IMARC Group, titled “Rolling Stock Market Research Report and Forecast 2019-2024”, the global rolling stock market size reached US$ 53.4 Billion in 2018. Rolling stock refers to the wheeled vehicles which run on railway tracks. They can be both powered and unpowered and include coaches, passenger cars and freight wagons. They are considered one of the ideal and cost-effective modes of daily conveyance for commuters and transporting heavy goods, such as bulky machinery and construction materials over long distances. As a result, they are extensively utilized across diverse industrial verticals, such as oil and gas, and automotive, to transport a wide range of goods, including raw materials and industrial chemicals.
Rapid urbanization and increasing working population have resulted in significant developments in the public transportation infrastructure, including railways. This has consequently increased the demand for daily transportation modes such as trams, metro and local passenger trains, which is driving the market growth. Moreover, since railways are one of the most efficient ways of transporting goods across numerous industries, the thriving industrial sector is providing an impetus to the market growth. The manufacturers are introducing lightweight vehicles, which are anticipated not only to improve fuel efficiency but also ensure faster travel. Furthermore, governments of numerous countries are implementing stringent regulations to replace aging locomotives with new variants having enhanced features and greater efficiency. Other factors contributing to the market growth include increased research and development (R&D) activities, along with the adoption of advanced technologies, such as the application of the internet of things (IoT) for diagnosing engine issues and monitoring and tracking cargo loads. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 65.3 Billion by 2024, registering a CAGR of around 3% during 2019-2024.
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