Railway Maintenance Vehicle Market

The article discusses the forecasted growth of the global market for railway or tramway maintenance vehicles, with consumption expected to reach 39K units by 2030. Market performance is analyzed with a focus on consumption trends, production levels, and import/export statistics. Key insights include the largest consuming and producing countries, fluctuations in market value and volume, and notable growth rates in various regions. The data showcases the resilience of production levels, despite fluctuations in market trends, and provides a comprehensive overview of the global railway maintenance vehicle industry.

Market Forecast

Driven by increasing demand for railway or tramway maintenance or service vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market volume to 39K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.0% for the period from 2022 to 2030, which is projected to bring the market value to $12.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Railway Or Tramway Maintenance Or Service Vehicles

In 2022, global railway maintenance vehicle consumption fell rapidly to 26K units, shrinking by -15.3% against the previous year. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.6% against 2020 indices. Global consumption peaked at 31K units in 2021, and then shrank significantly in the following year.

The global railway maintenance vehicle market size shrank dramatically to $7.3B in 2022, which is down by -20.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.7% against 2020 indices. Global consumption peaked at $9.1B in 2021, and then shrank sharply in the following year.

Consumption By Country

The country with the largest volume of railway maintenance vehicle consumption was China (4.3K units), accounting for 16% of total volume. Moreover, railway maintenance vehicle consumption in China exceeded the figures recorded by the second-largest consumer, the United States (1.9K units), twofold. The third position in this ranking was held by India (1.8K units), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +8.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+4.7% per year) and India (+7.7% per year).

In value terms, the largest railway maintenance vehicle markets worldwide were China ($1.5B), the United States ($954M) and India ($444M), together accounting for 40% of the global market. France, Russia, Japan, Ethiopia, Democratic Republic of the Congo, Turkey, Iran, Vietnam, Indonesia and the UK lagged somewhat behind, together accounting for a further 18%.

Among the main consuming countries, Democratic Republic of the Congo, with a CAGR of +21.8%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of railway maintenance vehicle per capita consumption in 2022 were France (10 units per million persons), Turkey (7.6 units per million persons) and Russia (7.3 units per million persons).

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +16.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Railway Or Tramway Maintenance Or Service Vehicles

Global railway maintenance vehicle production shrank to 26K units in 2022, which is down by -14% compared with 2021 figures. In general, production, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 26%. As a result, production reached the peak volume of 30K units, and then dropped in the following year.

In value terms, railway maintenance vehicle production reduced notably to $6.9B in 2022 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +16.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 39% against the previous year. As a result, production attained the peak level of $8.3B, and then fell notably in the following year.

Production By Country

The country with the largest volume of railway maintenance vehicle production was China (5K units), accounting for 20% of total volume. Moreover, railway maintenance vehicle production in China exceeded the figures recorded by the second-largest producer, the United States (2K units), twofold. The third position in this ranking was taken by India (1.6K units), with a 6.1% share.

In China, railway maintenance vehicle production increased at an average annual rate of +10.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+2.9% per year) and India (+7.6% per year).

Imports

World Imports of Railway Or Tramway Maintenance Or Service Vehicles

In 2022, overseas purchases of railway or tramway maintenance or service vehicles decreased by -20% to 3.2K units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, enjoyed a measured increase. The growth pace was the most rapid in 2015 with an increase of 133% against the previous year. As a result, imports reached the peak of 8.6K units. From 2016 to 2022, the growth of global imports failed to regain momentum.

In value terms, railway maintenance vehicle imports declined rapidly to $893M in 2022. Overall, imports recorded a perceptible decline. The pace of growth appeared the most rapid in 2017 when imports increased by 36%. Over the period under review, global imports hit record highs at $1.2B in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, France (431 units), followed by the United States (286 units), Spain (273 units), Canada (243 units), India (211 units) and Germany (204 units) were the key importers of railway or tramway maintenance or service vehicles, together comprising 51% of total imports. The following importers - Belgium (128 units), Thailand (98 units), Japan (91 units), Italy (81 units), Brazil (81 units), Sweden (70 units) and Austria (59 units) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +39.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest railway maintenance vehicle importing markets worldwide were Japan ($110M), India ($89M) and Canada ($84M), with a combined 32% share of global imports. Brazil, Italy, Belgium, Sweden, the United States, Austria, Spain, Thailand, Germany and France lagged somewhat behind, together accounting for a further 31%.

In terms of the main importing countries, Belgium, with a CAGR of +29.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average railway maintenance vehicle import price amounted to $275,630 per unit, falling by -4.7% against the previous year. Overall, the import price showed a abrupt slump. The pace of growth appeared the most rapid in 2016 when the average import price increased by 246% against the previous year. Over the period under review, average import prices attained the maximum at $477,750 per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($1,208,240 per unit), while France ($16,678 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Railway Or Tramway Maintenance Or Service Vehicles

In 2022, after five years of growth, there was significant decline in shipments abroad of railway or tramway maintenance or service vehicles, when their volume decreased by -8.6% to 2.7K units. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 23%. As a result, the exports attained the peak of 3K units, and then shrank in the following year.

In value terms, railway maintenance vehicle exports fell dramatically to $923M in 2022. Over the period under review, exports saw a mild setback. The pace of growth appeared the most rapid in 2021 when exports increased by 61%. As a result, the exports reached the peak of $1.6B, and then contracted notably in the following year.

Exports By Country

In 2022, China (748 units), distantly followed by the United States (386 units), France (262 units), Italy (205 units), Germany (196 units) and Spain (147 units) represented the major exporters of railway or tramway maintenance or service vehicles, together mixing up 71% of total exports. Austria (76 units), Croatia (72 units), Sweden (65 units), Switzerland (51 units), the Netherlands (49 units), Poland (47 units) and Canada (45 units) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +30.6%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest railway maintenance vehicle supplying countries worldwide were Austria ($236M), the United States ($178M) and China ($147M), with a combined 61% share of global exports.

In terms of the main exporting countries, China, with a CAGR of +18.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average railway maintenance vehicle export price amounted to $339,451 per unit, declining by -37.1% against the previous year. In general, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 31% against the previous year. As a result, the export price reached the peak level of $539,922 per unit, and then dropped rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Austria ($3,111,630 per unit), while France ($23,284 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+15.0%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform