December 29, 2014
Wellesley, Mass., December 29, 2014 –BCC Research (www.bccresearch.com) reveals in its new report on high-speed rail that the global market has been growing at a significant rate in pace with the increase in passengers and freight, primarily driven by the Asia-Pacific region and Europe. The rapidly growing emerging economies, primarily China and Japan in terms of both economy and infrastructure, have significantly expanded the demand for high-speed rail over the past 20 years.
BCC Research projects the global market for high-speed rail to grow from $102.3 billion in 2013 to $112 billion in 2014 at a year-over-year growth rate of 9.5%. In addition, the market is predicted to grow at a five-year compound annual growth rate (CAGR) of 3.6%, to reach $133.4 billion in 2019.
The Asia-Pacific region has become the hub for Western markets to outsource the manufacture of high-speed rail. With the recovery of the global economy, high-speed rail track installation activities have geared up globally. In the North American region, with traffic congestion in different corridors, Canada, the U.S. and Mexico have started investing in high-speed rails. In Europe, high-speed rail is in strong demand to connect Poland, Germany, Spain, Italy, the Netherlands, the U.K. and other European regions.
The global economic downturn in 2011 and 2012 have affected many end-user industries of rolling stock, including manufacturing, construction and others, which in turn distressed the high-speed rail market to a considerable extent. On the brighter side, the advancements in the distributed traction technologies installed in high-speed rail have resulted in the reduction of global carbon emissions, a decrease in energy consumption, and a cutback in fatal accidents.
“Lower-emission and high-speed travel resulting in shorter transportation times will drive the high-speed rail market in the future. In addition, favorable legislation and regulations focusing on the reduction of CO2 emissions and saving energy are contributing to the growth of the high-speed rail market,” says BCC Research analyst Aneesh Kumar. “As the number of cities grow, high-speed rail could provide a boost to the second-tier cities that are geographically near the 'mega-cities' by reducing travel times and providing greater access to metropolitan hubs.”
Factors such as aesthetics, speed and safety are driving the market for high-speed rail, which in turn has compelled the development of technology to ensure that high-speed rail infrastructure meets global standards. With increasing energy prices and environmental concerns such as global warming, people worldwide are becoming conscious of the importance of considering all factors in a transportation system’s costs. From attention to the environmental effects of transportation systems growing, high-speed rail is increasingly considered as an alternative transportation system when the benefits and costs across transportation modes are compared.
High-Speed Rail Technologies and Global Markets covers the different types of high-speed rail tracks used globally. The market is broken down by high-speed rail under operation, high-speed rail track expansion and the different maintenance expenditures on high-speed rail. Revenue forecasts from 2014 to 2019 are given for each estimate of high-speed rail market segments.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
High-Speed Rail Technologies and Global Markets( ENG004A )
Publish Date: Oct 2014
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