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Global Light Rail Vehicle Market Segmented By Lower and Higher capacity with ground clearance that is Low-floor light rail vehicle, High-floor light rail vehicle used in Inner city Light rail vehicle, Interconnecting cities.
Light rail vehicle is considered as an efficient means of public transport, and is significantly contributing in reshaping the future of urban transportation. Light rail vehicles provide passenger service within or around the urban areas. Light rail vehicles are similar to that of a tramway but differ slightly in capacity.
Light rail vehicles have recently gained significant opportunities due to their lower capital costs and increased reliability as compared to heavy rail system. Light rail vehicle are being seen as an environment-friendly alternative for means of transport.
Improved passenger comfort as well as enhanced environmental control is expected to drive the demand for light rail vehicles in the urban regions. Therefore, the market for light rail vehicle is expected to witness significant demand during the forecast period.
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Growing urbanization and increased mobility are expected to be the key factors driving the growth of the light rail vehicle market during the forecast period. Growing population across the globe and a switch towards urbanization is expected to increase the demand in the transportation services. The rising demand from transportation services will be satisfied by an upsurge in production of rail supply, which in turn is expected to propel the demand for light rail vehicle during the forecast period.
There are certain challenges in the light rail vehicle market, which the manufacturers have to face. The light rail vehicle costs significantly higher for long distance route managing lesser traffic. Increasing preference towards road transport for passenger mobility may influence the growth of the light rail vehicle market.
The growing preferences for public–private partnership (PPP) model in developing countries is an ongoing trend influencing the global market for light rail vehicle. PPP arrangements are preferred for large projects, which require highly skilled workers with a significant investment. Hence, the public-private partnership (PPP) model is gaining substantial traction in the railway infrastructure projects for their funding and better risk sharing benefits.
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Countries where there is no light rail transit installed yet, possess the greatest potential for the growth of light rail vehicle market during the forecast period. Due to increasing urbanization in the countries of Asia Pacific the demand for new and improved rail and transport related infrastructure projects is expected to be implemented in the coming years, which in turns is estimated to propel the demand for light rail vehicle in the region. Increasing population in and around urban areas is leading towards rising demand for easy and time efficient transportation services across the globe.
Europe is the leading region in the light rail vehicle market. Germany and Russia collectively account for more than 30% of the total light rail vehicles around the world. Region such as the Middle East and Africa is expected to develop new and modern infrastructure with a faster growth rate. However, Latin America started considering light rail vehicle as a suitable means of transport and is expected to project significant growth during the forecast period.
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Examples of some of the market participants identified across the value chain of the global light rail vehicle market include:
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