Railway Telematics Industry Overview
The global railway telematics market size was valued at USD 10.61 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028.
The surge in demand for a safe, secure, and efficient transport system is anticipated to support market growth. Advanced transport systems are less likely to witness fatalities owing to upgraded telematics technologies, thereby contributing to the growth. However, COVID-19 pandemic-related lockdowns hampered transportation and freight activities globally during the first half of 2020, negatively impacting the market growth. The growing demand for the digitalization of railcar tracking and increasing rail freight transportation are some of the key factors anticipated to drive the growth.
Gather more insights about the market drivers, restrains and growth of the Global Railway Telematics Market
Advanced technologies such as asset management, integrated service management, shock detection, predictive analytics, and automatic stock control can help rail management operators manage optimal routes, idle railcars capacities, and schedules in near real-time. The increasing adoption of these as well as other smart technologies, such as railway telematic, freight tracking, smart ticketing, platform signaling, is also expected to drive the demand for associated services and solutions.
Railway telematics systems are primarily implemented by rail corporations, rail management companies, and insurance companies to monitor the location and behavior of railcars. Telematics solutions track the movement and location of a vehicle by combining on-board diagnostics systems and Global Positioning Systems (GPS). Together, diagnostics systems and GPS can record the railcars' location, speed, and internal behavior. Furthermore, telematics solutions provide data related to the security and safety of the vehicle.
Increased budget allocation for the development of railways and the rising demand for safer, secure, and efficient transport systems are working favorably for the market. The promising pace of urbanization globally is paving the way for smart cities. Government authorities globally are investing in various smart city projects to improve transportation infrastructure, further driving infrastructure development activities in the public transportation sector.
The market suffered a significant blow due to the spread of the COVID-19 virus in the first half of 2020. Lockdown restrictions imposed by various governments globally temporarily halted logistics and freight activities. Moreover, trade restrictions across the globe hampered market growth. However, the demand for railway telematics solutions is anticipated to recover in the near future.
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Railway Telematics Market Segmentation
Grand View Research has segmented the global railway telematics market based on solution, railcar, component, and region:
Railway Telematics Solution Outlook (Revenue, USD Million, 2018 - 2028)
- Fleet Management
- Automatic Stock Control
- Remote Data Access
- Railcar Tracking and Tracing
- Others
Railway Telematics Railcar Outlook (Revenue, USD Million, 2018 - 2028)
- Hoppers
- Tank Cars
- Well Cars
- Boxcars
- Refrigerated Boxcars
- Others
Railway Telematics Component Type Outlook (Revenue, USD Million, 2018 - 2028)
- Telematics Control Unit
- Sensors
Railway Telematics Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- March 2021: Siemens AG announced the complete digitalization of Finnentrop interlocking in North-Rhine Westphalia state. The company stated that 404 interlocking units are estimated to be substituted, which comprise switch points, signals, and derailers.
- February 2021: Trinity Rail Group launched Trinsight, a digital platform for offering real-time intelligence regarding location and the status and condition of rail equipment. The platform is designed to enhance the management, efficiency, and safety of fleet operations.
Key Companies profiled:
Some of the prominent players in the global railway telematics market are:
- Siemens AG
- Hitachi Ltd.
- Alstom SA
- Knorr-Bremse AG
- Robert Bosch GmbH
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