The global rail vehicle market is expected to enlarge at a higher rate during the forecast period, 2020 - 2026. Technical innovation and designs in the railway transport industry has attracted a robust market growth. Developments in the public transportation sector followed by government initiatives to strengthen the use of railway contributes to the overall market development in the forecast period.
The railroad industry is growing economically worldwide encompassing the use of modern scientific method for rail-wheel dynamics. In the recent years, the after sales market for rail maintenance witnessed a growing curve thanks to procurement of new vehicles in the recent years. Trends in the rail vehicle market have resulted into modernization and refurbishment of projects attributing to the rise in demand for refurbishment from private train companies within their active fleets. Rail companies are now looking forward to digitizing the rail operations as railways continue to be an inseparable part of any economy. For instance, Alstom remains a leading player for high-speed services. In addition, the company has also planned to configure driverless metros in European countries. Urbalis Evolution is one such initiative by Alstom that supports driver as well as driverless operation.