Market Size

Railway AfterMarket Size

Railway Aftermarket size exceeded USD 78 billion in 2020 and is anticipated to exhibit a CAGR of over 4.6% from 2021 to 2027. Stringent regulations associated with railway emissions and growing usage of rail freight transportation are driving the industry growth.

Rail maintenance ensures the prevention and remedial maintenance of railway assets including train components, electric equipment, infrastructure, and other components. To ensure passenger and freight safety, regulatory bodies highly emphasize periodic maintenance and inspection, which will positively influence the market.

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Rising efforts to reduce the cost of ownership are increasing the efficiency and reliability of the railway fleet. Moreover, investments in data-driven preventive technologies are further allowing operators to enhance rail safety, improve cost savings, and effective usability. Advanced analytic solutions and sensor technologies are a significant part of such investments. In addition, the installation of GPS and remote monitoring technologies in an increasing number of trains are further providing substantial opportunities for service providers. Innovative technologies adopted by component providers will fuel the market revenue. For instance, Stratasys, a 3D printer OEM, unveiled a rail industry solution for 3D printing rail components.

The lurking COVID-19 pandemic is hampering the business expansion. The severity of the imposed lockdowns and other restrictions coupled with an acute decline in the number of passengers had a severe impact on the railway aftermarket. Attributable to such factors, the industry observed a downfall of double digits in 2020. However, slow recovery in the traveling rate by trains, especially internationally, is expected to hinder the market growth in the preceding year.