Automotive and Transportation

Maglev Train Market is Projected to Reach USD 6.97 Billion by 2031

Apr 2024

Automotive and Transportation

As per the report published by Kings Research, the global Maglev Train Market was valued at USD 3.10 billion in 2023 and is projected to reach USD 5.92 billion by 2031, growing at a CAGR of 6.68% from 2024 to 2031.

The rise in the use of public transport services as a solution to minimize traffic congestion is becoming increasingly prominent in urban areas worldwide. With cities facing challenges related to traffic congestion, pollution, and limited space for road infrastructure expansion, there is a growing recognition of the importance of promoting public transportation as a sustainable alternative. Public transport systems, including buses, trains, and subways, offer efficient means of transporting large numbers of people, thereby reducing the number of individual vehicles on the road. This shift toward public transportation is driven by various factors, including environmental concerns, the need to improve urban mobility, and government initiatives to reduce traffic congestion and emissions. As a result, there is a growing emphasis on investing in the expansion and improvement of public transport networks, including the integration of innovative technologies such as maglev trains, to provide faster, more reliable, and environmentally friendly transportation options for urban commuters.

Key Insights

  • Based on type, the normal conducting magnetic levitation segment is anticipated to experience the fastest-growing CAGR of 6.93% over the forecast period
  • Based on application, the intercity segment generated the highest revenue of USD 1.71 billion by 2023
  • On the basis of region, Europe is expected to witness the highest growth, depicting a CAGR of 8.24% through the projection period

Hitachi Chosen by Municipality of Naples for Delivery of 22 New Generation Trains

February 2024: the Municipality of Naples awarded Hitachi Rail a contract worth USD 218.75 million to provide 22 new generation trains for Naples Metro Line 6, thereby strengthening Hitachi Rail's position as a leading supplier in the rail transportation sector.

Increasing Budget Allocation for the Development of Railways to Augment Maglev Train Market Expansion 

Governments around the world are recognizing the importance of investing in rail infrastructure to address transportation challenges, promote economic growth, and achieve sustainability goals. As a result, there is a growing trend of increased budget allocations for railway development projects, including the implementation of high-speed rail systems such as maglev trains. These investments aim to modernize existing rail networks, enhance connectivity between urban centers, and reduce travel times for passengers. Additionally, the development of maglev train systems aligns with government objectives to promote innovation, technology transfer, and job creation in the transportation sector. By allocating more resources to railway development, governments aim to support the growth of the maglev train market and accelerate the adoption of high-speed, sustainable transportation solutions on a global scale.

Rising Awareness of the Eco-Friendly Nature of Maglev Trains to Present Promising Opportunities for Maglev Train Market Growth

There is a growing demand for transportation solutions that minimize carbon emissions and reduce environmental impact. Maglev trains offer several eco-friendly advantages over traditional rail systems, including lower energy consumption, reduced greenhouse gas emissions, and quieter operation. Additionally, maglev technology eliminates the need for friction-based propulsion, leading to smoother rides and less wear and tear on infrastructure. As governments, businesses, and consumers increasingly prioritize sustainability in transportation choices, the eco-friendly attributes of maglev trains are becoming a key selling point. This rising awareness and demand for environmentally friendly transportation solutions present a significant opportunity for the expansion of the maglev train market, as stakeholders strive to reduce their carbon footprint and contribute to a more sustainable future.

Europe to Grow at the Highest CAGR of 8.24% Between 2024 and 2031

The Europe maglev train market is anticipated to record substantial growth in the foreseeable future. The region's rapid growth can be attributed to several factors, including increasing investments in transportation infrastructure, government initiatives to promote sustainable mobility, and technological advancements in high-speed rail systems. European countries are at the forefront of developing and implementing innovative transportation solutions, including maglev trains, to address growing urbanization, reduce congestion, and enhance connectivity within the region.

Additionally, favorable regulatory policies, supportive funding mechanisms, and strong public-private partnerships are driving the adoption of maglev technology in Europe. Furthermore, the European Union's focus on promoting sustainable transport modes and reducing carbon emissions is expected to boost the growth of the maglev train market in the region. With a conducive regulatory environment, robust infrastructure development plans, and a growing emphasis on sustainability, Europe is poised to lead the maglev train market over the forecast period.

Market Players Concentrating on Product Innovations to Drive Market Development

The global maglev train market is fragmented with key players such as SwissRapide AG, WSP, Northeast Maglev, Hyundai Motor Group, CRRC Corporation Limited, Hitachi, Ltd., Max Bögl Group, ALSTOM SA, Medha Servo Drives Private Limited, and Central Japan Railway Company. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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