Categories: Automotive

Monorail System Market Size to Record US$ 9.27 Billion by 2032

The global monorail system market size reached USD 6.23 billion in 2022 and it is projected to be worth around USD 9.27 billion by 2032 and growing at a CAGR of 4.1% from 2023 to 2032.

Monorail is a means of transport that uses single track made of either concrete or metal. They are supported and guided by wheels beneath the train that are in continuous contact with the track. In general, the monorails are electrically driven and their wheels are in complete contact with the track, however, maglev trains are magnetically driven and their wheels are slight above the track. Therefore, maglev trains offer smoother and jerk free travel as compared to electric monorails. In addition, monorails can support four to six cars and maximum of eight cars. Monorail systems are environmentally-friendly on account of its simple, tapered guide way than wide bridge structure needed for other transit systems. This permits sunlight through to the surface street and nearby area. Airflow is not jammed to/from the surface street thereby not creating air pollution underneath the structure by exhaust gas of cars.

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Monorail System Market Growth Factors

The global monorail systems market is largely driven by the rising demand for public transportation system and increasing infrastructure development in the emerging nations. Furthermore, rising traffic congestion and need for reliable and fast-transport system is also driving the market significantly. Monorails offer several advantages over the metro system such as space optimization in installation along with environment friendly means of commutation. In addition, increasing traffic congestion especially in Asian countries has led the government to invest significantly on the monorail projects. For instance, China, India, Korea, Japan, and other ASEAN countries are largely focused on developing monorails for intra-city travel to reduce the travelling time and regulate the pollution in the region.

However, lack of research & development and innovation in the monorail system along with manufacturing cost and cost of installation for monorail hinder the market growth. Nevertheless, rising government initiatives for monorail rail expected to fuel the market growth during the forecast period.

Report Highlights

The Asia Pacific seeks to be the most opportunistic market during the forecast period. The significant growth of the region is majorly attributed to the rising urbanization, ever-increasing population, and rising investment on public transportation. In addition, need for environment-friendly mass transit system also propel the market growth prominently.
North America and Europe are the noticeable market players that contribute significantly to the market revenue. Being technologically developed and significant initiative by the government to reduce the carbon footprint in the region monorail is the preferred choice for mass transit in the region.
By propulsion type, electric monorails are the preferred choice over maglev monorail as they are more economical and suitable for intra-city travel. However, maglev trains have very high speed of more than 500 kilometers per hour that makes it unsuitable for short distance travel. Furthermore, it costs more in manufacturing and maintenance.
GoA2 dominated the automation segment with magnificent revenue share in the global monorail system market. Benefits offered by the GoA2 grade of automation over other grades such as less cost of installation compared to GoA3 & GoA4. In addition, they are operated under surveillance that helps to prevent from accident. However, GoA3 & GoA4 are fully automated monorail grades that possess high level of safety & punctuality.

Regional Snapshots

Asia Pacific is projected as the most opportunistic region during the forecast period. The vital factor attributed to this potential is ever increasing population, rapid urbanization, and increasing traffic congestion in this region. The governments of Asian countries are largely investing on public transportation and infrastructure development. As of Asian Development Bank, the Asia Pacific requires USD 8.4 Tn of finance by 2030 for transport projects and development. In addition, rising monorail projects in China, India, and ASEAN countries are expected to further drive the market growth prominently.

On the other hand, North America and Europe are the prominent regions in the global monorail systems market. The regions offer significant growth opportunity being technologically advanced and pre-adopter of advanced technologies. Furthermore, Europe is constantly focusing on reducing the carbon footprint in the region and has launched several directives and norms related to carbon emission.

Key Players & Strategies

The global monorail systems market is consolidated and largely driven by technological advancement. Major players in the market are significantly focused towards maintaining their brand name by offering reliable and sustainable monorail solution. They work in partnership with the governments of various countries to build the monorail system.

Some of the key players of the market are Bombardier Corporation, CRRC Corporation Limited, Hitachi Rail, Ansaldo STS, BYD Company Ltd, General Electric, Alstom S.A., Thales Group, SIEMENS AG, Mitsubishi Electric, and ABB among others.

Segments Covered in the Report

By Type