Maglev Train Market size to grow by USD 1.38 billion from 2022 to 2027 | High-speed transportation demand to boost the market- Technavio

NEW YORK, Aug. 23, 2023 /PRNewswire/ -- The maglev train market size is estimated to grow by USD 1,387.33 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.08%. The growth momentum will progress during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness a growth of 63%. The region, particularly China and India, is experiencing rapid economic expansion, which has resulted in a sharp increase in demand for transport infrastructure. Furthermore, maglev trains are often recognized as a symbol of modernization and technological progress, attracting the attention and investment of governments and the private sector. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Maglev Train Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type (Superconducting maglev and Normal conducting maglev), application (Passenger and Freight), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The super-conducting maglev segment will account for a major share of the market's growth during the forecast period. The superconducting maglev trains use both magnetic levitation and superconducting magnets to achieve high speeds and frictionless motion. The train is fitted with superconducting magnets underneath, while the track or rail has an array of electromagnets. In addition, this technology offers the potential for high-speed travel combined with reduced power consumption, as well as minimal noise and vibration. Hence, these factors are expected to drive segment growth during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Maglev Train Market – Market Dynamics

Key Driver

The high-speed transportation demand is a key factor driving market growth. The growing interest in Maglev trains is mainly due to the need for rapid transportation. High-speed travel is appreciated for its ability to reduce travel time. Furthermore, Maglev trains use the most advanced magnetic levitation technology to achieve outstanding speeds, facilitating rapid passenger journeys. This time-saving attribute makes the Maglev train attractive to both business travelers and efficiency-conscious tourists, especially over long periods of time. Hence, these factors are expected to drive market growth during the forecast period.

Major Trend

The growing use of artificial intelligence (AI) technology is a major trend in the market. 

Significant Challenge

The high cost associated with maglev trains is a significant challenge restricting market growth. 

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Maglev Train Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the maglev train market between 2023 and 2027
• Precise estimation of the size of the maglev train market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the maglev train market across APAC, Europe, North America, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the maglev train market companies

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio