Maglev Train Market to Reach $5.6 Billion, Globally, by 2035 at 7.4% CAGR: Allied Market Research

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Sep 12, 2022, 07:30 ET

Factors propelling the growth of the global maglev train market include the augmenting demand for secure, safe, and efficient transport systems, increase in budget allocation for development of railways, and surge in utilization of public transport services as a solution to reduce traffic congestion.

PORTLAND, Ore., Sept. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Maglev Train Market by Type (Normal Conducting Magnetic Levitation, Superconducting Maglevs), by Technology (Electromagnetic Suspension (EMS), Electro-dynamic Suspension (EDS), Inductrack System (permanent magnet passive suspension)), by Application (Passenger, Freight), by Top Speed (Low, Medium, High): Global Opportunity Analysis and Industry Forecast, 2025-2035." According to the report, the global maglev train industry is estimated to generate $2.7 billion in 2025 and $5.6 billion by 2035, witnessing a CAGR of 7.4% from 2025 to 2035. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers and Opportunities

Rise in demand for secure, safer, and efficient transport systems, increase in the allocation of budget for development of railways, and rise in use of public transport services as a solution to minimize traffic congestion fuel the growth of the global maglev train market. However, high capital requirement and refurbishment of existing rails hinder the market growth. On the other hand, improvement in railway infrastructure in developing countries and increase in development & testing of maglev trains present new opportunities in the market in the coming years.

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Covid-19 Scenario

The COVID-19 pandemic created uncertainty in the maglev train market. Governments of different regions announced lockdown and temporary shutdown of industries, which in turn, adversely affected the overall production and sales of maglev trains. Lockdown and trade restrictions disrupted the exports, especially from China, causing manufacturing interruptions across Europe and the closure of assembly plants in the U.S.
The railway department halted all the passenger train services and limited its freight transport services due to the reduced demand for commodities and disturbed supply chain.
However, the leading market players are taking measures to deal with the negative effects of the pandemic outbreak. For instance, in 2020, Japan announced its plans to conduct tests of a new prototype maglev train. Moreover, government authorities and operators are expected to accelerate and resume maglev projects which were previously halted, and expand the rail network after the pandemic.

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The superconducting maglevs segment to dominate the market in terms of revenue during the forecast period

Based on type, the superconducting maglevs (SCMAGLEV) segment contributed to the largest share of more than three-fourths of the global maglev train market in 2025, and is expected to rule the roost during the forecast period. The lack of electrical resistance in superconducting magnets allows the SCMAGLEV to consume 30% less energy than other high-speed maglev trains and 50% less than a commercial airliner, making it one of the most efficient modes of large-scale transit. However, the normal conducting magnetic levitation segment is projected to witness the fastest CAGR of 8.6% from 2025 to 2035. The system operates without contacting the railway track and hence, has no wear and friction, thus increasing efficiency, reducing maintenance costs, and increasing the life of the system.

The electromagnetic suspension (EMS) segment to maintain its lion's share during the forecast period

Based on technology, the electromagnetic suspension (EMS) segment held the largest share of nearly half of the global maglev train market in 2025, and is expected to maintain a prominent growth during the forecast period. EMS has several advantages compared to other maglev systems such as low stray magnetic fields in the passenger cabin and the surrounding areas, uniform load distribution along the full length of the vehicle, and small pole pitch for smoother propulsion and ride comfort. However, the inductrack system (permanent magnet passive suspension) segment is likely to exhibit the highest CAGR of 9.2% in 2035. Inductrack system is less expensive than the EDS or EMS maglevs. It optimizes levitation efficiency using permanent magnets and a passive track, which is a widely used technology among maglevs running across the globe.

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Europe to garner the largest revenue by 2035

Based on region, Europe was the largest market in 2025, accounting for nearly half of the global maglev train market, and is likely to lead the trail throughout the forecast period. This is due to rapid urbanization in developing countries of Europe, increase in investment in development, maintenance & upgradation of rolling stock, and surge in fast & reliable railway network in the region. However, North America is anticipated to manifest the fastest CAGR of 9.5% during the forecast period, due to the presence of leading maglev train manufacturers in the region and rise in number of industries opting for the use of maglev trains over other modes of transport.

Leading Market Players

Agile Setu Pvt. Ltd.
Alstom
American Maglev Technology, Inc.
Bharat Heavy Electricals Ltd.
CentralJapan Railway Company
CRRC Corporation Limited (CRRC)
East Japan Railway Company
Hitachi Ltd.
Hyundai Rotem Company
Max Bögl
Medha Servo Drives Pvt. Ltd.
Mitsubishi Heavy Industries, Ltd.
Northeast Maglev
Shanghai Maglev Transportation Development Co., Ltd.
SwissRapide AG
WSP

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