Monorail System Market

Global Monorail System Market Size (2024 to 2032)

The global monorail system market was valued at USD 5.98 billion in 2023 and is anticipated to reach USD 6.19 billion in 2024 from USD 8.15 billion by 2032, growing at a CAGR of 3.5% during the forecast report 2024 to 2032.

Monorails are trains that use a single track made of metal or concrete. They are guided and supported by wheels mounted under the train, which are in constant contact with the track below. Usually, the monorail is powered by electricity provided through a third rail mounted along the route. The Maglev monorail is driven by magnetic displacement and uses two sets of magnets. Monorails often have three or four cars and can be increased to eight. They are more extensive than the tracks and minimum space is required.

As the demand for stable transport has increased, and traffic congestion and environmental sustainability have increased, the need for a clean and massive transport system has improved. This is expected to boost demand for monorail systems across the world.

MARKET DRIVERS

Monorail systems are being adopted due to their cost and efficiency advantages. At the same time, the growing awareness of the benefits of using sustainable energy has increased the propensity for electric monorail systems. The demand for these systems is expected to increase due to advantages such as high reliability, sustainability, and high efficiency. Over the years, monorail systems have undergone enormous technical changes, making them more practical and efficient. Newer systems can cover more distance. These factors are supporting the growth of the global monorail system market. The growth of monorail systems is driven by the growing demand for infrastructure development and public transformation systems in emerging countries. Electric monorails are attracting attention in the market because they are ecological, reliable, and efficient. The new electric monorail system is economical and versatile compared to the magnetic levitation monorail system.

MARKET RESTRAINTS

The main limitation in the global monorail systems market is the low passenger capacity. Another factor that hinders the growth of the monorail is the high cost of installation of Maglev compared to the electrical monorail systems. The monorail has a low penetration rate in emerging markets. High installation costs are mainly preventing manufacturers from entering the APEJ market, especially in countries such as India, Korea, and China.

RECENT HAPPENINGS IN THE MONORAIL SYSTEM MARKET

BYD Company Ltd., a subsidiary of the leading manufacturer of electric vehicles BYD Auto, which focuses on the development of advanced low-emission and zero-emission modes of transportation, has been investing lately in the event of advanced monorails.

REPORT COVERAGE

This research report on the global monorail system Market is Segmented and sub-segmented into the following categories.

Global Monorail System Market Analysis By Type Of Propulsion

The electricity sector has a notable market share and is expected to show healthy growth in the near future. 

Global Monorail System Market Analysis By Type Of Monorail

The straddle segment dominates the global monorail systems market. The monorail straddle system is less sophisticated and straightforward to install. 

REGIONAL ANALYSIS

The Asia Pacific is likely to emerge as an attractive market for monorail systems during the forecast period. The region offers favorable growth opportunities for market participants. Increased investment in infrastructure development and demand for more efficient public transport solutions, together with the constant growth of GDP in China and India, and the economic boom is creating lucrative market opportunities in the APAC.

KEY PLAYERS IN THE GLOBAL MONORAIL SYSTEM MARKET

Bombardier Corporation, CRRC Corporation Limited, Hitachi Rail, Ansaldo STS, BYD Company, Alstom S.A., Thales Group, Siemens AG, General Electric, Mitsubishi Electric, ABB

MARKET RESEARCH METHODOLOGY

The research done takes place in two phases namely-

Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.

Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.

MARKET REPORT HIGHLIGHTS

• Evaluation of the current stage of the market and future implications of the market based on the detailed observation of recent key developments.
• Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
• Comprehensive segmentation of the market, a detailed evaluation of the market by further sub-segments.
• Address Market Drivers and restraints and provide insights for gaining market share.
• Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment.

DETAILED SEGMENTATION OF THE GLOBAL MONORAIL MARKET INCLUDED IN THIS REPORT

This research report on the global monorail market is segmented and sub-segmented into the following categories.

By Type Of Propulsion

• Magnetic levitation
• Electric levitation

By Type Of Monorail

• Straddle    
• Suspended

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa