Railroad Industry to Reach $507.6 Billion by 2034, Driven by Growing Reliance on Train Services | Future Market Insights, Inc.
NEWARK, Del., Dec. 6, 2023 /PRNewswire/ -- The year-round sales of the global railroad market in 2023 were assessed to have a revenue of US$ 294,267.1 million. Based on the analysis of several industry dynamics, the global railroad equipment market is predicted to grow at a moderate CAGR of 5% during the forecast period. Further, the railroad industry share is estimated to reach nearly US$ 507,610.6 million by 2034, expanding from an estimated worth of US$ 311,628.9 million in 2024.
- Based on the analysis of several industry dynamics, the global railroad equipment market is predicted to grow at a moderate CAGR of 5% during the forecast period.
- Further, the railroad industry share is estimated to reach nearly US$ 507,610.6 million by 2034, expanding from an estimated worth of US$ 311,628.9 million in 2024.
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Due to increased reliance on train services for the transfer of products, the railroad infrastructure has been rising steadily across the world. - Expanding transcontinental railway infrastructure for effective and affordable cross-border goods transportation is anticipated to strengthen the railroad market further.