Maglev Train Market Insights, 2035
The global maglev train market is expected to be valued $2.7 billion in 2025, and is projected to reach $5.6 billion by 2035, growing at a CAGR of 7.4% from 2025 to 2035.
The term maglev is derived from ‘magnetic levitation’. Maglev trains work on the principle of electromagnetic propulsion, wherein the cars are suspended, guided, and propelled using powerful magnets. The maglev train system has three important components – the power source, the track referred to as the ‘guideway’, and the gigantic magnets that are attached to the cars/track. The guideway is made up of magnetized coils, which repel the magnets that are attached beneath the cars and makes them levitate around 0.39 to 3.93 inches above the guideway. When the power is sent to these coils, it results in the formation of a unique magnetic field, which, in turn, moves the maglev.
At present, various countries are focusing on development, testing, and adoption of maglev train technology to hit greater speeds than conventional locomotives, and with less noise and vibration. For instance, in June 2021, Max Bögl Group launched its Transrapid, a high-speed maglev train after working for several years. The engine of this train is rolled out as a copper cable over the entire route and is fully automated and completely integrated into the vehicles and the stretch of track. Also, in 2020, Japan revealed its plans to perform tests of a new prototype of the maglev train in accordance with its ambitious maglev line project, whereas China is expected to significantly expand the network of maglev trains. Therefore, in line with its aim to enhance the maglev train network, China is laying tracks across the Hubei province to test trains running with speeds as high as 1,000 km/h.
By Type
Normal Conducting Magnetic Levitation is projected as the most lucrative segment
The factors such as rise in demand for secure, safer, and efficient transport system, 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 supplement the growth of the maglev train market. However, high capital requirement and refurbishment of existing rails are the factors expected to hamper the growth of the market. In addition, improvement in railway infrastructure in developing countries and increase in development & testing of maglev trains creates market opportunities for the key players operating in the maglev train industry.
The maglev train market is segmented into type, technology, application, top speed, and region. By type, the market is divided into normal conducting magnetic levitation and superconducting maglevs. By technology, it is fragmented into electromagnetic suspension (EMS), electro-dynamic suspension (EDS), and inductrack system (permanent magnet passive suspension). By application, it is categorized into passenger and freight. By top speed, it is further classified into low, medium, and high. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Technology
Inductrack System (permanent magnet passive suspension) is projected as the most lucrative segment
The leading players operating in the maglev train market are Agile Setu Mobility Private Limited, Alstom, American Maglev Technology Inc., Bharat Heavy Electricals Ltd, Central Japan Railway Company, CRRC Corporation Limited, East Japan Railway Company, Hitachi Ltd., Hyundai Rotem Company, IHI Corporation, Max Bögl, Medha Servo Drives Private Limited, Mitsubishi Heavy Industries Ltd, Northeast Maglev, Shanghai Maglev Transportation Development Co., Ltd., SwissRapide AG, and WSP.
Rise in demand for secure, safer, and efficient transport system
According to the fact sheet of the World Health Organization (WHO), road traffic injuries are the leading cause of fatality among people aged between 15 and 29 years, thus accounting for 1.25 million deaths every year due to road accidents. In addition, 90% of the world's fatalities on roads occur in low and middle economical countries, though such countries have approximately 54% of the world's vehicles. Therefore, rise in need for safe, secure, and efficient transportation system significantly contributes toward the growth of the global maglev train market. Railway transportation is considered as the safest and economical mode of transportation, which has boosted the demand for railways. Maglev trains have less chances of rail fatalities, owing to deployment of upgraded technologies such as communication-based train control (CBTC), European railway traffic management system (ETRMS), and more. In addition, maglev trains consume less energy due to better acceleration, traction, and braking system, resulting in reduction of energy consumption by around 30% based on the degree of automation. Furthermore, such trains can provide a flexible way to coordinate in terms of frequency, which results in the improvement of the system performance in all aspects, which is boosting the growth of the market.
By Application
Freight is projected as the most lucrative segment
Rise in use of public transport services as a solution to minimize traffic congestion
Over the past few years, the population rate has increased the sales of private vehicles such as bikes, passenger cars, and more across the globe, thus leading to traffic congestion on roads. Meanwhile, people are increasingly opting for public transports as it reduces on-road congestion and provides a timesaving, comfortable and economical mode of transportation. Hence, factors such as rise in vehicle emissions, increase in safety concern, and greater demand for faster commutes has increased the preference of individuals for rail transport. Moreover, various railway authorities across the world are also working toward expanding the rail networks and investing in developing high-speed trains to meet the growing demand for public transport. For instance, in April 2020, Hitachi Ltd. launched its streamlined version of the series LO maglev test train which it is building for JR Central. The new test train have an end car and an intermediate coach, which is coupled to existing L0 intermediate coaches to make five or seven car consists for the tests. JR Central plans to start testing the new train on the Yamanashi maglev test line in May 2020. Furthermore, urban planners and local governments are merging rapid transit networks and tramways with the existing city infrastructure. Thus, the rise in use of public transport services as a solution to minimize traffic congestion fuels the maglev train market growth.
By Top Speed
High is projected as the most lucrative segment
High capital requirement
The increase in preference toward railway transport is leading to a high demand for these rolling stocks and related infrastructure in recent years. Also, the rise in urban traffic congestion and problems related to it are the major reasons for the shift in the rapid urban transit networks such as metro, monorails, maglev trains, and trams. In addition, the development in rail infrastructure, inexpensive fares, environment friendly, and faster mode of transport are the factors that increase penetration in the global maglev train market. However, maglev trains need to be periodically overhauled to ensure its reliability. This includes maintenance of electrical, mechanical, and hydraulic components of the train. Also, regular maintenance and overhaul of maglev train are highly expensive. This indicates the requirement of high capital to build as well as to maintain the train network, which is expected to hamper the market growth.
Improvement in railway infrastructure in developing countries
Rolling stock infrastructure within a country increases the speed and efficiency of railway systems for freight and passenger transportation. In addition, the implementation of maglev trains requires to be backed up by a large investment. Governments of developing countries are investing significantly to meet the latest technology setups required for maglev trains. For instance, in China, the Zhejiang provincial government announced in April 2020 to build a maglev train connecting Shanghai with Ningbo via Hangzhou. Moreover, in September 2020, Bharat Heavy Electricals Limited (BHEL) signed a memorandum of understanding (MoU) with SwissRapide AG to develop maglev train infrastructure in India. This is anticipated to offer numerous opportunities for train automation players operating in the country. Hence, such improvements in developing countries are opportunistic for maglev train market expansion.
By Region
North America would exhibit the highest CAGR of 9.5% during 2025-2035
Key Benefits For Stakeholders
- This study presents analytical depiction of the global maglev train market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall maglev train market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global maglev train market with a detailed impact analysis.
- The current maglev train market is quantitatively analyzed from 2025 to 2035 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Maglev Train Market Report Highlights
| Aspects | Details |
 Market Size By 2035 | USD 5.6 billion |
 Growth Rate | CAGR of 7.4% |
 Forecast period | 2025 - 2035 |
 Report Pages | 306 |
 By Type |
|
 By Technology |
|
 By Application |
|
 By Top Speed |
|
 By Region |
|
 Key Market Players | Hitachi, Ltd., CRRC Corporation Limited (CRRC), WSP, Northeast Maglev, Hyundai Rotem Company, Central Japan Railway Company, Max bögl, Shanghai Maglev Transportation Development Co., Ltd., East Japan Railway Company, American Maglev Technology, Inc., Medha Servo Drives Pvt. Ltd., Mitsubishi Heavy Industries, Ltd., Alstom, Bharat Heavy Electricals Ltd, SwissRapide AG, Agile Setu Pvt. Ltd |
Analyst Review
This section provides the opinions of various top-level CXOs in the global maglev train market. Hence, based on the interviews of various top-level CXOs of leading companies, rising awareness about the eco-friendly nature of maglev trains and its several benefits over conventional rail transportation systems such as lower consumption of energy, lower maintenance costs, and extremely high speed create lucrative growth opportunities for the maglev train market. Also, growing level of safety offered by the maglev trains, surging harmful emissions from the vehicles, growth, and expansion of high-speed railway corridor foster the maglev train market growth.
Furthermore, the developing countries such as India, China, and others are focused on the development of their railway infrastructure by allocating higher budget. For instance, India allocated a budget of around $15.06 billion (?1.10 lakh crore) for the railways, with total capital expenditure outlay of $30.80 billion (?2.15 lakh crore) for the financial year 2021-2022, which highlights an increase of 33% in total capital expenditure for 2021-22 over $22.4 billion (?1.61 lakh crore) for 2020-21. Moreover, various railway authorities across the world are also working toward expanding the rail networks and investing in developing high-speed trains to meet the growing demand for public transport. For instance, in April 2020, Hitachi Ltd. launched its streamlined version of the series LO maglev test train which it is building for JR Central. The new test train have an end car and an intermediate coach, which is coupled to existing L0 intermediate coaches to make five or seven car consists for the tests. JR Central plans to start testing the new train on the Yamanashi maglev test line in May 2020.
The market growth is supplemented by factors such as rise in demand for secure, safer, and efficient transport system, 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 supplement the growth of the maglev train market. However, high capital requirement and refurbishment of existing rails are the factors expected to hamper the growth of the maglev train market. In addition, improvement in railway infrastructure in developing countries and increase in development & testing of maglev trains creates market opportunities for the key players operating in the maglev train market.
Among the analyzed regions, Europe is the highest revenue contributor, followed by Asia-Pacific, North America, and LAMEA. On the basis of forecast analysis, North America is expected to lead during the forecast period, due to growth in the level of investments for research and development activities and upsurge in the public and private partnership for the development of rail infrastructure.
Introduction of Electromagnetic Suspension (EMS) are the upcoming trends of Maglev Train Market in the world
Increased use in passenger transport are the leading application of Maglev Train Market
Europe is the largest regional market for Maglev Train
The global maglev train market is expected to be valued at $2.72 billion in 2025, and is projected to reach $5.59 billion by 2035, registering a CAGR of 7.4% from 2025 to 2035
The leading players operating in the maglev train market are Agile Setu Mobility Private Limited, Alstom, American Maglev Technology Inc., Bharat Heavy Electricals Ltd, Central Japan Railway Company, CRRC Corporation Limited, East Japan Railway Company, Hitachi Ltd., Hyundai Rotem Company, IHI Corporation, Max Bögl, Medha Servo Drives Private Limited, Mitsubishi Heavy Industries Ltd, Northeast Maglev, Shanghai Maglev Transportation Development Co., Ltd., SwissRapide AG, and WSP.
Loading Table Of Content...
Loading Research Methodology...
