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Maglev Train Market by Technology (Electromagnetic Suspension, Electrodynamic Suspension, and Inductrack System) and Application (Passenger and Freight): Global Opportunity Analysis and Industry Forecast, 2021–2027
| A09096 | Pages: NA | Jun 2021 | 452 Views | | |
| Author(s) : NA | Tables: NA | Charts: NA | Formats*: | |
COVID-19
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The magnetic levitation or maglev transportation system is a rail transport system that makes use of the electromagnetic forces produced by a linear motor system to push and repel a train alongside its powered track (i.e. levitation) as well as to propel the train forward.  Currently, Japan, China, the U.S., Germany, and South Korea contribute to around 88% of the patented maglev technologies in the world. Maglev train systems have several benefits over conventional rail transportation systems. For instance, light rail, monorail, and trams, such as superior safety, lower performance–cost ratios, lower radiation, and less noise. Hence, maglev technology is considered an environment-friendly system of travel. The advantages offered by the maglev trains are anticipated to drive the growth of the Maglev train market during the forecast timeframe.
Market scope and structure analysis:
Report Metric | Details |
 Market size available for years |  2020–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast unit |  Value (USD) |
 Segments covered |  Technology and Application |
 Regions covered | North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa |
 Companies covered | CRRC Corporation Limited (CRRC), Central Japan Railway Company, American Maglev Technology, Inc., Hyundai Rotem Company, Alstom, SwissRapide AG, Shanghai Maglev Transportation Development Co., Ltd., and Mitsubishi Heavy Industries, Ltd. |
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COVID-19 scenario analysis:
- COVID-19 has primarily affected the transportation sector. Furthermore, due to global lockdown, the demand for transport has reduced drastically.
- Governments in Japan and China are boosting their maglev transportation infrastructure. For instance, in 2020, Japan revealed its plans to conduct tests of a new prototype maglev train.Â
- The supply chain disruption & slowdown caused by COVID-19 is expected to delay the developments and the testing required for the maglev transportation systems.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysisÂ
Lower consumption of energy as compared to conventional trains, lower maintenance costs, and extremely high speeds offered by maglev trains are expected to drive the growth of the market. Whereas, high costs required for the construction of tracks might hamper the growth of the global maglev train market during the forecast period. Moreover, the high level of safety provided by the maglev train is anticipated to boost the market growth over the years. A maglev train just hovers over the track. Due to this, the issues of derailment are not faced by the maglev trains, and they offer superior safety to the passengers.Â
The maglev train market trends are as follows:
Rise in Government InvestmentsÂ
To provide a faster, safer, and futuristic transportation system, several governments across the world are interested in developing the Maglev train infrastructure in their countries. 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. The government support for developing infrastructure for maglev train is anticipated to drive the market during the forecast period.
Increased testing and expansion of high-speed railway corridorÂ
Despite the adverse economic impacts of the coronavirus crisis 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.
Key segments covered:
Segment | Sub-segment |
 Technology |
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 Application |
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Key benefits of the report:
- This study presents the analytical depiction of the maglev train market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the maglev train market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the maglev train market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.Â
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.Â
Questions answered in the maglev train market research report:
- Which are the leading market players active in the maglev train market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the maglev train market?
- What are the projections for the future that would help in taking further strategic steps?
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