Monorail Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics and Segmentation

Monorail Market Overview:

Monorail is a high-tech rail system that runs on an elevated track supported by a single rail. In comparison to other modes of rail transportation such as light rail and trams, monorails are separated by pedestrians and other traffic systems. The wheels under the train on these monorails were usually in contact with the track. They are used in applications such as airport transportation and medium metros. These are supported by interaction via a single beam, which differs from other guided systems such as rubber-tired metros. The major drivers that are expected to fuel the monorail market during the forecast period are growing urbanisation, cost efficiency, and traffic congestion (2024-2030).

 

 

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Monorail Market Dynamics:

The Monorail Systems Market is primarily driven by increasing urbanisation, as well as an increase in demand for mass transit to alleviate city congestion and traffic. Governments all over the world are investing heavily in metro transportation to cover larger areas of cities and make it easier for people to commute. Northern America (82 percent), Latin America and the Caribbean (81 percent), Europe (74 percent), and Oceania were the most urbanised regions in 2018. (68 percent ). Despite having only about 50% of the world's urban population, Asia has 54% of the world's urban population. Africa, with a 43 percent urbanisation rate, is on par with Europe, accounting for 13 percent of the world's urban population.

 

• Growing urbanisation, cost efficiency, increasing technological advancement, environmental compatibility across various regions, and traffic congestions are the major drivers driving the monorail market during the forecast period (2024-2030).
• Rapid population growth in many countries has resulted in rapid urbanisation around the world, as more people migrate to developed cities in their home countries in search of better opportunities. For years, this has boosted the tourism industry. As a result, it is anticipated to drive the monorail system market during the forecast period (2024-2030).
• Monorails have several advantages over metro systems, including space optimization in installation and an environmentally friendly mode of transportation.
• Furthermore, rising traffic congestion, particularly in Asian countries, has prompted the government to invest heavily in monorail projects. For example, China, India, Korea, Japan, and other ASEAN countries are primarily focused on developing monorails for intra-city travel in order to reduce travel time and pollution in the region.

 

• The presence of fewer monorail manufacturers and lower adaptability among people are restraints for the growth of the Monorail Market.
• Low market penetration and increased availability of alternate modes are among the major factors restraining market growth, while limited monorail manufacturers and lower seating capacity will further challenge the monorail market during the forecast period (2024-2030).

 

Monorail Market Segment Analysis:

By Type, the Monorail Systems Market is segmented into Straddle and Suspended.

Straddle - Straddle holds a dominant position in the Monorail Systems market due to its ability to carry more passengers than suspended monorail systems. Straddle monorail system is expected to grow at a rapid CAGR during the forecast period. As straddle monorail system are easy to install without having spent on expensive track-line construction and also provides safety, reliability, and maintainability compared to suspended monorail systems.

 

Suspended – The use of suspended monorails in places such as zoos, malls, parking travel (such as in China), and parks is driving the market for suspended monorail to grow at a faster CAGR during the forecast period.

 

 

By Propulsion, the Monorail Systems Market is segmented into Electric and Maglev.  

Maglev - Maglev has a greater market share in the Monorail System Propulsion segment because it is more efficient in operation and has lower installation costs. However, because maglev trains travel at speeds of more than 500 kilometres per hour, they are unsuitable for short-distance travel.

 

Electric – Electric monorails are the preferred choice over maglev monorail as they are more economical and suitable for intra-city travel. Moreover, they are energy efficient, reliable and environment friendly. Due to huge demand for electric monorails in countries like Japan, and South Korea electric segment is estimated to be fastest growing segment in the market of monorail systems.

 

Monorail Market Regional Insights:

Regionally, the global Monorail Systems Market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East and Africa (MEA).

 

Asia Pacific – Due to rapid urbanisation and high demand for in-city transportation, Asia Pacific has the largest market share for Monorail Systems. During the forecast period, Asia Pacific hopes to be the most opportunistic market. Moreover, there is an increase in the technological advancement and development in monorail and rise in the prevalence for cost- effective public transport system in this region. Asian Countries such as India, China, Korea, and Japan are major contributors to market growth. Currently, as Mumbai begins operations at the beginning of this year, other major cities are working to streamline the process for their own monorail projects. Delhi, Bangalore, and Kerala have already submitted and received approval for their Detailed Project Reports (DPRs), whereas Chennai has solicited technical and financial bids for its phase I, which will cover 57 kilometres at an estimated cost of Rs.8,500 crore. While the initial plan for Chennai was to cover 111 kilometres of the city's outskirts in the first phase, the government later dropped the plan to include the Vandalur-Puzhal (54 kilometres) corridor.

 

Asian governments are heavily investing in public transportation and infrastructure development. According to the Asian Development Bank, Asia Pacific requires USD 8.4 trillion in financing for transportation projects and development by 2030.

 

Europe - Europe trails APAC in terms of market share of Monorail Systems Market due to increased demand for pollution-free transportation, as electric monorail is the ideal solution. Furthermore, European region is constantly focusing on reducing the region's carbon footprint and has implemented a number of carbon-related directives and standards. Countries such as Istanbul have the most extensive monorail network in Europe, and other countries are investing in monorail projects. Istanbul has begun the construction of Europe's largest monorail network. Covering 47 kilometres (29 miles) and eventually transporting 200,000 passengers per day.

 

North America - North America is a notable market participant who is expected to contribute significantly to market revenue. Monorail is the preferred mode of mass transit in the region due to its technological advancement and significant government initiative to reduce the region's carbon footprint.

 

The Monorail Market report's goal is to provide stakeholders in the industry with a comprehensive analysis of the Monorail market. The Monorail market report identifies the dominant trends in the Monorail market and describes how these trends will influence new business investments and market development over the forecast period (2024-2030). The Monorail Market report also aids in understanding the market dynamics and competitive structure by analysing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Monorail market report will assist in understanding which market segments, regions, and factors affecting the market, as well as key opportunity areas, will drive the industry and market growth over the forecast period (2024-2030). The Monorail Market report also includes the competitive landscape of the industry's key players, as well as their recent developments in the Monorail market. The Monorail Market report investigates factors such as company size, market share, market growth, revenue, production volume, and profits of the Monorail market's key players.

 

 

The Monorail Market report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The Monorail Market report helps in identifying how many rivals exist, who they are, and how their product quality is in the Monorail market. The report also analyses if the Monorail market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the Monorail market is dominated by a few players, etc.

 

The Monorail market report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables aid in determining how much a government can influence the Monorail market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Monorail market. Understanding the impact of the surrounding environment and the impact of environmental concerns on the Monorail market is aided by legal factors.

 

Monorail Market Scope:

Monorail Market
Market Size in 2023	USD 5.70 Bn.
Market Size in 2030	USD 6.93 Bn.
CAGR (2024-2030)	2.82%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Type Suspended Straddle
	by Propulsion Maglev Electric
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Monorail Market Key Players

• ABB Ltd. (Switzerland)
• Bombardier Inc. (Canada)
• Hitachi, Ltd. (Japan)
• Kawasaki Heavy Industries, Ltd (Japan)
• L&T Construction (India)
• Mitsubishi Heavy Industries Ltd. (Japan)
• Siemens AG (Germany)
• Thales Group (France)
• Urbanaut Monorail Technology (USA)
• Scomi Engineering Bhd (Malaysia)
• Intamin Bahntechnik (Germany)
• Woojin Industrial System (South Korea)