Global Monorail Market

Monorail Market is expected to witness significant growth during the forecast period due to the growing demand for electric and highly automated vehicles.

A monorail is a train, which runs on a single track made either metal or concrete. The wheels of the train are generally powered by the electricity provided through a third rail mounted along the track.

The increasing need for sustainability, urbanization, and rising traffic congestion have given the rise to the need for environment-friendly and convenient modes of transportation. Monorails reduce CO2 emission from individual modes of transportation. The use of public transport is also being promoted by governments of various countries to reduce carbon footprint.

Monorails also serve a niche market in sightseeing and amusement parks.

Key Factors Impacting Market Growth:

• Less braking distance and great maneuverability
• An increasing number of vehicle collisions and safety awareness
• Growing demand for electric and highly automated vehicles
• Need to reduce the carbon footprint

Key Developments:

• In September 2017, BYD Co. Ltd. inaugurated its first commercial monorail.
• In June 2017, Eric Garcetti proposed a monorail to tackle traffic congestion on the freeway.
• Several countries are planning to build their monorail systems like India, Egypt, etc.

Regional Analysis:

By region, North America, Western Europe, and Asia Pacific are estimated to dominate the monorail market in terms of market demand. North America and Western Europe have been traditional markets for the automotive sector with many global manufacturers headquartered in this region. The automotive sector in these regions has been dynamic in terms of technological developments and product modifications. The demand for lightweight materials, cleaner emissions, and green fuels have been some of the key influencing factors in this region. Also, the market has witnessed steady recovery from recent slowdowns in the past decades. Some of these factors are expected to impact the dynamics of the monorail market in North America and Western Europe during the forecast period. The US, Germany, France, Italy, UK, and Spain have been some of the major economies for the monorail market in the region.

Asia Pacific is estimated to be the fastest-growing region for the monorail market during the forecast period. This region has been one of the lucrative markets for the automotive sector in the past few decades with strategic investments by global companies in the region. China, Japan, India, and South Korea have been some of the major countries for the monorail market in the Asia Pacific region. The Middle East promises a strong market potential with the growth of the automotive sector in the region. Countries including UAE, Saudi Arabia, Qatar, and Iran have been diversifying the industrial sector to boost the economy in the past few decades. Other regions including Eastern Europe, South America, and Africa are estimated to emerging markets with growing demand during the forecast period.

Monorail Market is expected to witness significant growth during the forecast period due to the growing demand for electric and highly automated vehicles.

A monorail is a train, which runs on a single track made either metal or concrete. The wheels of the train are generally powered by the electricity provided through a third rail mounted along the track.

The increasing need for sustainability, urbanization, and rising traffic congestion have given the rise to the need for environment-friendly and convenient modes of transportation. Monorails reduce CO2 emission from individual modes of transportation. The use of public transport is also being promoted by governments of various countries to reduce carbon footprint.

Monorails also serve a niche market in sightseeing and amusement parks.

Key Factors Impacting Market Growth:

• Less braking distance and great maneuverability
• An increasing number of vehicle collisions and safety awareness
• Growing demand for electric and highly automated vehicles
• Need to reduce the carbon footprint

Key Developments:

• In September 2017, BYD Co. Ltd. inaugurated its first commercial monorail.
• In June 2017, Eric Garcetti proposed a monorail to tackle traffic congestion on the freeway.
• Several countries are planning to build their monorail systems like India, Egypt, etc.

Regional Analysis:

By region, North America, Western Europe, and Asia Pacific are estimated to dominate the monorail market in terms of market demand. North America and Western Europe have been traditional markets for the automotive sector with many global manufacturers headquartered in this region. The automotive sector in these regions has been dynamic in terms of technological developments and product modifications. The demand for lightweight materials, cleaner emissions, and green fuels have been some of the key influencing factors in this region. Also, the market has witnessed steady recovery from recent slowdowns in the past decades. Some of these factors are expected to impact the dynamics of the monorail market in North America and Western Europe during the forecast period. The US, Germany, France, Italy, UK, and Spain have been some of the major economies for the monorail market in the region.

Asia Pacific is estimated to be the fastest-growing region for the monorail market during the forecast period. This region has been one of the lucrative markets for the automotive sector in the past few decades with strategic investments by global companies in the region. China, Japan, India, and South Korea have been some of the major countries for the monorail market in the Asia Pacific region. The Middle East promises a strong market potential with the growth of the automotive sector in the region. Countries including UAE, Saudi Arabia, Qatar, and Iran have been diversifying the industrial sector to boost the economy in the past few decades. Other regions including Eastern Europe, South America, and Africa are estimated to emerging markets with growing demand during the forecast period.

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