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InnoTrans: The global market for railway systems and services is expected to continue growing at an annual average of around 3% until 2027-29, according to the 10th UNIFE World Rail Market Study.

Launched at InnoTrans on September 24, the latest study has been conducted for the European suppliers association by management consultants Bain & Co. Research undertaken with UNIFE members looked at 66 countries accounting for 98% of the global market. AI analysis of the data has been used to identify underlying trends and inform future projections.

Following a decline largely attributed to the Covid-19 pandemic, the market rebounded strongly with annual growth of 2.7% between 2019-21 and 2021-23, driven in part by European and US recovery and stimulus packages. During this period the total market volume averaged €201.8bn, the study reports. Particularly strong growth of 7.3% was seen in Western Europe, whereas the Asia-Pacific market declined slightly.

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Looking ahead, the study predicts further market growth of around 3% per annum to a total of €240.8bn in 2027-29. This growth is driven by factors including urbanisation, digitalisation and sustainability.

On the downside, market accessibility for international suppliers has declined from 63% in 2013-15 to just 59% in 2021-23, as more countries close their markets in favour of domestic manufacturers.

‘That is not what I would like to see, commented UNIFE Director General Enno Wiebe. ‘We believe in open markets and a level playing field. But we need strong political support to tackle those countries that are not playing by the rules.’ To that end, the association welcomed the recent Draghi report for the European Commission about strengthening EU competitiveness.