1. Railway Locomotive and Rolling Stock Accessories Industry Overview

1. Definition and classification

Railway rolling stock accessories refer to the parts and accessories used for various railway transportation equipment such as railway locomotives, passenger cars, freight cars and EMUs, including axles, brakes, traction motors, transformers, air conditioning systems, signal systems, etc. According to the function and use, railway rolling stock accessories can be divided into the following categories:

Power transmission system accessories: mainly including axles, traction motors, transmissions, etc., used to provide and transmit power;

Brake system accessories: mainly include brakes, brake discs, brake pads, etc., used to control speed and stop running;

Electrical system accessories: mainly including transformers, batteries, cables, etc., used to provide and distribute electrical energy;

Air conditioning system accessories: mainly include air conditioning units, fans, pipes, etc., used to adjust temperature and humidity;

Signal system accessories: mainly include signal lights, display screens, sensors, etc., used to transmit information and instructions.

2. Industrial chain structure

The railway rolling stock accessories industry belongs to the downstream link of the railway transportation equipment manufacturing industry. Its upstream is raw material suppliers, such as steel, copper, plastics, etc.; among them, the upstream is railway rolling stock manufacturers, such as CRRC, Jinxi axle, etc.; its downstream It is a railway operator, such as the National Railway Group, local subway companies, etc.

Market Demand Analysis of 2. Railway Locomotive and Rolling Stock Accessories Industry

1. Market size

According to data from the Champ Consulting Group,2021In 2010, the market size of the railway rolling stock accessories industry declined due to the impact of the new crown epidemic, which was approximately1150Billions of yuan, down year-on-year4.2%。2022In 2010, with the progress of epidemic prevention and control and economic recovery, the market size of the railway rolling stock accessories industry rebounded, reaching1250Billion yuan, year-on-year growth8.7%. Expected2023Throughout the year, as railway construction and operations continue to advance, the market size of the railway rolling stock accessories industry will continue to expand and is expected to reach1350Billion yuan, year-on-year growth8.0%。

2. Production and holdings

According to data from the Champ Consulting Group,2022National railway rolling stock production1105Vehicles, year-on-year growth8.8%1. Among them, the locomotive production is849Vehicles, year-on-year growth66.8%1; Bus production is246Vehicles, year-on-year decline31.9%1; wagon production is3.39Ten thousand vehicles, year-on-year growth4.7%1; EMU production is1897Vehicles, year-on-year decline7.9%。

By the end of 2022, the national railway has electric locomotives.1.42Ten thousand units, diesel locomotives0.78Ten thousand units, total2.2110,000 units, of which the proportion of electric locomotives is64.5%The proportion of diesel locomotives is35.5%, showing a continuous improvement in electrification; owning passenger cars7.7Ten thousand vehicles, including EMU4194standard group,33554The proportion of air-conditioned buses is as high.99%; have a van99.7Ten thousand.

3. Demand structure

According to the purpose and function of railway rolling stock accessories, its demand structure can be divided into the following categories:

Maintenance and replacement demand: mainly due to the daily operation and maintenance of railway rolling stock, the replacement demand for accessories, mainly including axles, brakes, cables and other easy-to-wear parts;

Technical upgrade requirements: mainly due to the technical innovation and upgrading of railway rolling stock, the update requirements for accessories, mainly including transformers, air conditioning systems, signal systems and other high value-added components;

New expansion demand: mainly due to the expansion of railway construction and operation of the new demand for accessories, including traction motors, transmissions, batteries and other core components.

Analysis on Competition Pattern of 3. Railway Locomotive and Rolling Stock Accessories Industry

1. Regional distribution

According to data from the Champ Consulting Group,2022The main production bases of China's railway rolling stock accessories industry are still concentrated in Northeast, North and Central China, of which Liaoning, Hebei and Hunan provinces account for nearly 60% of the country's total output.2023The three provinces are expected to continue to maintain high production levels throughout350vehicle,195vehicle and108Car.

2. Enterprise competition

In 2022, the market competition pattern of China's railway rolling stock accessories industry is still dominated by China's medium-term car, and its revenue is expected to reach3000Billions of dollars, accounting for market share25%; followed by Jinxi Axles, whose revenue is expected to be100Billions of dollars, accounting for market share0.8%Other enterprises are mainly concentrated in the subdivision of railway rolling stock accessories, such as China Railway High-tech Industry, China Railway Co., Ltd., and China Railway Times Electric.

Analysis on the Development Factors of 4. Railway Locomotive and Rolling Stock Accessories Industry

1. Development drivers

Continuous promotion of railway construction and operation: according to the "14th Five-Year Plan for the Development of Modern Integrated Transportation System" and the "Medium and Long-term Railway Network Planning" (2016Annual adjustment)",2025In the year, the national railway operating mileage will reach2010,000 kilometers, of which the high-speed railway reaches410,000 kilometers, the intercity railway reached1.510,000 kilometers, urban rail transit reached1Ten thousand kilometers. This will bring huge new expansion demand and technology upgrade demand for the railway rolling stock accessories industry.

The continuous deepening of technological innovation and upgrading: with the progress of science and technology and the support of the state, the technical level of China's railway rolling stock accessories industry has been continuously improved, from imitation to independent research and development, from low speed to high speed, from traditional to intelligent, from domestic to international, has achieved a qualitative leap. At present, China has mastered the speed600Kilometer high-speed magnetic levitation, speed400Kilometer high-speed EMU, speed350Kilometer power centralized EMU and other core technologies, and in the vacuum pipeline magnetic levitation, intelligent train control system and other fields of breakthrough exploration and testing, for the railway rolling stock accessories industry has brought new development opportunities.

Social demand for environmental protection and energy conservation and emission reduction: With people's increasing attention to environmental issues and the country's strong promotion of energy conservation and emission reduction, railways, as a low-carbon, green and efficient mode of transportation, have been widely favored and supported. Compared with other modes of transportation, railway rolling stock has low energy consumption, low emissions, large transportation volume and high safety, which is in line with the concept of sustainable development. Therefore, the railway rolling stock accessories industry will benefit from changes in social needs and policy-oriented advantages.

2. Policy support

"The 14th Five-Year Plan for the Development of Modern Comprehensive Transportation System": The plan puts forward the overall goals, key tasks and safeguard measures for the construction of my country's modern comprehensive transportation system during the 14th Five-Year Plan period, which clearly proposes to accelerate the promotion of high-speed railways. Network construction, improve the layout of intercity rail transit network, strengthen urban rail transit construction management, and promote the localization and standardization of rail transit equipment.

Medium-and long-term railway network planning (2016Annual adjustment)The plan is an important guide to the construction and development of China's railway network.- Medium-and long-term railway network planning (2016Annual adjustment)": The plan is an important basis for guiding the construction and development of my country's railway network.2025Year and2030The railway network scale target and layout plan, as well as key projects and construction tasks, provide a stable market demand for the railway rolling stock accessories industry.

-"Guiding Opinions on Accelerating the Localization of Rail Transit Equipment": The guiding opinions are to promote the healthy development of the rail transit equipment industry, improve the ability of independent innovation and international competitiveness, and clearly put forward the goals, tasks and measures to accelerate the localization of rail transit equipment, including improving the policy system, strengthening technology research and development, promoting the formulation of standards, optimizing the industrial structure, etc, it provides technical support and policy guarantee for the railway rolling stock accessories industry.

-"Guiding Opinions on Promoting the High-quality Development of Railway Transportation Equipment Manufacturing Industry": The guiding opinions are to achieve the high-quality development of railway transportation equipment manufacturing industry, improve product quality and service level, and clearly put forward the promotion of railway transportation equipment manufacturing The goals, principles and measures of high-quality development include strengthening top-level design, deepening supply-side structural reforms, promoting intelligent manufacturing and green manufacturing, and expanding open cooperation, etc, it provides the development direction and power for the railway rolling stock accessories industry.

3. Technological innovation

-High-speed magnetic levitation technology: High-speed magnetic levitation technology is a technology that uses electromagnetic force to suspend trains on the track and run at high speed. It has the advantages of fast speed, low noise, high safety, and low energy consumption. At present, China has successfully developed speed600Kilometer high-speed magnetic levitation test prototype, and the world's longest vacuum pipeline magnetic levitation test line built in Shanghai, laid the foundation for the future realization of super high-speed rail.

-Intelligent train control system technology: Intelligent train control system technology is a technology that uses information technology to realize train automatic driving, automatic scheduling, automatic detection and other functions. It has the advantages of improving operational efficiency, saving labor costs, and ensuring driving safety. At present, China has successfully developedCTCS-3The intelligent train control system has been tested and operated on the Beijing-Shanghai high-speed railway and other lines, laying the foundation for the realization of driverless trains in the future.

-Lightweight material technology: Lightweight material technology is a technology that uses new materials to reduce train weight, reduce resistance, and improve passenger capacity. It has the advantages of saving energy, reducing emissions, and extending life. At present, China has successfully developed lightweight materials such as carbon fiber composite materials and aluminum alloy materials, and applied them in products such as Fuxing EMU, which provides the possibility for more environmentally friendly and economical train design in the future.

Development Prospect of 5. Railway Locomotive and Rolling Stock Accessories Industry

1. Development prospects

Champ Consulting is expected.2023-2028In 2010, the market size of China's railway rolling stock accessories industry will maintain a steady growth trend.2028The year will reach1800billion yuan, with a compound annual growth rate6.0%. The main reasons are the following:

-The continuous promotion of railway construction and operation will drive the demand for new expansion and technological upgrading in the railway rolling stock accessories industry;

-The continuous deepening of technological innovation and upgrading will drive the improvement of product quality and service level in the railway rolling stock accessories industry;

-The social needs of environmental protection and energy conservation and emission reduction will drive the green development and low-carbon development of the railway rolling stock parts industry.

Development challenges

Although China's railway rolling stock accessories industry has good development prospects, it also faces some challenges, mainly the following:

-The intensification of international competition has led to pressure on the market share and profit margins of the railway rolling stock accessories industry;

-The saturation of the domestic market has led to a slowdown in the growth rate of the railway rolling stock accessories industry and changes in the demand structure;

-The lack of technological innovation has led to the weak core competitiveness of the railway rolling stock accessories industry and a high degree of technology dependence.

3. Development recommendations

In view of the challenges faced by China's railway rolling stock accessories industry, the following suggestions are put forward:

-Strengthen international cooperation and opening up, expand overseas markets and resources, and enhance international influence and competitiveness;

-Adapt to changes in the domestic market, optimize product structure and service models, and meet the diversified needs of customers;

-Increase investment in technology research and development and innovation, improve independent innovation capabilities and core technology levels, and reduce technology dependence.

Conclusion

To sum up,2023China's railway rolling stock accessories industry will maintain a stable momentum of development throughout the year, the market size will reach1350Billions of dollars. But at the same time, it also faces challenges such as international competition, domestic market saturation, and lack of technological innovation. Therefore, the railway rolling stock accessories industry should strengthen international cooperation, adapt to market changes, increase technological innovation and other measures to achieve high-quality development. Shangpu Consulting believes that only in this way can the railway rolling stock parts industry be in an invincible position in the fierce market competition.