Asia-pacific: the largest and fastest-growing market for rolling stock power conversion
system
The asia-pacific region includes key countries such as china, japan, and india. The
locomotive market for power conversion system in the region is expected to grow at a
promising CAGR, owing to the increasing number of rail infrastructural projects and
growing urbanization. According to ministry of railways (india), the ministry has planned
to spend approximately USD 142 billion in the next five years on expansion and
modernization. Robust economic growth, coupled with the growing urban population
leads to increase in demand for power and conversion systems during the forecast period.