If you introduce a new rail type into your rail network you can't use your existing fleet of trains on that section reducing the ROI on that train engine or carriage. Also, any train you purchase for the new rail type will only ever work on that system lowering their profitability in the long term.
there are few maglev manufacturers, allowing vendor locking and exacerbating the first point
they must be built grade-separate, which can complicate route planning
they are incompatible with existing rail tech, which results in having to build new, expensive infrastructure for 100% of your route, further exacerbating the first point
their switches are slow, limiting capacity
Ultimately, their competition is regular trains, which are simpler, more tolerant to buying from multiple manufacturers, still significantly more efficient and faster than anything roadborne, able to switch over the course of seconds instead of minutes, able to interoperate with different tiers of intensity and speed, able to be built at grade, cheaper and having the better part of two hundred years of technological refinement behind it. Ultimately, maglev has specific, niche advantages that make it a hard sell for any system that already has regular rail.
Maglev (derived from magnetic levitation) is a system of train transportation that uses two sets of electromagnets: one set to repel and push the train up off the track, and another set to move the elevated train ahead, taking advantage of the lack of friction. Such trains rise approximately 10 centimetres (4 in) off the track. There are both high-speed, intercity maglev systems (over 400 kilometres per hour or 250 miles per hour), and low-speed, urban maglev systems (80–200 kilometres per hour or 50–124 miles per hour) under development and being built.
Why so little?
Despite over a century of research and development, there are only six operational maglev trains today — three in China, two in South Korea, and one in Japan. Maglev can be hard to economically justify for certain locations, however it has notable benefits over conventional railway systems, which includes lower operating and maintenance costs (with zero rolling friction its parts do not wear out quickly and hence less need to replace parts often), significantly lower odds of derailment (due to its design), an extremely quiet and smooth ride for passengers, little to no air pollution, and the railcars can be built wider and make it more comfortable and spacious for passengers.
Plane maglev tracks are way more expensive than wheeled train tracks. It's slower to get expensive when the terrain stops being plane, but it takes a lot of roughness for it to become cheaper. Most countries just do without trains crossing rough terrain.
And the largest cost of almost any train is the tracks.
Where existing transit infrastructure exists, cities prefer upgrading existing infrastructure, rather than installing new infrastructure in its place, and where transit does not exist cities prefer not to install anything at all and favor cars typically. Maglev trains are extremely expensive to install the infrastructure, so gathering the money out of local budgets to invest in the extremely expensive maglev infrastructure is typically very difficult.
In the US in particular, politicians, just don’t look at the picture in the long term, and only focus on short term investigator as it pertains to their election schedule, and that is sad and has long-term impact on the local population.
You still need rubber wheels when it's stopped and at low speed. They retract when it's fast enough for the maglev to take over.
The electrical conductors are expensive as shit. The ones in the train need to be super cooled or something. The track ones need to be built along the entire length. On three sides, one vertically and two horizontally. Along with massive power lines along the whole length. They don't need to move to be expensive.
The right of way needs to be very straight. So compared to normal high speed, you have to spend much more on buying land, earth moving, tunneling, etc.
All this needs to be maintained to an extremely high degree because you can't accept a failure. The engine on a high speed rail fails and you just slow down, no biggie. HSR track is fairly robust and can easily be inspected visually. Since it has the same base as normal passenger and freight you have an entire industry knowledge and inspection machines. Any part of maglev fails and you have a catastrophic failure.
One other thing I've not seen mentioned yet is capacity. Switching a maglev track is difficult and very slow, which reduces the number of trains you can get through a switch and therefore the number of people your system can carry.
I remembered seeing a video by Real Engineering that explained a lot on Maglev and it's pros and cons but one of the summaries that really hit it off for me and if I remember correctly is that it cost 11 times more to build per kilometre compared to conventional high speed rail, for about 70% more top speed while using 30% more energy.
tl;dr: there were so many technical issues that when the West German company developing the tech lost funding and the Ontario government took over the project, they immediately abandoned the maglev concept and replaced it with linear-induction propulsion with steel wheels on rails (the mag, without the lev).
Even this tech, which does have a few advantages over conventional rail and is still used today in cities like Vancouver, is falling out of favour due to general logistical issues with using bespoke technology over conventional rail -- fewer people know how to build and maintain it, you're relying on usually just one company to supply your trains and infrastructure until the end of time, you can't reuse any existing infrastructure, etc. I'd imagine these issues still get in the way of maglev development today -- even more so because you can't even reuse existing rails
As others here have already mentioned the infrastructure costs alone are a huge problem, where I live we are currently just trying to electrify the corridor and it’s not even the entire system, once again the overall rail infrastructure is already there (it’s just electrification) yet this is still going to take a minimum of a decade and the minimum cost is going to be more than $11bn, technically this saves money as you don’t need to buy a new fleet of rolling stock just upgrade the old ones.
So ya for a maglev you would need a completely different infrastructure and the rolling stock
It makes more economic sense to improve the rails we already have, and build faster trains to run on the existing rails (like the TGV), than building completely new infrastructure.
The infrastructure is expensive. The rails are not just a bunch of steel girders. They have to be made of concrete with special magnets inside of it over the entire track. Often they need to be raised
They're quite expensive for a start and standard HSR does it's job just fine.
Japan is the only country that's building actual Maglev lines. It's feasible in Japan due to popularity of rail and distance between the endpoints makes it worth it.
China has Maglev tech and also some demo Maglev lines. But they are committed to standard rail because it's cheaper to build using a standardised process and works good enough on large distance travel required in China.
In the US, it's nearly impossible because Petroleum companies and such hate the idea of cheap and efficient transport and just bribe the politicians to be against it.