Dublin, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The "Rail Wheel and Axle - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Rail Wheel and Axle Market to Reach $4 Billion by 2026
Amid the COVID-19 crisis, the global market for Rail Wheel and Axle estimated at US$3.3 Billion in the year 2022, is projected to reach a revised size of US$4 Billion by 2026, growing at a CAGR of 4.4% over the analysis period.
Solid Axles, one of the segments analyzed in the report, is projected to record 4.6% CAGR and reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hollow Axles segment is readjusted to a revised 3.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $570.8 Million in 2022, While China is Forecast to Reach $878 Million by 2026
The Rail Wheel and Axle market in the U.S. is estimated at US$570.8 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$878 Million by the year 2026 trailing a CAGR of 6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.
The market is expected to witness healthy long term growth on account of rising locomotive production, technological advancements and efforts to modernize rail infrastructure. The market is projected to grow supported by the increase in locomotive and bogie production in both developed and developing countries, mainly in China, Russia, Mexico and Germany.
The market is also favored by expansion of the railway network in less developed and developing regions for connecting rural areas. While expanding network of OEMs presents new growth avenues, technological progress related to trains and their networks is expected to bolster the market growth.
Various companies in the market are investing in R&D projects for producing lightweight materials for axles and wheels of short-distance, passenger and freight trains. OEMs in the railway industry are adopting advanced technology like big data analytics for bolstering their service offerings.
The global market for rail wheels and axles is poised to be catalyzed by increasing population across metropolitan cities and rising number of office goers, mainly in emerging economies. Railways are anticipated to remain an integral component of the public transportation system, and estimated to hold considerable significance owing to rising urbanization and public density along with evolving travel behavior.
The increasing use of rail network for commuting is likely to drive governments to modernize the infrastructure for faster passenger transport. The market is bound to receive a major impetus from government efforts to establish smart cities along with smart railway infrastructure. Investments in large-scale public transport infrastructure including bullet trains and high-speed trains are expected to make public transport easier and faster.
The increasing production of bullet and high-speed trains is slated to push the demand for rail wheels and axles. The market growth is further bolstered by ongoing efforts to improve the energy efficiency of railway infrastructure along with electrification of existing lines, mainly across developing countries like China and India.
Expansion of existing rail network lines, especially in Europe, China and India including the One Belt One Road project is likely to drive the market growth. Emerging countries like Japan, China and South Korea are expected to shift towards magnetic rail systems for accelerating train journey and reducing maintenance costs due to lack of frictional parts.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Rail Freight Transportation Comes Under Pressure Due to COVID-19 Pandemic
- Railways to Bounce Back in Post-COVID-19 Era
- Amidst COVID-19 Pandemic, Potential Opportunities Emerge in International Rail Travel
- Rail Wheel and Axle: An Introduction
- Evolution of the Railroad Wheel
- Global Market Outlook & Prospects
- Asian Economies to Offer Lucrative Growth Opportunities
- Competition
- Recent Market Activity
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 36 Featured)
- Amsted Rail Company, Inc.
- ArcelorMittal S.A.
- Bharat Forge Ltd. (Kalyani Group)
- Bombardier Inc.
- GHH-BONATRANS
- CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
- Comsteel
- CRRC Sifang Co., Ltd.
- Kolowag
- Lucchini RS S.p.A.
- Maanshan Iron and Steel Company Limited
- Nippon Steel Corporation
- Penn Machine Company LLC
- Rail Wheel Factory - Indian Railways
- Semco India (P) Ltd.
- Simmons Machine Tool Corporation (NSH Group)
- United Metallurgical Company, OMK CJSC
3. MARKET TRENDS & DRIVERS
- Increase in New Railway Projects and Consequent Rise in Locomotive and Bogie Production Drives Demand for Rail Wheel and Axle
- A Snapshot of Select Major Ongoing & Upcoming Projects Focused on Rail Freight Transport
- Rise in Rail Passenger and Freight Traffic Translates into Market Growth
- Development of Urban Rail Transport Infrastructure Presents Growth Prospects for Rail Wheel & Axle Market
- Expanding Metro Train Network Drives Demand for Metro Train Wheels
- With Rail Freight Transport Being Indispensable for the Global Logistics Chain, Long-term Network Expansion Initiatives Bode Well for the Market
- World Trade Flows Determine Growth Dynamics of Rail Freight Transport Market, Setting Trends in the Rail Wheel Axle Market
- Development of Europe-Asia Railway Line and Resultant Rise in Trade Flows Augurs Well for the Market
- Growing Electrification of Rail Lines in Developing Economies Presents Growth Opportunity
- Imperative Need to Replace Aging Diesel Locomotives to Reduce Emissions Supports Market Growth
- Smart Urban Spaces and Emphasis on Smart Railway Infrastructure: Potential for Growth
- As Governments Focus on Development of High-Speed Trains and Bullet Trains, Rail Wheel and Axle Market to Benefit
- Global Level of Deployment of High-Speed Rail Lines by Select Leading Countries
- Aftermarket Segment Poised to Benefit from Growing Demand for Rail Wheel Machining
- Advent of Solar Powered Trains Emerges as a Potential Driving Factor
- R&D Efforts of Manufacturers Focused on Development of Lightweight Rail Wheels & Axles
- Rail Operators Bet on Advanced Vibration Sensors to Detect Wheel Flats
- Laser Triangulation Sensors Offer Compelling Option to Measure Lateral Positions of Rail Bogie Wheels
- Bayesian DLM Presents Effective Option for Real-Time Detection of Wheel Defects in High-Speed Trains
- With Few Countries Moving Towards Alternative Rail Technologies Such as Maglev, Challenges Ahead for Rail Wheel & Axle Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/o2j07q
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