Farmington, March 13, 2023 (GLOBE NEWSWIRE) -- The Global Rail Wheel and Axle Market Was Valued At USD 4,109.20 Million In 2022 And Is Expected To Reach USD 6,952.86 Million By 2030, At A CAGR Of 5.4% During The Forecast Period 2022-2030. A Rail Wheel is a type of axle that is made to work with trains. Because train networks and technology are always getting better, train companies have had to put a lot of money into research and development of lighter materials for wheels on passenger trains, freight trains, and short-distance trains. The growth of the railway axle market is mostly due to more locomotives being made in both emerging and developed countries.
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In recent years, there has been a big rise in the number of people who want to travel by train. Because of this, the railway transportation system is going through big changes. In every country, they are not only an important part of the infrastructure, but they also do a lot to make the future viable. For a good level of safety, it is important to have reliable rolling stock and infrastructure equipment. Rail axles are the most important parts of locomotives and bogies. They are made to carry big loads and last for a long time.
Rail Wheel and Axle Market Recent Developments:
- October 2020 - JSPL becomes first company in India to develop rails for high speed corridors Jindal Steel & Power (JSPL) becomes first company in India to produce heat treated rails for high speed and high axle load applications. Heat treated (HT) rails (60E1 1175) are superior to 1080 HH and will be incorporated by Indian Railways for heavy and high speed applications.
- November 2020 - Bombardier's joint venture wins contract from China State Railway Group Bombardier Sifang Transportation Co., Ltd. (BST), the Chinese joint venture of Bombardier Transportation, signed a contract with China State Railway Group Corporation to supply 112 CR00AF - based on New China standard high-speed trains for China's growing high-speed rail network. The carriages will be configured as trainsets operating at a speed of 250 km/h.
Rail Wheel and Axle Market Dynamics:
Digitalization is changing the way train technology works. Digitalization will make railway infrastructure safer and improve how well it works overall. Also, as the rail network continues to be digitized, people will be able to get information about train movements and places in real time.
This reason is likely to keep the global railway axles market moving forward. Automation of subway trains is becoming more popular around the world because it is expected to cut energy use by up to 42%. Over the next few years, the market is likely to grow because of new technologies in railway networks, such as the use of 5G networks.
Use of lightweight materials for autonomous trains: Continuous advancements in train networks and train technology, as well as the trend toward autonomous technologies, are forcing train manufacturers to invest heavily in research and development of lightweight materials for axles in freight trains, passenger trains and short-distance trains.
Regional Outlook:
In 2019, the Asia-Pacific market was worth USD 95.4 million. Due to more people living in cities, more money in their pockets, and a growing industrial sector, this area is leading the world market. The rise of the market in Asia-Pacific is likely to be helped by the fact that key players are there. Companies like Taiyuan Heavy Industries, Datong ABC Foundry Co Ltd, and many others are creating new chances in the area. Also, these providers put a lot of effort into research and development. Also, these companies work with other groups to help export transactions go smoothly and make goods with the latest technology. These businesses are making smart investments that will help them improve.
North America also has the second-largest part of the world market. This is because the countries there have a well-developed rail network. As trains go by at full speed, powerful scanners along the tracks look for tiny problems in the equipment. With these new technologies, it's possible that the rail network will continue to make money and have low maintenance costs. Also, the fact that North America has intermodal hubs (rail, ship, and truck) helps the rail business move a lot of cargo around the world. This factor is also driving the growth of the railway wheels (railroad wheels) market in North America, which is projected to have a high CAGR over the next few years. This market is also expected to grow steadily in Europe.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.4% from 2023 to 2030 |
| Market Size in 2022 | USD 4,109.20 Million |
| Revenue Forecast by 2030 | USD 6,952.86 Million |
| By Type |
|
| By Applications |
|
| By Companies | GHH-BONATRANS, Lucchini RS, EVRAZ NTMK, GMH-Gruppe, Interpipe, OMK, Amsted Rail, Masteel, NSSMC, Kolowag., and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Rail Wheel and Axle Market Key Segments Covered:
Top Market Players:
GHH-BONATRANS, Lucchini RS, EVRAZ NTMK, GMH-Gruppe, Interpipe, OMK, Amsted Rail, Masteel, NSSMC, Kolowag., and Others.
Rail Wheel and Axle Market by Types:
- Arthrospira Platensis
- Arthrospira Maxima
Rail Wheel and Axle Market by Types:
- Rolled Wheels & Axles for Railways
- Forged Wheels & Axles for Railways
Rail Wheel and Axle Market by Applications:
- Unit Trains
- Mixed Freight Trains
- Intermodal Trains
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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