Demand for Freight Railcar Parts Market from Major End use Sectors to Increase in the Near Future

Demand for Freight Railcar Parts Market from Major End use Sectors to Increase in the Near Future

Jul 07, 2022 (Market Insight Reports) —

The worldwide freight railcar parts market may register notable progression over the forthcoming years. Rail freights are an efficient, reliable, capable, more environmentally friendly, and cost-effective alternative to road transport. The increased adoption and utilization of freight cars or goods cargos for loading and hauling bulk commodities such as automobiles and components, equipment, construction materials, agriculture and energy products, chemicals, food, minerals, metals, paper, pulp, etc. over long distances may have an optimistic impact on the industry growth in the forthcoming years.

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Over the last few years, there has been a significant rise in oil fuel import and export activities. Governments across several economies are making efforts to improve their infrastructure for high-speed and freight trains by introducing investor-friendly policies and initiatives. This has encouraged players across the globe to make hefty investments to aid the expansion of freight car fleet scope and increase business productivity across large cities. These factors, accompanied by the proliferating demand for rail car parts due to their increasing replacement cycle, could propel the freight railcar parts industry outlook.

According to a recent study by Global Market Insights Inc., the global freight railcar parts market share could be worth USD 15 billion by 2030.

Listed ahead are some promising factors supporting the industry expansion.

Increasing freight revenues and earnings

The rapid expansion of the railway infrastructure coupled with the rollout of the supportive government policy framework and escalating investments from major industry participants has stimulated the industry landscape.

As per the latest IBEF report, the railway sector in India has experienced strong revenue growth, reaching USD 23.3 billion valuation mark by March 2022. Freight remains the pivotal revenue-earning segment, accounting for USD 17.68 billion, registering almost 21.8% year-on-year growth.

These optimistic scenarios point toward the fast-paced development of railway infrastructure across developed and developing economies. This, in addition to increasing technological advancements and extending public-private partnerships, may significantly push the freight railcar parts market forecast.

Flourishing cross border trade across North America

North America may account for a considerable revenue share due to the continuous proliferation of freight rail networks and increasing crude oil and petroleum imports and exports across the US. As per the Overview of America’s Freight Railroads 2020, the US freight rail industry is worth almost USD 80 billion. As the repair and maintenance of these railroads are handled by private organizations, it has substantially stimulated the industry share.

As per the US Energy Information Administration, the US imported nearly 8.47 million exported roughly 8.63 million barrels per day of petroleum in 2021. The country further imported crude oil products from other economies to help maintain demand and supply across domestic and international markets.

Supportive government initiatives to set the stage for future opportunities

Government authorities across the globe are taking necessary steps to pave the for future transformation across the railway sector and ease the development of freight railcars.

With a similar intent, in November 2020, Indian Railways announced the opening of 40% of DFC (Dedicated Freight Corridor) by the end of 2021 and the entire 2800 km long route by June 2022.

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Similarly, the organization is working on creating and developing technology in areas like signaling and telecommunication, with nearly 37,000 km fitted with the indigenously developed Train Collision Avoidance System, KAVACH, and almost 15,000 km converted into automatic signaling. The rollout of such initiatives will fuel the freight railcar parts industry trends over the projection period.

Table of Contents of the Report (TOC):

Chapter 1Methodology and Scope

1.1 Scope and definitions

1.2 Methodology & forecast parameters

1.3 COVID-19 impact calculations on industry forecast

1.3.1 North America

1.3.2 Europe

1.3.3 Asia Pacific (APAC)

1.3.4 Latin America (LATAM)

1.3.5 Middle East & Africa (MEA)

1.4 Data Sources

1.4.1 Primary

1.4.2 Secondary

1.5 Industry Glossary

Chapter 2Executive Summary

2.1 Global freight railcar parts industry 360° synopsis, 2018 – 2030

2.1.1 Business trends

2.1.2 Regional trends

2.1.3 Type trends

2.1.4 Distribution channel trends

2.1.5 Component trends

Chapter 3Global Freight Railcar Parts Industry Insights

3.1 Introduction

3.2 Industry landscape, 2018 – 2030

3.3 Impact of COVID-19 outbreak

3.3.1 Global outlook

3.3.2 Impact by region

3.3.2.1North America

3.3.2.2Europe

3.3.2.3Asia Pacific (APAC)

3.3.2.4Latin America (LATAM)

3.3.2.5Middle East & Africa (MEA)

3.3.3 Industry value chain

3.3.3.1Research and development

3.3.3.2Manufacturing

3.3.3.3Marketing

3.3.3.4Supply

3.3.4 Competitive landscape

3.3.4.1Strategy

3.3.4.2Distribution network

3.3.4.3Business growth

3.4 Industry ecosystem analysis

3.4.1 Suppliers

3.4.2 Manufacturers

3.4.3 Distribution channel analysis

3.4.4 End-use landscape

3.4.5 Vendor matrix

3.5 Global railway freight industry overview

3.6 Pricing analysis

3.7 Regulatory landscape

3.7.1 U.S.

3.7.2 Europe

3.7.3 Asia Pacific

3.7.4 Latin America

3.7.5 MEA

3.8 Technology & innovation landscape

3.9 Industry impact forces

3.9.1 Growth drivers

3.9.1.1Rising demand for railcar and increasing production

3.9.1.2Developments in the Asia Pacific railway industry

3.9.1.3Demand for railcar parts increasing due to replacement cycle

3.9.2 Industry pitfalls & challenges

3.9.2.1Energy-efficient and environmental manufacturing norms

3.9.2.2Fluctuating raw material prices

3.10 Growth potential analysis

3.10.1 Porter's analysis

3.10.2 Supplier power

3.10.3 Buyer power

3.10.4 Threat of new entrants

3.10.5 Threat of substitutes

3.10.6 Industry rivalry

3.11 PESTLE analysis

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