Global Railway Wheels and Axles Market Report 2022: Market to Reach USD 4 Billion by 2026

DUBLIN, August 26, 2022 /PRNewswire/ — The “Rail Wheel and Axle – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.

Global Railway Wheels and Axles Market to Reach $4 billion by 2026

Amid COVID-19 crisis, Global Rail Wheel and Axle Market Estimated at US$3.3 billion in 2022, is expected to reach a revised size of 4 billion US dollars by 2026, growing at a CAGR of 4.4% over the analysis period.

Solid Axles, one of the segments analyzed in the report, is expected to register a CAGR of 4.6% and reach US$3.3 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Hollow Axles segment is readjusted to a revised CAGR of 3.8% for the next 7-year period.

The US market is estimated at $570.8 million in 2022, when China is expected to reach $878 million by 2026

The Rail Wheel and Axle market in the United States is estimated at US$570.8 million in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$878 million by 2026 at a CAGR of 6% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.9% and 3.8% respectively over the analysis period. In Europe, Germany is expected to grow at around 3.3% CAGR.

The market is expected to experience healthy growth over the long term owing to increased production of locomotives, advancements in technology, and efforts to modernize rail infrastructure. The market is expected to grow, supported by increasing production of locomotives and bogies in both developed and developing countries, primarily in China, Russia, Mexico and Germany.

The market is also aided by the expansion of the rail network in less developed and developing regions to connect rural areas. As OEM network expansion presents new avenues for growth, technological advancements related to trains and their networks are expected to support the growth of the market.

Various companies in the market are investing in R&D projects to produce lightweight materials for axles and wheels for short-distance, passenger and freight trains. Rail industry OEMs are adopting advanced technologies such as big data analytics to bolster their service offerings.

The global railway wheels and axles market is poised to be catalyzed by increasing population in metropolitan cities and increasing number of office workers, primarily in emerging economies. Railways are expected to remain an integral part of the public transport system, and are believed to be of considerable importance due to increasing urbanization and public density as well as changing travel behaviors.

The growing use of the rail network for commuting is likely to prompt governments to upgrade infrastructure for faster passenger transport. The market is expected to receive a major boost from government efforts to establish smart cities as well as smart railway infrastructure. Investments in large-scale public transport infrastructure, including high-speed trains and high-speed trains, should make public transport easier and faster.

The increasing production of high-speed and high-speed trains is expected to increase the demand for railway wheels and axles. The growth of the market is further supported by the continuous efforts to improve the energy efficiency of the railway infrastructure as well as the electrification of the existing lines, mainly in developing countries like China and India.

Extension of the lines of the existing rail network, in particular in Europe, China and India including the One Belt One Road project is likely to drive the growth of the market. Emerging countries like Japan, China and South Korea should move to magnetic rail systems to speed up train journeys and reduce maintenance costs due to the lack of friction parts.

What’s new for 2022?

  • Global competitiveness and percentage market shares of main competitors
  • Market presence in multiple geographies – Strong/Active/Niche/Trivial
  • Peer-to-peer collaborative online interactive updates
  • Access to digital archives
  • Free updates for one year

Main topics covered:

I. METHODOLOGY

II. ABSTRACT

1. MARKET OVERVIEW

  • Rail freight transport is under pressure due to the COVID-19 pandemic
  • Railways will bounce back in the post-COVID-19 era
  • Amid the COVID-19 pandemic, potential opportunities are emerging in international rail travel
  • Railway wheel and axle: an introduction
  • Evolution of the railroad wheel
  • Global Market Outlook and Prospects
  • Asian economies will offer lucrative growth opportunities
  • Competition
  • Recent market activity
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Gamers Worldwide in 2022 (E)

2. FOCUS ON CERTAIN PLAYERS (Total 36 featured)

  • Amsted Rail Company, Inc.
  • ArcelorMittal SA
  • Bharat Forge Ltd. (Kalyani Group)
  • Bombardier Inc.
  • GHH-BONATRANS
  • CAF, Constructions and Auxiliaries of Ferrocarriles, SA
  • Comsteel
  • CRRC Sifang Co.,Ltd.
  • Kolowag
  • Lucchini RS SpA
  • Maanshan Iron and Steel Company Limited
  • Nippon Steel Corporation
  • Penn Machine Company LLC
  • Railway Wheel Factory – Indian Railways
  • Semco India (P) Ltd.
  • Simmons Machine Tool Corporation (NSH Group)
  • United Metallurgical Company, MKO CJSC

3. MARKET TRENDS AND DRIVERS

  • Rise in new railway projects and consequent increase in locomotive and bogie production drive demand for railway wheels and axles
  • An overview of some major current and upcoming projects focused on freight rail
  • Rising passenger and freight rail traffic translates into market growth
  • Development of urban rail transport infrastructure presents growth prospects for the rail wheels and axles market
  • Expanding subway train network drives demand for subway wheels
  • As rail freight is essential to the global supply chain, long-term network expansion initiatives bode well for the market.
  • Global trade flows determine the growth dynamics of the rail freight transport market, defining the trends of the rail wheel axles market
  • The development of the Euro-Asian railway line and the resulting increase in trade flows bode well for the market.
  • The increasing electrification of rail lines in developing economies presents an opportunity for growth
  • The imperative need to replace aging diesel locomotives to reduce emissions is supporting market growth
  • Smart urban spaces and focus on smart rail infrastructure: growth potential
  • As governments focus on the development of high-speed rail and high-speed rail, the market for railway wheels and axles will benefit
  • Global level of deployment of high-speed rail lines by selected leading countries
  • The aftermarket segment is poised to benefit from the growing demand for rail wheel machining
  • The advent of solar-powered trains appears as a potential driving factor
  • R&D efforts by manufacturers focused on the development of lightweight rail wheels and axles
  • Rail operators rely on advanced vibration sensors to detect punctures
  • Laser triangulation sensors offer a compelling option for measuring the lateral positions of railway bogie wheels
  • Bayesian DLM presents an effective option for real-time detection of wheel faults in high-speed trains
  • With few countries moving towards alternative rail technologies such as Maglev, challenges ahead for the rail wheels and axles market

4. GLOBAL MARKET OUTLOOK

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/5iksrv

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