Freight Railcar Parts Market Trends, Share, Growth And Forecast 2024-2033
Overview and Scope
Freight railcar parts refer to the various components and elements that make up a railcar for transporting goods or freight. These parts are designed to ensure the safe and efficient operation of freight railcars and are crucial for transporting goods across the rail network.
Sizing and Forecast
The freight railcar parts market size has grown strongly in recent years. It will grow from $10.66 billion in 2023 to $11.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to economic growth and industrialization, regulatory compliance, global trade expansion, freight transportation cost efficiency, rail fleet modernization.
The freight railcar parts market size is expected to see strong growth in the next few years. It will grow to $13.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing e-commerce and logistics, renewable energy initiatives, rail network expansion in emerging markets, increasing demand for specialized railcars, investments in high-speed rail. Major trends in the forecast period include digitalization of supply chain, smart rail technologies, technological advancement, focus on lightweight materials, remote monitoring and diagnostics.
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Segmentation & Regional Insights
The freight railcar parts market covered in this report is segmented –
1) By Component: Gears, Wheels, Axles And Bearings, Side Frames, Draft Systems, Couplers And Yokes, Airbrakes, Other Components
2) By Type: Autocar, Box Car, Center Beam, Covered Hopper, Coil Car, Flat Car, Gondola, Open To Hopper, Refrigerant Boxcar, Other Types
3) By Distribution Channel: Original Equipment Manufacturer (OEM), After-Market
North America was the largest region in the freight railcar parts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the freight railcar parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for rail transportation is expected to propel the growth of the freight railcar parts market going forward. Rail transportation refers to the movement of passengers or goods using rail systems. Freight railcar parts contribute to the efficient and reliable transportation of goods by ensuring safe handling and optimal cargo performance throughout rail transportation. For instance, in November 2022, according to Eurostat, a UK-based government agency, rail freight transport in the European Union (EU) experienced significant growth of 8.7% compared to 2020. Furthermore, according to the Federal Highway Administration, a US-based department of transportation specializing in highway transportation, there will be a 30% increase in overall freight movements in the United States from roughly 19.3 billion tons in 2020 to 25.1 billion tons in 2040. Therefore, increasing demand for rail transportation drives the freight railcar parts market.
Key Industry Players
Major companies operating in the freight railcar parts market report are The Andersons Inc., National Steel Car Ltd., Westinghouse Air Brake Technologies Corporation, Knorr-Bremse AG, Amsted Industries Incorporated, The Greenbrier Companies, Progress Rail Services Corporation, Wabtec Corporation, Trinity Industries Inc., National Steel Car Ltd., American Railcar Industries Inc., FreightCar America Inc., New York Air Brake Corporation, A. Stucki Company, Sasser Family Holdings, Miner Enterprises Inc., Plasser American Corporation, Ronsco Inc., Miller Ingenuity, Midland Manufacturing Corp, Strato Inc., PowerRail Co, Ohio Locomotive Crane Company,Mi-Jack Products Inc., Penn Machine Company, Rail Wheel Factory, Vertex Railcar Corporation.
The freight railcar parts market report table of contents includes:
1. Executive Summary
2. Freight Railcar Parts Market Characteristics
3. Freight Railcar Parts Market Trends And Strategies
4. Freight Railcar Parts Market – Macro Economic Scenario
5. Global Freight Railcar Parts Market Size and Growth
…………………
32. Global Freight Railcar Parts Market Competitive Benchmarking
33. Global Freight Railcar Parts Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Freight Railcar Parts Market
35. Freight Railcar Parts Market Future Outlook and Potential Analysis
36. Appendix
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