Global Rail Wheel And Axle Market Analysis and Review by Wheel Type (Monoblock Wheels, Resilent Wheels, Rubber Tyred Wheels, Steel Tyred Wheels and Other Special Wheels)
Industry: Automotive
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 331
Report ID: PMRREP22777
[331 Pages] Persistence Market Research (PMR) has valued the global rail wheel and axle market at US$ 4,109.20 Mn in 2023 and has projected the market to grow at a value CAGR of 5.4% to reach a valuation of US$ 6,952.86 Mn by 2033.
|
Market Size (2022A) |
US$ 3,905.30 Mn |
|
Estimated Market Size (2023E) |
US$ 4,109.20 Mn |
|
Projected Market Value (2033F) |
US$ 6,952.86 Mn |
|
Value CAGR (2023 to 2033) |
5.4% |
|
Collective Share: Top 3 Countries (2023E) |
51.2% |
The railway network is developing rapidly over the world as a result of rapid urbanization and rising middle class mobility. In India, for instance, the ministry of railways and urban development have collaborated to launch the smart city initiative. Governments in various countries are spending to promote the introduction of large scale public transportation systems, such as bullet trains and high speed trains, to accelerate public transportation. As a result, the growing rail infrastructure fuels the expansion of the rail wheel and axles industry. According to IEA, Over 25 countries have built high speed rail networks totaling over 45 000 kilometers of track. China now has over 60% of the world's track length, with a goal of having 38 000 km operational by 2025. According to the Net Zero Scenario, high speed rail activities must increase by 60% by 2030.
East Asia is anticipated to hold a majority of the share in the market owing to railway infrastructure development in china, japan and South Korea. China is building new railways network, including the Sichuan-Xizang Railway and a total of 102 railway projects included in the Outline of the 14th Five Year Plan for National Economic and Social Development and Vision 2035. According to Persistence Market Research, East Asia will hold 32.5% of the market in 2033.
The global rail wheel and axle market grew at a CAGR of around 1.9% between 2018 and 2022. The market is being shaped by various trends, including a more emphasis on sustainability, technical developments, consolidation, rising demand for maintenance and repair services, and digitalization. Companies in the market are focusing on developing more environmentally friendly products, utilising sophisticated materials and smart technologies, acquiring local players to extend their product offerings and geographic reach, and utilising digital tools and technologies to increase efficiency.
Adoption of digital technologies could improve train operations and connect rail more thoroughly with other modes of transportation, making rail more accessible, convenient, and appealing. These trends, as well as other factors such as increased rail traffic, urbanisation and population expansion, and environmental concerns, are projected to fuel demand for rail wheels and axles in the coming years. According to Persistence Market Research, the market will grow at a 5.8% CAGR through 2033.
“Increasing Government Investment in Rail Infrastructure Development”
Governments in metropolitan economies are focusing on investing massive amounts to support the development of large scale transportation infrastructure, such as high speed rails and bullet trains, to improve passenger transportation. Governments are investing in upgrading railways by adopting cutting edge technologies. It is expected that by implementing these modifications, operational efficiency will improve. Governments throughout the world are also announcing plans to invest and create revolutionary train technology and tracking systems in the near future. Due to such investment demand for rail wheels and axles will grow in OEM market. For example, the Federal Railroad Administration (FRA) recently announced U.S. $368 million in Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant programme for 46 projects in 32 states and the District of Columbia. In addition to this, increasing technological improvements in train networks and trains, as well as the trend of autonomous technology, are forcing train makers to invest significant amounts in research and development for the production of light materials for wheels and axles which are used in freight trains, passenger trains, and short distance trains.
“Adoption of Lightweight Material for Autonomous Driving Trains Impacting the Market Growth”
Train manufacturers are being forced to invest in research and development to manufacture light materials for the wheel and axles of freight trains, bullet trains, passenger trains, metro trains, and local trains due to the continuous advancement of train technology and train networks, as well as the development trend of autonomous driving technology. Every year, around 7 billion passengers travel by rail, and these passenger demand a quick and comfortable ride at a low cost. This is yet another driving force behind autonomous train technology. In addition to this, automatic trains are outfitted with computer monitoring equipment capable of detecting wheel hub and axle defects, they are projected to acquire more popularity.
Which is the most prominent market for Rail Wheel And Axle manufacturers?
“India Market to Drive High Sales of Rail Wheel And Axle”
According to the International Energy Agency, India's railway system has been essential to the country's growth, carrying people and goods across its enormous territory, integrating markets, and linking communities. Today, India's conventional rail system has a total route length of over 68000 km, divided between passenger and freight transit. There are metro systems in 10 Indian cities, with approximately 515 km of track in operation and another 620 km under construction. In the coming years, 600 kilometres of new metro lines are planned. Seven additional high speed lines are being considered. They would connect the four cities that make up the Golden Quadrilateral (Mumbai, Delhi, Chennai and, Kolkata), as well as other intermediate cities. Study projects that India market will surpass the revenues worth US$ 188.6 Mn by the end of 2023.
Which Country is dominating the Rail Wheel And Axle Market in East Asia?
“China is Anticipated to Hold Largest Market Share in the East Asia Rail Wheel And Axle Market”
China Railway's financial goal for 2023 is to generate more than U.S. $103 billion in commercial revenue, an increase of 18% over 2022. China completed U.S. $ 111.7 billion yuan in railway capital investment in 2022, putting 4,100 km of new railway lines into service, including 2,082 km of high speed railroads. China had 155,000 kilometres of railways in operation as of the end of 2022, including 42,000 kilometres of high speed lines. China is expected to increase at a 5.8% CAGR from 2023 to 2033.
Which Axle Type Holds a Prominent Share in Global Rail Wheel And Axle Market?
“Solid Axle Hold the Prominent Market Share”
Solid axle are used in freight train, main line train and metro due to solid axle have property to withstand high load. In conventional train or rail solid axle are popular but in future, hollow axle will gain a better traction in the rail wheel and axle market. The study projects that by product type, the solid axle segment will hold the value share by 67.3% in 2023.
Which End use Railway Dominate the Market Growth in Forecast Period?
“High Speed Railway Dominate the Market Growth”
High speed railway is projected to create an absolute dollar opportunity of more than US$ 149.3 Million between 2022 and 2032. Various countries have begun to emphasise mass fast transit, such as high speed trains, to cut travel time and traffic congestion. The need is causing governments to invest in municipal infrastructure by installing new rails to accommodate high speed trains. The total number of countries using high speed rail is expected to grow significantly in the next years, with the U.S., Germany, Spain, Italy, France, Japan, and China leading the way. Countries such as France, Spain, Germany, Japan and China have revolutionised public transportation by establishing an extensive high speed train network, which has drastically reduced travel time. Thus increase in demand for high speed railway impacting the growth of wheel and axle market.
The global rail wheel and axle market is structured and leading player has medium to good presence across the globe. Rail wheel and axle manufacturers are focusing on expansion of its business through acquisitions, joint ventures, collaborations and also focusing mass production of the wheels and axle. Along with this factors, prominent players are focused on strategic partners with key locomotive and rail bogie manufactures players.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
By Wheel Type, the Global Rail Wheel And Axle Market is segmented as:
By Axle Type, the Global Rail Wheel And Axle Market is segmented as:
By End Use, the Global Rail Wheel And Axle Market is segmented as:
By Sales Channel, the Global Rail Wheel And Axle Market is segmented as:
By Product Type, the Global Rail Wheel And Axle Market is segmented as:
By Region, the Global Rail Wheel And Axle Market is segmented as:
To know more about delivery timeline for this report Contact Sales
The Rail Wheel And Axle Market is expected to total US$ 4,109.20 Mn in 2023.
The demand for Rail Wheel And Axle will increase by 5.4% during the forecasted period from 2023 to 2033.
They include Nippon Steel & Sumitomo Metal Corporation, Maanshan Iron and Steel Company, OMK, CRRC Sifang Co., Ltd., Bharat Forge Ltd. (Kalyani Group), Amsted Rail Company, Inc., ArcelorMittal a.s. are the leading market players which hold around 30 to 35% of the market share.
The demand in India is expected to increase by 6.1% CAGR from 2023 to 2033 on a value basis.
China, Japan, U.S. and India are the leading countries in the Rail Wheel And Axle Market.
