Author: Himanshu Patni
12 August 2023
The growth in the rail wheel market in APAC is also likely to be driven by advancements in technology, and rapid industrialization particularly in the development of lightweight and durable materials for rail wheels. These innovations are expected to enhance the performance and efficiency of rail systems, which will further drive the demand for rail wheels in the region. Moreover, the growing trend of intermodal transportation, where goods are transported by a combination of road, rail, and sea, is also expected to increase the demand for rail transportation and subsequently, for rail wheels.
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This trend is particularly prominent in countries like China, where the government has been encouraging the use of rail transportation for goods. In addition, the rail wheel market in APAC is expected to grow significantly in the coming years, driven by various factors such as the increasing demand for rail transportation, expansion of railway networks, government initiatives, technological advancements, and the trend of intermodal transportation. As such, rail wheel manufacturers in the region are poised to benefit from the growth opportunities in the market.
Further, the APAC Rail Wheel Market is expected to grow at a strong CAGR of 6.0% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing rail wheel market primarily owing to the increase in demand for transportation of goods and passengers through trains. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety. APAC Rail Wheel Market Revenue (2021-2030)- USD Mn.
Based on rail type, the market is segmented into high speed, freight wagon, passenger wagon and locos. Amongst these, the freight wagon segment is expected to hold higher CAGR during the forecast period owing to the increasing demand for goods transportation as global trade and e-commerce continue to grow, the growing development of railway infrastructure, and development of new technologies are the driving the growth of the market.
By application type, the market is bifurcated into OEM and Aftermarket. Among these, OEM captured the majority share of the industrial relay market in 2021. The factors such as original equipment manufacturers (OEMs) are creating railway components that are more long-lasting and energy-efficient. In addition, governments have strict regulations regarding passenger safety and the prevention of accidents, compelling OEM companies to focus on improving rail axles and wheels to comply with these rules. The expansion of railway infrastructure and improvements to railway systems, along with a rise in the number of rail vehicles, are driving growth in the rail wheel market.
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Global Rail Wheel Market Segmentation
Market Insight, by Rail Type
o High Speed
o Freight Wagon
o Passenger Wagon
o Locos
Market Insights, by Application Type
o OEM
o Aftermarket
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· NIPPON STEEL CORPORATION
· Interpipe
· OMK
· EVRAZ plc
· Bochumer Verein Verkehrstechnik GmbH
· Lucchini RS S.p.A.
· Rail Wheel Factory
· GHH-Bonatrans
· Amsted Rail Company, Inc
· CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
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