Rail Wheel Market: Current Analysis and Forecast (2022-2030)
$3999 – $6999
Emphasis on Rail Type (High Speed, Freight Wagon, Passenger Wagon, And Locos); Application Type (OEM and Aftermarket]; and Region/Country
Pages: | 135 |
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Table: | 60 |
Figure: | 90 |
Report ID: | UMAU211994 |
Geography: |
Report Description
Rail Wheel Market was valued at USD XX million in 2021 & is expected to grow at a CAGR of 4.0% from 2022-2030 owing to the growing investment heavily in railway infrastructure around the world. This includes building new railway lines, upgrading existing infrastructure, and purchasing new rolling stock. This investment is driving demand for rail wheels and other related components. For instance, the Government of Canada has allocated up to $7.8m (C$10.5m) to the Huron Central Railway in Northern Ontario, as part of the National Trade Corridors Fund. Moreover, rail wheels are a crucial element to facilitate the movement of trains on tracks. These wheels, commonly made of steel, are specifically designed to endure the considerable forces and stresses that arise during train operations. To prevent derailment and maintain train stability, they are frequently equipped with flanges. Rail wheels are typically positioned on an axle and connected to the braking system of the train, providing the driver with control over the speed and the ability to bring the train to a halt when needed. Consistent use can cause rail wheels to wear down over time, hence routine inspection and maintenance are essential to ensure the railway system’s safety and efficiency.
Some of the major players operating in the market include 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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the passenger wagon will also attain a considerable share of the market during the forecast period.”
Based on rail type, the market is segmented into high speed, freight wagon, passenger wagon and locos. Amongst these, the passenger wagon will also attain a considerable share of the market during the forecast period. Passenger wagons are also gaining high demand and are being widely adopted across the world. Particularly in urban areas, the focus of the government authorities is towards promoting mass transportation, which will contribute to the growth of the global market over the forecast period.
“Amongst application type, the OEM captured the majority share of the industrial relay market in 2021.”
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.
“North America holds the second largest share of the rail wheel market in 2021.”
The rail wheel market in North America holds the second largest share globally due to advanced railway infrastructure and efficient transportation of various products. The largest freight rail network in the world is expected to witness the development of innovative technologies such as automation, lasers, and drones. Railinc, a subsidiary of the American Association of Railroads, is focused on using big data to enhance the efficiency and safety of the US freight rail network. The railway industry in North America is influenced by trade relations between countries, and proper negotiations among railway operators are crucial to reap the significant benefits of the North American Free Trade Agreement (NAFTA) for the economies of Canada, the United States, and Mexico.
Rail Wheel Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global rail wheel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
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Research Methodology
Research Methodology for the Rail Wheel Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global rail wheel market were the three major steps undertaken to create and analyze the adoption of rail wheel in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global rail wheel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the rail wheel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the rail wheel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as rail type and application type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the rail wheel market. Further, we conducted factor analysis using dependent and independent variables such as rail type and application type of the rail wheel market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the rail wheel market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global rail wheel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the rail wheel market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global rail wheel market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global rail wheel market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the rail type and application type in the global rail wheel market.
The main objective of the Global Rail Wheel Market Study
The current & future market trends of the global rail wheel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the rail wheel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the rail type and application type.
- Define and analysis of the regulatory framework for the rail wheel
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the rail wheel market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the rail wheel market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
You can also purchase parts of this report. Do you want to check out a section wise
price list?
You can also purchase parts of this report. Do you want to check out a section wise
price list?
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