Rail Wheel Market size to grow by USD 1.20 billion from 2022 to 2027 | Growth driven by Rise in Rail Passenger Traffic

NEW YORK, Aug. 21, 2023 /PRNewswire/ — The “Rail wheel market” report has been added to Technavio’s offering, with ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 17+ years. The Rail Wheel Market size is estimated to grow by USD 1,203.58 million between 2022 and 2027, expanding at a CAGR of 5.27%. The increasing number of rail passengers, particularly in urban areas, is a significant driver of market growth. Rail transportation is being preferred due to its sophistication and efficiency, especially in developing countries like India, where urbanization and population growth are contributing to increased rail passenger traffic.

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Key Market Dynamics:

The rail wheel market is driven by increasing rail passenger traffic, particularly in urban areas, where trains offer efficient and eco-friendly transportation. Rising demand for train travel due to urbanization and population growth is driving global railway infrastructure enhancement, including high-speed networks. Developing countries like India are experiencing higher rail passenger numbers, spurring demand for rail components like wheels. This growing demand from increasing rail passenger traffic is a major growth driver for the rail wheel market during the forecast period.

Challenges of Rail Wheel Market:

Fluctuations in raw material costs: Rail wheel market faces challenges due to inherent fluctuations in raw material costs, including steel, aluminum, and cast iron.
Unpredictable Influences: Material prices vary due to market demand, supply dynamics, currency rates, and geopolitical factors, creating uncertainty in cost projections.
Direct Production Impact: Fluctuating material costs directly affect production expenses, potentially leading to increased manufacturing costs.
Price Escalation Risk: Material cost fluctuations can result in higher rail wheel prices, impacting affordability and market competitiveness.

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Market Segment Highlights:

The rail wheel market report is segmented by Type (Freight trains, Long-distance trains, Suburban trains, and Metro and monorails), Application (OEM and Aftermarket), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).

The Asia-Pacific (APAC) region offers substantial growth prospects for the rail wheel market in the forecast period. The economic shift to Asia, increased urbanization, and rising demand for effective transportation are causes of the growth. Robust investments in railway infrastructure, particularly in China and India, are driven by their growing economies. The preference for environmentally friendly electric trains aligns with sustainability goals.

The type segment of the rail wheel market encompasses various categories of trains, each serving distinct purposes in the transportation sector. These segments include freight trains, long-distance trains, suburban trains, and metro and monorails.

Freight trains are witnessing significant growth due to their efficiency and cost-effectiveness in transporting goods.
Long-distance trains are gaining popularity owing to factors like improved railway infrastructure, environmental concerns, and demand for efficient travel options.
Suburban trains cater to urban commuting needs
Metro and monorails offer rapid transit solutions within densely populated cities.

This segmentation highlights the diverse market demands addressed by rail wheels across different types of train systems.

View our sample report for additional insights into the contribution of all the segments and regional opportunities

Major companies Offerings:

Amsted Industries Inc: The company offers rail wheels such as freight car wheel sets.

Bharat Forge Ltd: The company offers rail wheels such as wheelsets and Turbine wheel impellers.

Companies name in bullets

ArcelorMittal
Bochumer Verein Verkehrstechnik GmbH
Bombardier Inc.
BONATRANS GROUP a. s
Commonwealth Steel Ltd.
Construcciones y Auxiliar de Ferrocarriles SA
CRRC Corp. Ltd.
EVRAZ Plc
Georgsmarienhutte Holding GmbH
JIANGSU RAILTECO EQUIPMENT CO. LTD.
Kolowag
Lucchini RS Group
Nippon Steel Corp.
Qingdao TSKY Railway Equipment Co. Ltd.
Ramkrishna Forgings Ltd.
Steel Authority of India Ltd.
Taiyuan Heavy Industry Co. Ltd.
United Metallurgical Co.

Related Reports:

Automotive Wheel Market: The automotive wheel market is projected to grow by USD 11.20 billion with a CAGR of 4.57% during the forecast period 2021 to 2026. The report extensively covers automotive wheel market segmentation by vehicle type (commercial vehicles and passenger cars) and geography (Europe, North America, APAC, the Middle East and Africa, and South America).

Wheel Aligner Equipment Market: The wheel aligner equipment market share is expected to increase by USD 795.88 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.03%. The report extensively covers wheel aligner equipment market segmentation by type (CCD aligner and 3D aligner) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).

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