SAN FRANCISCO, Aug. 4, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Rail Wheel and Axle - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: April 2021
Executive Pool: 511
Companies: 36 - Players covered include Amsted Rail Company, Inc.; ArcelorMittal S.A.; Bharat Forge Ltd. (Kalyani Group); Bombardier Inc.; GHH-BONATRANS; CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.; Comsteel; CRRC Sifang Co., Ltd.; Kolowag; Lucchini RS S.p.A.; Maanshan Iron and Steel Company Limited; Nippon Steel Corporation; Penn Machine Company LLC; Rail Wheel Factory â€" Indian Railways; Semco India (P) Ltd.; Simmons Machine Tool Corporation (NSH Group); United Metallurgical Company, OMK CJSC and Others.
Coverage: All major geographies and key segments
Segments: Axle Type (Solid Axles, Hollow Axles); Application (Mainline Trains, Freight Trains, Metro Trains, Very High Speed Trains, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Rail Wheel and Axle Market to Reach $4 Billion by 2026
A rail wheel or train wheel is defined as a wheel that is designed specifically to be used on railway tracks. A rolling component is pushed over an axle and mounted directly on a railway carriage or locomotive or in some instance indirectly onto a bogie. Generally rail wheels are forged or cast and are subject to heat treatment for achieving specific level of harness. A lathe is used for truing of new wheels to specific profile prior to being pressed onto the axle. Wheel profiles are required to be checked on a regular basis to ensure that the interaction between the rail and wheel is appropriate. In the event of incorrect truing or wearing out of wheels, the rolling resistance can increase, which can result in reduced energy efficiency and is also known to be cause of derailment. Amid the COVID-19 crisis, the global market for Rail Wheel and Axle estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$4 Billion by 2026, growing at a CAGR of 4.4% over the analysis period. Solid Axles, one of the segments analyzed in the report, is projected to record 4.6% CAGR and reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hollow Axles segment is readjusted to a revised 3.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $553.4 Million in 2021, While China is Forecast to Reach $878 Million by 2026
The Rail Wheel and Axle market in the U.S. is estimated at US$553.4 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$878 Million by the year 2026 trailing a CAGR of 6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.
The market is expected to witness healthy long term growth on account of rising locomotive production, technological advancements and efforts to modernize rail infrastructure. The market is projected to grow supported by the increase in locomotive and bogie production in both developed and developing countries, mainly in China, Russia, Mexico and Germany. The market is also favored by expansion of the railway network in less developed and developing regions for connecting rural areas. While expanding network of OEMs presents new growth avenues, technological progress related to trains and their networks is expected to bolster the market growth. Various companies in the market are investing in R&D projects for producing lightweight materials for axles and wheels of short-distance, passenger and freight trains. OEMs in the railway industry are adopting advanced technology like big data analytics for bolstering their service offerings.
The global market for rail wheels and axles is poised to be catalyzed by increasing population across metropolitan cities and rising number of office goers, mainly in emerging economies. Railways are anticipated to remain an integral component of the public transportation system, and estimated to hold considerable significance owing to rising urbanization and public density along with evolving travel behavior.
The increasing use of rail network for commuting is likely to drive governments to modernize the infrastructure for faster passenger transport. The market is bound to receive a major impetus from government efforts to establish smart cities along with smart railway infrastructure. Investments in large-scale public transport infrastructure including bullet trains and high-speed trains are expected to make public transport easier and faster. The increasing production of bullet and high-speed trains is slated to push the demand for rail wheels and axles. The market growth is further bolstered by ongoing efforts to improve the energy efficiency of railway infrastructure along with electrification of existing lines, mainly across developing countries like China and India. Expansion of existing rail network lines, especially in Europe, China and India including the One Belt One Road project is likely to drive the market growth. Emerging countries like Japan, China and South Korea are expected to shift towards magnetic rail systems for accelerating train journey and reducing maintenance costs due to lack of frictional parts. More
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