During the forecast period, the global rail wheel and axle market is expected to expand at a steady CAGR of 5.6%. At its present growth rate, the global market for rail wheels and axles is expected to be worth $4,402.3 million by the year 2023. In 2033, the demand for rail wheel and axle is projected to reach US$ 7603.4 Million
Key Takeaways
- It is estimated that the US market for rail wheel and axle will be worth $570.8 million in 2022.
- Market value in China, the world’s second largest economy, is projected to reach $878 million by 2026, expanding at a CAGR of 6% from 2023 to 2033.
- Over the projection horizon, both Japan and Canada are predicted to grow at rates of 2.9% and 3.8%, respectively.
- The demand for rail wheel and axle in Germany is projected to expand by 3.3% this year.
For freight trains, passenger trains and short-distance trains, train manufacturers are spending a lot of money on research and development to develop lighter wheels and axles. This is brought on by the creation of increasingly sophisticated train systems and infrastructure, as well as the current trend towards autonomous technology.
Nearly 7 billion people travel by rail each year, and they all look for the most direct, inexpensive, and practical routes. This is why efforts are still being made to create fully driverless trains. Computerised monitoring systems are installed on autonomous trains to check for wheel and axle problems.
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Making the conversion to a solar rail system from traditional diesel trains has many benefits. Diesel trains typically have two engine cars. However, in solar-powered trains, solar gears are utilised in place of regular gears. The second diesel compartment is now home to the solar panels, batteries, and electric motors that are mounted on the bogie roofs.
Railway engines, which generally require 750 V to 800 V to move the rails, may be able to run on electricity from solar panels mounted on trains with voltages of 600 V to 800 V. The fact that there will be an increase in demand for these trains is great news for manufacturers of rail wheels and axles.
An essential part of the rail transport sector is the world market for wheels and axles. Trains, trams, and underground cars may all be supported and propelled thanks to the usage of rail wheel and axle products. A number of factors, including as the expansion of rail transportation, urbanisation and population growth, environmental concerns, and technical improvements, are propelling the global market for rail wheels and axles. A complex supply chain, high capital costs, cyclical demand, competition from other forms of transportation, regulatory issues, and expensive capital expenditures are a few of the difficulties or constraints that the demand for rail wheel and axle is currently facing. It is anticipated that the demand for rail wheels and axles would persist despite these obstacles.
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Competitive Landscape
The global rail wheel and axle market is highly competitive, with many companies operating in this space. These companies are engaged in a range of activities, including the production of rail wheels and axles, the repair and maintenance of these products, and the supply of related services.
There are several key players in the global rail wheel and axle market, including Amsted Rail, ArcelorMittal, Bradken, GE Transportation, Klöckner Pentaplast, Lucchini RS, NSSMC, Vyatka, and Wabtec. These companies are well-established players with a strong presence in the market and a reputation for producing high-quality products.
Overall, the global rail wheel and axle market is highly competitive, with a diverse range of companies operating in this space. Companies in the market are constantly seeking ways to differentiate themselves from their competitors, such as through the development of new technologies or the expansion of their product offerings.
Rail Wheel and Axle Market: Segmentation
By Wheel Type: Monoblock Wheels, Resilient Wheels, Rubber Tyred Wheels, Steel Tyred Wheels, Other Special Wheels
By Axle Type: Hollow Axles, Solid Axles
By End Use: High-Speed Railway, Fast Speed Railway, Subway, Other End Uses
By Sales Channel: OEMs, Aftermarket, Region, North America, Latin America, Asia Pacific, Middle East & Africa (MEA), Europe
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