Yahoo Finance Freight Railcar Parts Market to hit USD 15 billion by 2030, Says Global Market Insights Inc.
The European freight railcar parts market demand is poised to grow at around 3.5% growth rate during 2022 to 2030 led by the increasing use of freight rail transportation.
Selbyville, Delaware, May 23, 2022 (GLOBE NEWSWIRE) --
The freight railcar parts market is expected to surpass USD 15 billion by 2030, as reported in a research study by Global Market Insights Inc. The rising railway transportation of goods globally is fueling the industry growth.
Changing government policies & regulations pertaining to emission standards and climate change goals will also impact the railcar parts manufacturing process in the near term. Automation combined with condition monitoring and re-manufacturing of digital services reduce the scrap rate, increasing energy efficiency & environmental benefits. Moreover, several regulations have been declared by the regulatory bodies such as ASTM that govern the testing methods, VOC content, and production procedures of railcar parts.
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Aftermarket segment will dominate the global freight railcar parts market by 2030 and is poised to observe over 5% gains through 2030. The rising need for maintenance, repair & refurbishment to enhance the goods transport experience and safety in freight trains will surge product demand. In addition, rising concerns regarding safety & comfort coupled with technological advancements to enhance the train travel experience will propel the sector.
The Europe freight railcar parts market is set to witness above 3.5% CAGR through 2030. Development in the Europe railway industry can be attributed to the increasing use of freight rail transportation. Additionally, the growing number of old cars and potentially out-of-compliance oil tanker cars will require replacement even during the down cycle. For instance, in 2020, UK rail operator, Freightliner has taken the order of 230 new FFA-G designated wagons. It will improve the company intermodal fleet.
Key freight railcar parts market players are adopting various strategies such as mergers & acquisitions to improve their market presence and product portfolio in the emerging markets. These businesses will be united into company North American business both from a commercial and manufacturing perspective.
Some major findings of the freight railcar parts market report include:
The tank cars segment is estimated to hold a significant share in the Middle East region credited to the rising need for new tank railcars for the transportation of sulfur &d phosphoric acid, thus augmenting the freight railcar parts market.
Boxcars play an important role in shipping all sorts of freight from paper to canned goods to appliances. Common products shipped in boxcars include forest products, paper, pulp, automotive parts, newsprint, rolled paper, building materials, metal products, consumer products, manufactured goods, and others.
The COVID-19 pandemic has significantly affected the overall global railcar delivery due to severe social distancing regulations and lockdown imposed by various governments worldwide. Furthermore, the average shutdown duration of a railcar & its parts production facility across the world was 20 - 30 working days.
Latin America is another region that will become a potential market for freight railcar parts industry in the coming years. The market is also witnessing the increasing development of new rail lines to improve logistics costs.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global freight railcar parts industry 360° synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Distribution channel trends
2.1.5 Component trends
Chapter 3 Global Freight Railcar Parts Industry Insights
3.1 Introduction
3.2 Industry landscape, 2018 – 2030
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Impact by region
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific (APAC)
3.3.2.4 Latin America (LATAM)
3.3.2.5 Middle East & Africa (MEA)
3.3.3 Industry value chain
3.3.3.1 Research and development
3.3.3.2 Manufacturing
3.3.3.3 Marketing
3.3.3.4 Supply
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Distribution network
3.3.4.3 Business growth
3.4 Industry ecosystem analysis
3.4.1 Suppliers
3.4.2 Manufacturers
3.4.3 Distribution channel analysis
3.4.4 End-use landscape
3.4.5 Vendor matrix
3.5 Global railway freight industry overview
3.6 Pricing analysis
3.7 Regulatory landscape
3.7.1 U.S.
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Technology & innovation landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Rising demand for railcar and increasing production
3.9.1.2 Developments in the Asia Pacific railway industry
3.9.1.3 Demand for railcar parts increasing due to replacement cycle
3.9.2 Industry pitfalls & challenges
3.9.2.1 Energy-efficient and environmental manufacturing norms
3.9.2.2 Fluctuating raw material prices
3.10 Growth potential analysis
3.10.1 Porter’s analysis
3.10.2 Supplier power
3.10.3 Buyer power
3.10.4 Threat of new entrants
3.10.5 Threat of substitutes
3.10.6 Industry rivalry
3.11 PESTLE analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com
