Press release
Rail Wheel And Axle Market is Predicted to Reach a market value of US$ 5.8 Bn by 2030
Rail Wheel And Axle Market 2022
Rail Wheel and Axle Market to Reach US$ 5.8 Bn by 2030; Supply Chain & Manufacturing Disruptions Due to COVID-19 Pandemic Impeding Market Growth. According to a PMR study, the COVID-19 outbreak remains a hindrance to locomotive and bogie production activities, worldwide, large production regions such as Germany, China, and India among others.
The sales of the rail wheels and axles are expected to decline by US$ 160 Mn in 2020. The COVID-19 pandemic is anticipated to significantly impact the rail wheel and axle market in the short term. However, in the long run, the global rail wheel and axle market will expand at a CAGR of 5% from 2020 to 2030.
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Increasing railway projects, and electrification in existing rail lines, especially in developing countries such as India and China are ongoing. Key market participants involved in the rail wheel and axle market are focusing on acquiring railway projects and contracts. Moreover, expansion of rail network lines, particularly in China, Europe, and India, such as the One Belt One Road project, are anticipated to drive the growth of the global rail wheel and axle market over the forecast time period.
Key Companies-
• Amsted Rail Company, Inc.
• ArcelorMittal S.A.
• Bonatrans Group a.s.
• CAF, Construcciones y Auxiliar de Ferrocarriles, SA
• Comsteel
• CRRC Sifang Co., Ltd.
• Kolowag
• Lucchini RS Spa
• Bharat Forge Ltd. (Kalyani Group)
• Nippon Steel & Sumitomo Metal Corporation
• Rail Wheel Factory - Indian Railways
• Maanshan Iron and Steel Company
• Semco India (P) Ltd.
• United Metallurgical Company, OMK CJSC
• Simmons Machine Tool Corporation (NSH Group)
• VELTRUP Technik Philippines, Inc.
Bombardier Inc.
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Key Takeaways from Rail Wheel and Axle Market Study
• Increasing focus on emission reduction leading to replacement of aged diesel locomotives with new ones, owing to stringent emission norms in Europe and North America, is expected to fuel the growth of the global rail wheel and axle market over the forecast period.
• Based on wheel type, the steel tyred wheels segment is anticipated to witness significant growth, owing to increasing consumption in freight trains.
• Asia Pacific is alone expected to hold more than 1/3 of the global rail wheel and axle market share.
• Growing number of players in the rail wheel and axle market have been driving manufacturers to incorporate forward integration, by offering wheel periodic servicing, product consultancy, and installation, to build upon the existing market base and also to occupy the growing aftermarket client base.
• The aftermarket segment is likely to experience substantial growth during the forecast period, owing to increasing demand for machining of railway wheels. This segment is slated to account more than half of the market share in the sales channel.
"Although demand for rail wheels and axles is mainly driven by increasing locomotive and bogie production, aftersales service is a key winning strategy for market participants, owing to frequent replacement of rail wheels. Also, the ongoing COVID-19 pandemic has disrupted the value chain of the market, and because of this, companies are focusing on the decentralization of their raw material suppliers," says a PMR analyst.
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Key Questions Answered in PMR's Rail Wheel and Axle Market Report
• Which region is anticipated to hold a prominent market share over the forecast period?
• What will be the key driving factors propelling the demand for rail wheels and axles during the forecast period?
• How will current trends impact the rail wheel and axle market?
• Who are the significant market participants in the rail wheel and axle market?
• What are the crucial strategies of prominent players in the rail wheel and axle market to upscale their positions in this landscape?
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