Rail Wheel and Axle Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The Global Rail Wheel and Axle Market Was Valued At USD 4,109.20 Million In 2022 And Is Expected To Reach USD 6,952.86 Million By 2030, At A CAGR Of 5.4% During The Forecast Period 2022-2030.
Rail Wheel and Axle Market Overview:
A Rail Wheel is a type of axle specially designed for railways. Continuous advances in train networks and train technology have forced train manufacturers to invest heavily in research and development of lightweight materials for the manufacture of axles for passenger trains, freight trains and short-distance trains. Increasing production of locomotives in developing and developed countries is the major driving factor for the growth of the railway axle market.
In recent years, with the substantial increase in the demand for railway transportation, the railway transportation system is undergoing profound changes. In every country, they are not only an integral part of national infrastructure, but also make a huge contribution to a sustainable future. Providing reliable rolling stock and infrastructure equipment is an important part of achieving a high level of safety. Rail axles are the most critical components in railway locomotives and bogies, designed and manufactured for heavy loads and long service life. These axles are used to transfer the vertical loads of the body to the wheels. These axles are attached to the wagons, and each wagon consists of two axles, one at the front and one at the rear of the wagon. Bearings are mounted via track axles, and the wheels are then mounted on the axles. Factors such as increasing government initiatives and investments in the railway industry are expected to drive the demand for railway axles over the forecast period. In our study, we considered hollow shafts and roller shafts in the shaft section.
Rail Wheel and Axle market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 200, with 2022 being considered as the base year. This report segments the global Rail Wheel and Axle market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- October 2020 - JSPL becomes first company in India to develop rails for high speed corridors Jindal Steel & Power (JSPL) becomes first company in India to produce heat treated rails for high speed and high axle load applications. Heat treated (HT) rails (60E1 1175) are superior to 1080 HH and will be incorporated by Indian Railways for heavy and high speed applications.
- November 2020 - Bombardier's joint venture wins contract from China State Railway Group Bombardier Sifang Transportation Co., Ltd. (BST), the Chinese joint venture of Bombardier Transportation, signed a contract with China State Railway Group Corporation to supply 112 CR00AF - based on New China standard high-speed trains for China's growing high-speed rail network. The carriages will be configured as trainsets operating at a speed of 250 km/h.
Major Segments Covered in the Global Rail Wheel and Axle Market:
Market Key Players:
GHH-BONATRANS, Lucchini RS, EVRAZ NTMK, GMH-Gruppe, Interpipe, OMK, Amsted Rail, Masteel, NSSMC, Kolowag., And Others.
Rail Wheel and Axle Market by Types:
- Rolled Wheels & Axles for Railways
- Forged Wheels & Axles for Railways
Rail Wheel and Axle Market by Applications:
- Unit Trains
- Mixed Freight Trains
- Intermodal Trains
Rail Wheel and Axle Market by Regions:
The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030
The Asia Pacific market size was valued at USD 95.4 million in 2019. The region is dominating the global market owing to increasing urbanization, rising disposable income, and expanding industrial sector. The presence of key players in Asia Pacific is expected to boost the growth of the market in this region. Companies such as Taiyuan Heavy Industries, Datong ABC Foundry Co Ltd and many others are developing opportunities in the area. In addition, these suppliers are very focused on research and development. In addition, these companies collaborate with other organizations to facilitate export transactions and manufacture technologically advanced products. These companies are making strategic investments to enhance their capabilities. The presence of railway axle manufacturers in Asia Pacific countries has created opportunities for industry growth due to their sales and manufacturing parameters. These factors are expected to witness high growth of this market in Asia Pacific at a significant CAGR during the forecast period.
North America also holds the second largest share in the global market owing to the presence of advanced railway network between the countries. Railroads deploy powerful wayside detectors to identify microscopic defects in equipment as trains pass at full speed. With these advanced technologies, the rail network is likely to remain profitable and have low maintenance costs. In addition, the presence of intermodal hubs (rail, ship, and truck) in North America helps the rail industry supply large volumes of cargo globally. Moreover, this factor is driving the growth of the North America railway wheels (railroad wheels) market and is expected to witness a high CAGR over the forecast period. Europe is also expected to show steady growth in this market.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Digitalization is changing railway technology: Digitalization will increase the safety of railway infrastructure and improve overall operational efficiency. In addition, the continued digitization of the rail network will enable consumers to obtain real-time information related to training movements and train locations.
This particular factor is expected to further drive the global railway axles market. Automation of metro trains is gaining popularity worldwide as train automation is expected to reduce overall energy consumption by up to 42%. Cutting-edge innovations in railway networks, such as the incorporation of 5G networks, are expected to boost the market over the forecast period.
Use of lightweight materials for autonomous trains: Continuous advancements in train networks and train technology, as well as the trend toward autonomous technologies, are forcing train manufacturers to invest heavily in research and development of lightweight materials for axles in freight trains, passenger trains and short-distance trains.
Approximately 7 billion passengers travel by train every year, and these passengers want to get to their destinations quickly and comfortably at low prices. This is another factor driving the development of autonomous technology for trains. In addition, self-driving trains are also expected to achieve excellent traction because they are equipped with computer monitoring technology that can detect failures of railway wheels and axles.
Report Scope of Global Rail Wheel and Axle Market:
CAGR of 4.4% from 2022 to 2030.
Rolled Wheels & Axles for Railways, Forged Wheels & Axles for Railways
Unit Trains, Mixed Freight Trains, Intermodal Trains
GHH-BONATRANS, Lucchini RS, EVRAZ NTMK, GMH-Gruppe, Interpipe, OMK, Amsted Rail, Masteel, NSSMC, Kolowag.
Regions and Countries Covered
2017 to 2022
2022 to 2030
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
- The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Frequently Asked Questions-
What is the CAGR of Rail Wheel and Axle market?
The Rail Wheel and Axle Market is growing at a CAGR of 4.4% During Forecast Period.
What are the key types and applications of Rail Wheel and Axle market?
- Rolled Wheels & Axles for Railways, Forged Wheels & Axles for Railways
- Unit Trains, Mixed Freight Trains, Intermodal Trains
Who are the key players in Rail Wheel and Axle market?
GHH-BONATRANS, Lucchini RS, EVRAZ NTMK, GMH-Gruppe, Interpipe, OMK, Amsted Rail, Masteel, NSSMC, Kolowag., And others.
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Note – In order to provide a more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.