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Rail Wheel and Axle - Global Market Trajectory & Analytics

  • ID: 5030336
  • Report
  • February 2022
  • Region: Global
  • 395 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Amsted Rail Company, Inc.
  • ArcelorMittal S.A.
  • Bombardier Inc.
  • Comsteel
  • CRRC Sifang Co., Ltd.
  • GHH-BONATRANS

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.

Select Competitors (Total 36 Featured) -

  • 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 - Indian Railways
  • Semco India (P) Ltd.
  • Simmons Machine Tool Corporation (NSH Group)
  • United Metallurgical Company, OMK CJSC
Frequently Asked Questions about the Global Market for Rail Wheel and Axle

What is the estimated value of the Global Market for Rail Wheel and Axle?

The Global Market for Rail Wheel and Axle was estimated to be valued at $3.1 Billion in 2020.

What is the growth rate of the Global Market for Rail Wheel and Axle?

The growth rate of the Global Market for Rail Wheel and Axle is 4.3%, with an estimated value of $4.0 Billion by 2026.

What is the forecasted size of the Global Market for Rail Wheel and Axle?

The Global Market for Rail Wheel and Axle is estimated to be worth $4.0 Billion by 2026.

Who are the key companies in the Global Market for Rail Wheel and Axle?

Key companies in the Global Market for Rail Wheel and Axle 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 and Kolowag.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Amsted Rail Company, Inc.
  • ArcelorMittal S.A.
  • Bombardier Inc.
  • Comsteel
  • CRRC Sifang Co., Ltd.
  • GHH-BONATRANS

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Economic Recession
  • COVID-19 Impact on Railways: YoY Change (%) for Rail Freight and Passenger Rail in Europe for 2020 and 2021
  • Rail Freight Transportation Comes Under Pressure Due to COVID-19 Pandemic
  • Hurting Drop in Rail Cargo as COVID-19 Interrupts Transport Routes: Rail Freight Traffic Growth in the US (In %)
  • Railways to Bounce Back in Post-COVID-19 Era
  • Amidst COVID-19 Pandemic, Potential Opportunities Emerge in International Rail Travel
  • Rail Wheel and Axle: An Introduction
  • Evolution of the Railroad Wheel
  • Global Market Outlook & Prospects
  • Asian Economies to Offer Lucrative Growth Opportunities
  • Competition
  • Recent Market Activity
  • Rail Wheel and Axle – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Increase in New Railway Projects and Consequent Rise in Locomotive and Bogie Production Drives Demand for Rail Wheel and Axle
  • A Snapshot of Select Major Ongoing & Upcoming Projects Focused on Rail Freight Transport
  • Rise in Rail Passenger and Freight Traffic Translates into Market Growth
  • Global Rail Passenger Traffic (in Billion Passenger Kilometers) by Region for 2018 and 2019
  • Development of Urban Rail Transport Infrastructure Presents Growth Prospects for Rail Wheel & Axle Market
  • Worldwide Investments into Light Rail and Metro Rail Projects (in US$ Billion) by Region for the Period 2019-2025
  • Expanding Metro Train Network Drives Demand for Metro Train Wheels
  • With Rail Freight Transport Being Indispensable for the Global Logistics Chain, Long-term Network Expansion Initiatives Bode Well for the Market
  • Global Rail Freight Transportation Market Size in US$ Million by Region/Country for 2020 and 2027
  • World Trade Flows Determine Growth Dynamics of Rail Freight Transport Market, Setting Trends in the Rail Wheel Axle Market
  • Global Merchandise Trade Exports Volume Growth (in %) by Region for 2018-2020
  • Global Merchandise Trade Imports Volume Growth (in %) by Region for 2018-2020
  • Development of Europe-Asia Railway Line and Resultant Rise in Trade Flows Augurs Well for the Market
  • Growing Electrification of Rail Lines in Developing Economies Presents Growth Opportunity
  • Imperative Need to Replace Aging Diesel Locomotives to Reduce Emissions Supports Market Growth
  • Smart Urban Spaces and Emphasis on Smart Railway Infrastructure: Potential for Growth
  • As Governments Focus on Development of High-Speed Trains and Bullet Trains, Rail Wheel and Axle Market to Benefit
  • Global Level of Deployment of High-Speed Rail Lines by Select Leading Countries
  • Aftermarket Segment Poised to Benefit from Growing Demand for Rail Wheel Machining
  • Advent of Solar Powered Trains Emerges as a Potential Driving Factor
  • R&D Efforts of Manufacturers Focused on Development of Lightweight Rail Wheels & Axles
  • Rail Operators Bet on Advanced Vibration Sensors to Detect Wheel Flats
  • Laser Triangulation Sensors Offer Compelling Option to Measure Lateral Positions of Rail Bogie Wheels
  • Bayesian DLM Presents Effective Option for Real-Time Detection of Wheel Defects in High-Speed Trains
  • With Few Countries Moving Towards Alternative Rail Technologies Such as Maglev, Challenges Ahead for Rail Wheel & Axle Market

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • COVID-19 Crisis Halts the Progress of Rail Transportation Industry
  • Pandemic Severely Impacts the Freight and Logistics Industry
  • YoY Change in Monthly Rail Freight Traffic in the US for the Period Jan-Jul 2020

CANADA

JAPAN

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Rail Transportation Sector Presents Opportunities for Rail Wheel and Axle Market
  • Rail Freight Traffic in China (in Trillion Ton Kilometers) for the Years 2011-2019
  • China’s Long-term Plans for Railway Network Expansion Augurs Well for Wheel and Axle Market

EUROPE

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Rail Transportation Industry in Europe: An Overview
  • Emergency Funding Provides Respite to European Rail Supply Market amid COVID-19
  • Rail Freight Networks Emerge as Critical Support System During COVID-19 Crisis

FRANCE

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • COVID-19 Pandemic Hits Railway Revenues
  • Pandemic Presents Indian Railways with Opportunity to Overhaul Existing Freight Transport Model
  • Rise of Indian Urban Rail Transportation Bodes Well for Wheels and Axle Market
  • Indian Railways Eyes ‘Made in India’ Initiative for Zero Import of Rail Components

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Rail Wheel and Axle Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 36
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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 - Indian Railways
  • Semco India (P) Ltd.
  • Simmons Machine Tool Corporation (NSH Group)
  • United Metallurgical Company, OMK CJSC
Note: Product cover images may vary from those shown