Freight Railcar Parts Market Insights
Market Overview:
The market for freight railcar parts witnessed significant growth in 2021, surpassing a value of USD 10,009.9 million. Furthermore, it is projected to maintain a steady compound annual growth rate (CAGR) of approximately 4.8% from 2022 to 2030. This sustained growth indicates a positive trend in the industry, emphasizing the increasing demand and investment in freight railcar parts over the next decade.
Freight Railcar Parts Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Oil & Gas Storage & Transportation by segment aggregation, the contribution of the Oil & Gas Storage & Transportation in Energy Fuel and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Segmentation Analysis:
The Freight Railcar Parts Market is segmented by type, Distribution channel, Component, Region. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.
Freight Railcar Parts Market Basis Point Share Analysis, 2021 Vs. 2028
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- Based on type the market is segmented as, Autocar, Box Car, Center Beam, Covered Hopper, Coil Car, Flat Car, Gondola, Open to Hopper, Refrigerant Boxcar, Tank cars, Others
- Based on Distribution channel the market is segmented as, OEM, Aftermarket
- Based on Component the market is segmented as, Gears, Wheels, Axles and Bearings, Side Frames, Draft Systems, Couplers & Yokes, Airbrakes, Others
- Based on Region the market is segmented as, North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Regional Analysis:
Freight Railcar Parts Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.
Freight Railcar Parts Market Attractiveness Analysis, By Region 2020-2028
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Freight Railcar Parts Market : Risk Analysis
SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Freight Railcar Parts Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Freight Railcar Parts Market's supply chain, distribution, and total revenue growth.
Competitive landscaping:
To understand the competitive landscape, we are analyzing key Freight Railcar Parts Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Freight Railcar Parts Market.
To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.
Key Players Covered in the Report:
- ends
- Freight Railcar Parts Market size exceeded USD 10,009.9 million in 2021 and is estimated to exhibit nearly 4.8% CAGR from 2022 to 2030. The expansion of freight train fleet scope and improving business productivity in large & dense cities globally will encourage the demand. The movement of huge volumes of goods will not only decrease congestion but also save valuable space and generate broader economic benefits such as agglomeration effects.
- According to the International Union of Railways (UIC), freight & passenger revenues witnessed a loss of about USD 120 billion in 2020 & 2021 combined due to government-imposed restrictions and lockdowns. Major restrictions on services and citizen movements have resulted in a decline in rail passenger volume by roughly 80% during the lockdown period globally. For freight operations, the predicted volume loss ranged between 10% and 15% for most of the operators. These trends significantly delayed new orders & ongoing projects and negatively influenced the product demand in 2020; however, the market is likely to rebound with the normalization of regular railway services.
- Growth Drivers:Rising demand for railcar and increasing production Developments in the Asia Pacific railway industry Demand for railcar parts increasing due to replacement cyclePitfalls & Challenges:REnergy-efficient and environmental manufacturing norms Fluctuating raw material prices
- Rising transportation of agriculture goods will drive the freight railcar parts market growth
- The covered hopper type segment will account for around USD 4.5 billion in freight railcar parts market by 2030. The increasing transportation of bulk commodities by train will boost the segment growth. According to the Japan Association of Rolling Stock Industries (JARi), in 2020, 26% of the freight rail cars were used for the transportation of agriculture and foodstuff goods.
- The rising demand for high-speed freight trains
- The OEM segment from freight railcar parts industry is projected to reach about USD 4.5 billion by 2030. Development is attributed to the growing demand for high-speed freight trains across developed economies along with an increasing scope for new cargo trains. Moreover, long-standing partnership with freight railcar manufacturers coupled with purchase agreements, bulk orders and after-sales services will further strengthen the segment progress.
- The demand for new railcar parts is credited to both the incremental growth of the fleet and the replacement of old cars. The industry has recently been building new tank cars and hoppers for the transportation of goods. However, given a constant rail traffic, railcars wagons are needed to be exchanged as they are not efficient and can lead to accident. Additionally, the Federal Railroad Administration (FRA) & the Association of American Railroads (AAR) has limited the revenue service lives of railcars to 50 years and most rail cars retire for economic reasons long before their age, which will positively impact the freight railcar parts market demand.
- The tank cars segment to hold a substantial market share
- The tank cars segment is poised to register gains of over 5% through 2030. Tank cars are used in the transportation of liquid commodities such as chemicals, molasses, edible tallow, water, diesel fuel, and ethanol. They differ from non-pressurized and pressurized tank cars. Non-pressurized tank cars are designed to transport all types of liquid materials from food-grade to hazardous liquid. On the other hand, few are even equipped with thermal protection and insulation.
- North America to observe prominent growth
- North America freight railcar parts market will acquire more than 35% of the revenue share by 2030 led by expanding regional freight rail connectivity. The freight railway sector showed its resilience by efficiently handling the volatility and uncertainty presented by the COVID-19 epidemic. Furthermore, increasing R&D investments in the development of new material railcar parts together with technological advancements will significantly augment the regional industry statistics.
- The freight railcar parts industry to be highly competitive
- Some of the major freight railcar parts market players are FreightCar America Inc., Penn Machine Company, Greenbrier Companies, Trinity Industries Inc., Wabtec Corporation, New York Air Brake LLC, Progress Rail, and Amsted Rail.
- The industry is highly competitive with the presence of several regional & country-level manufacturers and suppliers. The key players accounted for approximately half of the overall industry share. Major freight railcar parts manufacturers are engaged in partnerships with freight wagon producers or railway operators to gain a competitive edge in comparison to other companies. With an increasing demand for freight wagons, many players are investing in the expansion of manufacturing facilities to gain a modest advantage.
- KEY MARKET SEGMENTS
- By type
- Autocar
- Box Car
- Center Beam
- Covered Hopper
- Coil Car
- Flat Car
- Gondola
- Open to Hopper
- Refrigerant Boxcar
- Tank cars
- Others
- By Distribution channel
- OEM
- Aftermarket
- By Component
- Gears
- Wheels, Axles and Bearings
- Side Frames
- Draft Systems
- Couplers & Yokes
- Airbrakes
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
SkyQuest's Expertise:
The Freight Railcar Parts Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.
Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.
Scope Of Report
Report Attribute |
Details |
The base year for estimation |
2021 |
Historical data |
2016 – 2022 |
Forecast period |
2022 – 2028 |
Report coverage |
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
Segments covered |
- By type - Autocar, Box Car, Center Beam, Covered Hopper, Coil Car, Flat Car, Gondola, Open to Hopper, Refrigerant Boxcar, Tank cars, Others
- By Distribution channel - OEM, Aftermarket
- By Component - Gears, Wheels, Axles and Bearings, Side Frames, Draft Systems, Couplers & Yokes, Airbrakes, Others
- By Region - North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|
Regional scope |
North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) |
Country scope |
U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa |
Key companies profiled |
- ends
- Freight Railcar Parts Market size exceeded USD 10,009.9 million in 2021 and is estimated to exhibit nearly 4.8% CAGR from 2022 to 2030. The expansion of freight train fleet scope and improving business productivity in large & dense cities globally will encourage the demand. The movement of huge volumes of goods will not only decrease congestion but also save valuable space and generate broader economic benefits such as agglomeration effects.
- According to the International Union of Railways (UIC), freight & passenger revenues witnessed a loss of about USD 120 billion in 2020 & 2021 combined due to government-imposed restrictions and lockdowns. Major restrictions on services and citizen movements have resulted in a decline in rail passenger volume by roughly 80% during the lockdown period globally. For freight operations, the predicted volume loss ranged between 10% and 15% for most of the operators. These trends significantly delayed new orders & ongoing projects and negatively influenced the product demand in 2020; however, the market is likely to rebound with the normalization of regular railway services.
- Growth Drivers:Rising demand for railcar and increasing production Developments in the Asia Pacific railway industry Demand for railcar parts increasing due to replacement cyclePitfalls & Challenges:REnergy-efficient and environmental manufacturing norms Fluctuating raw material prices
- Rising transportation of agriculture goods will drive the freight railcar parts market growth
- The covered hopper type segment will account for around USD 4.5 billion in freight railcar parts market by 2030. The increasing transportation of bulk commodities by train will boost the segment growth. According to the Japan Association of Rolling Stock Industries (JARi), in 2020, 26% of the freight rail cars were used for the transportation of agriculture and foodstuff goods.
- The rising demand for high-speed freight trains
- The OEM segment from freight railcar parts industry is projected to reach about USD 4.5 billion by 2030. Development is attributed to the growing demand for high-speed freight trains across developed economies along with an increasing scope for new cargo trains. Moreover, long-standing partnership with freight railcar manufacturers coupled with purchase agreements, bulk orders and after-sales services will further strengthen the segment progress.
- The demand for new railcar parts is credited to both the incremental growth of the fleet and the replacement of old cars. The industry has recently been building new tank cars and hoppers for the transportation of goods. However, given a constant rail traffic, railcars wagons are needed to be exchanged as they are not efficient and can lead to accident. Additionally, the Federal Railroad Administration (FRA) & the Association of American Railroads (AAR) has limited the revenue service lives of railcars to 50 years and most rail cars retire for economic reasons long before their age, which will positively impact the freight railcar parts market demand.
- The tank cars segment to hold a substantial market share
- The tank cars segment is poised to register gains of over 5% through 2030. Tank cars are used in the transportation of liquid commodities such as chemicals, molasses, edible tallow, water, diesel fuel, and ethanol. They differ from non-pressurized and pressurized tank cars. Non-pressurized tank cars are designed to transport all types of liquid materials from food-grade to hazardous liquid. On the other hand, few are even equipped with thermal protection and insulation.
- North America to observe prominent growth
- North America freight railcar parts market will acquire more than 35% of the revenue share by 2030 led by expanding regional freight rail connectivity. The freight railway sector showed its resilience by efficiently handling the volatility and uncertainty presented by the COVID-19 epidemic. Furthermore, increasing R&D investments in the development of new material railcar parts together with technological advancements will significantly augment the regional industry statistics.
- The freight railcar parts industry to be highly competitive
- Some of the major freight railcar parts market players are FreightCar America Inc., Penn Machine Company, Greenbrier Companies, Trinity Industries Inc., Wabtec Corporation, New York Air Brake LLC, Progress Rail, and Amsted Rail.
- The industry is highly competitive with the presence of several regional & country-level manufacturers and suppliers. The key players accounted for approximately half of the overall industry share. Major freight railcar parts manufacturers are engaged in partnerships with freight wagon producers or railway operators to gain a competitive edge in comparison to other companies. With an increasing demand for freight wagons, many players are investing in the expansion of manufacturing facilities to gain a modest advantage.
- KEY MARKET SEGMENTS
- By type
- Autocar
- Box Car
- Center Beam
- Covered Hopper
- Coil Car
- Flat Car
- Gondola
- Open to Hopper
- Refrigerant Boxcar
- Tank cars
- Others
- By Distribution channel
- OEM
- Aftermarket
- By Component
- Gears
- Wheels, Axles and Bearings
- Side Frames
- Draft Systems
- Couplers & Yokes
- Airbrakes
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
|
Customization scope |
Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Reap the benefits of customized purchase options to fit your specific research requirements. |
Objectives of the Study
- To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
- To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
- To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
- To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
- To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
- To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Historical data coverage: 2016 to 2022
- Growth projections: 2022 to 2028
- SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures, 10+ matrix
- Global and Country Market Trends
- Comprehensive Mapping of Industry Parameters
- Attractive Investment Proposition
- Competitive Strategies Adopted by Leading Market Participants
- Market drivers, restraints, opportunities, and its impact on the market
- Regulatory scenario, regional dynamics, and insights of leading countries in each region
- Segment trends analysis, opportunity, and growth
- Opportunity analysis by region and country
- Porter's five force analysis to know the market's condition
- Pricing analysis
- Parent market analysis
- Product portfolio benchmarking