Global Freight Railcar Parts Market Set to Expand, Expected to Reach $13.97 Billion by 2028
Freight Railcar Parts Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 28, 2024 /EINPresswire.com/ — The global freight railcar parts market has shown robust growth, increasing from $10.66 billion in 2023 to $11.32 billion in 2024, marking a compound annual growth rate (CAGR) of 6.2%. It will grow to $13.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. This growth can be attributed to factors such as economic expansion, industrialization, regulatory compliance, and advancements in freight transportation efficiency through rail fleet modernization.
Growing Demand for Rail Transportation Drives Market Growth
The demand for rail transportation is a key driver propelling the growth of the freight railcar parts market. This mode of transportation ensures efficient movement of goods, supported by safe handling and optimal cargo performance facilitated by freight railcar parts. For instance, in the European Union, rail freight transport witnessed an 8.7% increase in November 2022 compared to 2020, indicating significant growth. Similarly, the United States anticipates a 30% rise in overall freight movements by 2040, underscoring the increasing reliance on rail transport.
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Major Players and Market Trends
Leading companies in the freight railcar parts market, such as The Andersons Inc., National Steel Car Ltd., and Westinghouse Air Brake Technologies Corporation, focus on innovation to enhance product offerings. Technologies like real-time railcar tracking, exemplified by Trinity Rail Group LLC’s ‘Trinsight’ railcar tracker, demonstrate industry innovation aimed at improving operational efficiency and customer service.
Market Segmentation
Components:
• Gears
• Wheels
• Axles And Bearings
• Side Frames
• Draft Systems
• Couplers And Yokes
• Airbrakes
• Other Components
Types:
• Autocar
• Box Car
• Center Beam
• Covered Hopper
• Coil Car
• Flat Car
• Gondola
• Open-To-Hopper
• Refrigerant Boxcar
• Other Types
Distribution Channels:
• Original Equipment Manufacturer (OEM)
• After-Market
Geographical Insights: Asia-Pacific Leading Growth
North America dominated the freight railcar parts market in 2023, while Asia-Pacific is anticipated to exhibit the fastest growth during the forecast period. Detailed insights into regional dynamics and growth opportunities can be found in the comprehensive report.
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Freight Railcar Parts Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Freight Railcar Parts Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on freight railcar parts market size, freight railcar parts market drivers and trends, freight railcar parts market major players, competitors’ revenues, market positioning, and market growth across geographies. The freight railcar parts market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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