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Rail Wheel Market to Touch USD 4,869.1 Million with 5.2% CAGR by 2025; Exciting Advancements in Locomotive Technologies to Accelerate Market Growth: Fortune Business Insights™

Rail Wheel Market Key Players Studied in this Report are CAF USA, Inc. (New York, United States), Bombardier Inc. (Montreal, Canada), CRRC Corporation Limited (Beijing, China), Kolowag AD (Septemvri, Bulgaria), Bonatrans Group A.S. (Bohumin, Czech Republic), Nippon Steel & Sumitomo Metal Corporation (Tokyo, Japan), Bharat Forge Ltd. (Pune, India), VELTRUP Technik Philippines (Manila, Philippines), ArcelorMittal A.S. (Luxembourg), Lucchini RS S.p.A. (Brescia, Italy), United Metallurgical Company (Moscow, Russia), Semco India (P) Ltd. (Pune, India), Construcciones y Auxiliar de Ferrocarriles, S.A. (Beasain, Spain).

/EIN News/ -- Pune, India, April 22, 2021 (GLOBE NEWSWIRE) -- According to the report, Rail Wheel market size is projected to reach USD 4,869.1 Million by 2027. The Global Rail Wheel Market was worth USD 3,822.1 million in 2019 and will exhibit a CAGR of 5.2% during the forecast period. Expansion of Rural Connectivity in Emerging Economies to Catalyze the Rail Wheel Market Growth.

Efficient, uninterrupted connectivity is elemental for the economic progress of a nation. Railways, since the 19th century, have played an instrumental role in expanding economies and improving the living standards of people. Even today, in a period of accelerated economic growth, countries, both developed and developing, are initiating and completing rail projects to further strengthen their economies. For example, in the UK, the first phase of the High Speed 2 railway network connecting London with Central and Northern England was initiated in 2019. The £2.75 billion project is expected to be completed by 2026. On the other hand, Indonesia successfully deployed its first mass rapid transit rail system in 2019 at an estimated cost of USD 1.5 billion. Widening utilization of railway transport will, therefore, ensure an ever-increasing adoption of rail wheels.


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With the COVID-19 pandemic destabilizing the global economy, governments worldwide have been forced to impose lockdown and social distancing measures to curb the spread of the virus. In many countries, such as India, public modes of transportation were suspended to prevent community transmission of the coronavirus. The rail wheel market growth has suffered because of the pandemic outbreak, registering a -1% CAGR in 2020.

Lack of demand for railway services and the resultant fall in revenues have been the chief factors that are hindering the growth of this market. For example, in August 2020, Indian Railways reported that rail traffic revenue shrunk by 42% compared to 2019 as the government cancelled several trains due to low occupancy, triggered by consumers’ unwillingness to travel by public transport amid the pandemic. The market for rail wheels is also getting hit by increasing disputes between countries. In January 2021, for instance, Singapore and Malaysia canceled a mega rail project as the two countries’ administrations could not reach an agreement.

Establishment of Robust Metro Infrastructure to Energize the Asia Pacific Market

Asia Pacific is envisioned to lead the rail wheel market share during the forecast period as India and China are intensely building a strong metro network infrastructure. The strengthening of metro connectivity in these countries is premised on the rapid expansion of urban areas and the growing need to make urban mobility more sustainable. The region’s market size was estimated to be USD 1,496.6 million in 2019.

Rising deployment of advanced, data-driven rail technologies by the US and Canada will enable North America to chart a prolific growth trajectory in the near future. Strong trade relations between the US and Canada will also ensure stable market growth in the region. In Europe, the open transport networks and free passenger mobility within the European Union will fuel the market for many years to come.


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Top Players Aim at Bolstering Global Market Presence                            

Competition in the railway wheel market is intense, with leading companies adopting novel strategies to broaden and deepen their global market position. One of the preferred strategies for these companies is to enter into collaborations and partnerships to implement projects in emerging markets. This is enabling key players to diversify their operations and build a strong international network.

September 2020: CAF USA was chosen by Mitsubishi Corporation to design and supply 246 modern Diesel Electric Multiple Units under a contract awarded to Mitsubishi by the Government of Myanmar. The units are part of the country’s massive 620km-long Yangon-Mandalay circular railway upgrading project.


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List of Key Companies Covered in the Rail Wheel Market Report:

  • CAF USA, Inc. (New York, United States)
  • Bombardier Inc. (Montreal, Canada)
  • CRRC Corporation Limited (Beijing, China)
  • Kolowag AD (Septemvri, Bulgaria)
  • Bonatrans Group A.S. (Bohumin, Czech Republic)
  • Nippon Steel & Sumitomo Metal Corporation (Tokyo, Japan)
  • Bharat Forge Ltd. (Pune, India)
  • VELTRUP Technik Philippines (Manila, Philippines)
  • ArcelorMittal A.S. (Luxembourg)
  • Lucchini RS S.p.A. (Brescia, Italy)
  • United Metallurgical Company (Moscow, Russia)
  • Semco India (P) Ltd. (Pune, India)
  • Construcciones y Auxiliar de Ferrocarriles, S.A. (Beasain, Spain)


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Global Rail Wheel Market Segmentation:

By Rail Type:

  • High Speed
  • Freight Wagons
  • Passenger Wagons
  • Locos

By Application Type:
               

  • OEM
  • Aftermarket

By Geography:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)


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