Market Size of Rail Road Wheels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Rail Road Wheels Market Analysis
The railroad wheels market is expected to register a CAGR of over 5% during the forecast period, 2022 - 2027. The market was valued at USD 4 billion in 2021, and it is anticipated to reach USD 5.4 billion by 2027.
The effect of Covid-19 on the railroad wheels market was inevitable. Owing to the subsequent lockdowns and restrictions, the production of railroad wheels was hampered. However, in the latter half of 2022, the production activities resumed, and the global railway industry witnessed growth in orders, which fueled the market focus.
The rail network is one of the fastest means of transport, and it is growing in various countries across the globe. Growing population, rapid urbanization, and increased use of the rail network for daily traveling are expected to drive the railroad wheels market during the forecast period.
The usage of the rail network for freight is one of the cheapest means of transporting goods, which is also one of the factors contributing to the growth of rails and its component industries, such as wheels, in various countries across countries.
Due to increased demand for rail transportation from nations like China, Japan, South Korea, and India, Asia-Pacific is anticipated to develop significantly throughout the projection period. Meanwhile, the market in Europe and North America is expected to expand due to increased demand for passenger and freight transportation.
Some of the major players operating in the railroad wheel market are Amsted Rail Company Inc., Bharat Forge Limited, Comsteel, Alstom SA, ArceloMittal SA, and others.
Rail Road Wheels Industry Segmentation
The Rail Road Wheels Market is segmented by Train Type (Metro and Monorails, Suburban Trains, Long-Distance Trains, and Freight Trains) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts of the railroad wheels market in USD billion for all the above segments.
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| Metro and Monorails | |
| Suburban Trains | |
| Long-Distance Trains | |
| Freight Trains |
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Rail Road Wheels Market Size Summary
The railroad wheels market is poised for significant growth, driven by the expanding rail networks globally. The sector is experiencing a resurgence following the disruptions caused by the Covid-19 pandemic, with production activities resuming and a surge in orders boosting market confidence. The increasing reliance on rail transport for both passenger and freight services, due to its cost-effectiveness and efficiency, is a key factor propelling the market forward. Rapid urbanization and population growth are further fueling the demand for rail infrastructure, particularly in regions like Asia-Pacific, where countries such as China and India are making substantial investments in upgrading and expanding their rail systems. The market is also witnessing a shift towards advanced and electric locomotives, supported by government initiatives aimed at achieving zero-emission goals.
The competitive landscape of the railroad wheels market is moderately concentrated, with major players like Alstom SA, Amsted Rail, Bharat Forge Limited, and ArcelorMittal SA actively expanding their product portfolios through strategic acquisitions and partnerships. The market is benefiting from technological advancements and increased production capacities, as seen in initiatives like India's Make in India scheme and China's rapid urban transit development. These efforts are complemented by significant investments in rolling stock and infrastructure, ensuring a steady supply of components such as wheels. The focus on sustainable transportation solutions, exemplified by orders for battery-electric locomotives and the development of greener rail technologies, is expected to further enhance market growth during the forecast period.
Rail Road Wheels Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Train Type
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2.1.1 Metro and Monorails
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2.1.2 Suburban Trains
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2.1.3 Long-Distance Trains
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2.1.4 Freight Trains
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 Rest of Middle-East and Africa
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Rail Road Wheels Market Size FAQs
What is the current Rail Road Wheels Market size?
The Rail Road Wheels Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Rail Road Wheels Market?
Alstom SA, Amsted Rail, Bharat Forge Limited, ArcelorMittal SA and Comsteel are the major companies operating in the Rail Road Wheels Market.
