Latest News- Rail Wheel Market: Freight trains is expected to lead the Type segment during 2025-2029

The Rail Wheel Market is being driven by Growing rail passenger traffic

The Rail Wheel Market is expected to grow at a CAGR of 5.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1463.5 million. In the global rail industry, substantial investments in infrastructure development, particularly through Public-Private Partnerships (PPP), have fueled a significant increase in demand for rail wheels. In North America alone, over USD550 billion has been allocated since 2000 for infrastructure expansion and maintenance activities, including rail networks, locomotives, freight cars, and Original Equipment Manufacturer (OEM) equipment like rail wheels. This investment trend has led to the opening of numerous dedicated freight corridors, enhancing freight capabilities and frequency of operations. Consequently, the need for new rail wheels and maintenance services has escalated, underpinning the market's growth trajectory. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Freight trains
  • Long-distance trains
  • Suburban trains
  • Metro and monorails
• Application
  • OEM
  • Aftermarket
• Component
  • Solid wheels
  • Hollow wheels
  • Composite wheels
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing rail passenger traffic
• Railway infrastructure development in Asian countries
• Increased demand for rail logistics due to rising trade activities

However, the market also witnesses some limitations, which are as follows:

• Volatility in prices of raw materials
• Delay in execution and development of railway projects
• Increasing customer preference toward low-cost airlines

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Market Scope in Rail Wheel Market Research Report

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Research Analysis Overview

The Rail Wheel Market encompasses the production and supply of wheels for rail vehicles, including HT Corrugated wheels for high-speed trains and wagon wheels for freight and passenger wagons. Rail Wheel Factory manufactures these wheels, which are integral to the rolling stock and railway infrastructure. Train speed is enhanced with the use of advanced wheel designs, while braking systems rely on disc brakes and train wheels to ensure safety. Passenger car wheels and railway carriage wheels are also part of this market. Rail tracks and rail vehicles are interconnected through the use of these essential components.

Market Research Overview

In the rail transportation industry, vendors provide specialized services for rail freight logistics and passenger transportation over long distances. Cargo transportation offerings encompass various types of wagons, such as tank wagons, goods wagons/freight cars, boxcars or covered wagons, flatcars or flat wagons, well wagons/low-loader wagons, refrigerator vans, hopper wagons, open wagons, wagons with an opening roof, wagons for containers, and specialized trains like high-speed trains, regional and commuter trains, cross-border rail transportation services, metro and trams, light rail vehicles (LRVs), and monorails. The rail transportation market is fragmented, with a complex supply chain consisting of asset management, operations, marketing and sales, and service sectors. Rail wheel types include HT Corrugated wheels for high-speed trains, wagon wheels, passenger car wheels, and locomotive wheels, as well as split wheels for optimal performance and durability.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/