Railcar Leasing Market in North America Size to grow by USD 6.11 billion between 2024-2028
According to a research report “ Railcar Leasing Market in North America” by End-user (Petroleum and chemical, Coal, Agricultural products, Metals and minerals and others) Product (Freight cars, Tank cars, Locomotives) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6.11 billion, at a CAGR of 7.42% during the forecast period. In the North American railcar leasing market, tank cars represent a substantial segment, accounting for a considerable market share. Primarily utilized for the transportation of crude oil and gasoline products, their demand has surged due to the expansion of automotive sales and the commencement of new oil exploration projects in the region. According to the Energy Information Administration (EIA), the US crude oil production reached 11.12 million barrels per day (bpd) in 2021. This significant increase in crude oil production is expected to lead to a proportional rise in the production of refined products such as gasoline, thereby driving the demand for tank cars in the railcar leasing market.
Browse market data tables, figures, and in-depth TOC on “Railcar Leasing Market in North America” by End-user (Petroleum and chemical, Coal, Agricultural products, Metals and minerals and others) Product (Freight cars, Tank cars, Locomotives) Geography (North America) Global Forecast to 2028. Download Free Sample
By End-user, the Petroleum and chemical segment is projected to dominate the market size in 2024
In the North American railcar leasing market, there is a significant focus on enhancing the capacity of freight cars for transporting minerals and agricultural products. Freight car manufacturers are prioritizing redesigns to maximize container size, thereby increasing the efficiency of single-trip transportation. This trend has resulted in a surge in demand for new freight cars among various industries, as evidenced by a 50% increase in orders in Q4 2021 compared to Q3 2021. Furthermore, the market is witnessing constant technological advancements, which are driving the railcar leasing industry in North America throughout the forecast period.
By Product, Freight cars segment is expected to hold the largest market size for the year 2024
The petroleum and chemical sector is projected to dominate the railcar leasing market in North America, with companies such as PFL Petroleum Services leading the charge. PFL Petroleum Services offers a comprehensive range of railcar leasing solutions tailored to the petroleum and chemical industry. With a vast inventory of railcars and robust relationships with shippers and leasing companies, PFL Petroleum Services is well-positioned to provide customers with the appropriate railcars for their specific requirements. In addition to leasing, the company offers value-added services including railcar tracking, maintenance, and storage, enabling petroleum and chemical firms to optimize their operations and reduce capital expenditures.
North America is forecasted to hold the largest market size by region in 2024
The railcar leasing market in North America is primarily driven by the United States, where robust demand for commodities such as oil and gas, coal, agricultural products, metals and minerals is fueling market growth. The surge in crude oil production and investments in the US, driven by the shale revolution, have significantly increased the need for railcars to transport crude oil and its refined products. Additionally, the coal industry's growing demand for railcars to transport coal adds to the market's expansion in the US. These factors collectively contribute to the robust growth of the railcar leasing market in North America during the forecast period.
The Railcar Leasing Market in North America growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The railcar leasing market in North America is a significant segment of the transportation industry, providing carriage solutions for various sectors through freight cars and tank cars. Railcars, including coaches and specialized types like tank cars and freight cars, are essential for the transportation of goods in industries such as Aggregates & Construction, Food & Agriculture, Steel & Mining, Energy and Coal, Chemical Products, Oil & Gas, and more. Railcar leasing services offer flexibility and cost savings for businesses, enabling them to manage their logistics and freight transport more efficiently. For industries like Oil & Gas, Tank Cars are crucial for transporting petroleum products and chemicals. In the Food sector, railcars are used to transport perishable goods like Seafood and Food products. Emerging economies and the global freight traffic growth contribute to the increasing demand for railcar leasing services. The logistics industry benefits from railcar leasing as it offers insurance coverage, tax incentives, and improved cargo security. Railroads play a vital role in this market, providing the infrastructure for railcar transportation and ensuring the smooth flow of goods across North America.
Market Research Overview
The Railcar Leasing Market in North America is an active and innovative sector, with key players including Andersons, Mitsui Rail Capital, BRUNSWICK Rail, and SMBC (ARI). Statistical databases and SEC filings provide valuable insights into the market's size and trends. The market caters to various industries such as Railroad Operators, Logistics Companies, and Railway Operators, offering Railcar Leasing Services for various types of Railcars including Flatbed cars, Box cars, Cabooses, Passenger coaches, Freight wagons, Tank Cars, and Temperature-controlled containers. Industries served include Petrochemical transportation, Energy and Coal, Aggregates & Construction, Food & Agriculture, Steel & Mining, and Chemical Products. The Railcar Leasing Market is driven by Government spending, Environmental concerns, and the growing demand for Rail Freight Logistics. The use of Monitoring systems, Telematics, and IoT in Railcar Leasing Services is a cutting-edge trend. Market leaders invest in Digital freight trains and Oil & Gas transportation. Emerging economies and Global freight traffic growth are also significant factors. Insurance, Freight transport, Tax, and Railroads are other areas of interest. The Market for Recipe Apps may seem unrelated, but the use of IoT and Temperature-controlled containers for Food products, Seafood, and Oil is a growing trend. The Railcar Leasing Market is a crucial component of the Logistics industry, ensuring the efficient transportation of Cargo, Gases, and other essential commodities.
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