Though the railway industry has marked its presence in a majority of economies, the actual production of locomotives and other rolling stock is concentrated in only a few economies with the involvement of a limited number of players. China, Mexico, Russia, and Germany are among those few economies where the railway wheel and axle manufacturers can tap into due to the presence of large scale OEMs. While the aftermarket segment holds a larger market value share than OEMs, it is likely to reduce in the forecast period owing to longer life of rail wheels and axles.
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Europe is expected to retain dominance with maximum adoption of rail wheel and axle
The railway industry in Europe and North America is representing a total production value of around US$ 65 Bn, with gross value added being around 45% of the production value. Players in the region are adopting strategies to expand as well as strengthen the market in the region. Reduction in prices, adoption of more efficient processes, expansion of product portfolio, and extension of long term supply relations with key end use industries as well as localized manufacturers constitute the key strategies of major players, in order to gain an enhanced customer base and an augmented market share. Well-structured and efficient supply chain along with an improved retailing network for rail wheel and axle are also foreseen to be among the major growth strategies for reaching out to customers. In Russia, Germany, Italy, and the U.K., increasing passenger is also projected to drive the mainline segment over the forecast period.
Emergence of disruptive technologies and reliance on data analytics is highly likely to creep in the railway industry in the region offering the OEMs to harness the potential of service business which can add up the revenue of the railway industry. The sprawling railway network in Europe is also expected to be one of the major factors driving adoption of rail wheel and axle in the region. Emergence of smart railways in the region has led to significant expansion of the railway system in the region. For instance, in Spain, International Union of Railways (UIC) and Spanish rail infrastructure manager ADIF have come together to achieve a goal of ‘Smart Station in Smart Cities’. The integration of solar power is another factor having a positive impact on the market and is being seen as a trending and long term factor. The European government has planned to install solar PV array in 15% of the train network across East Sussex, Kent, and West Sussex. The aim of this plan is to reduce the consumption of electricity in these particular cities.
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China and North America are expected to have a neck and neck competition in terms of adoption over upcoming years
Due to booming industrialization in emerging economies such as China, the expansion of railways has also increased and is thus expected to trigger high demand for rail wheel and axle in the region. Introduction of new projects in both North America and China is likely to encourage the market growth in near future. For instance, The U.S. Department of Transportation (USDOT) is focusing on expansion of rail lines in the Sonoma-Marin Area. For this project, FTA (Freight Transport Association) provided a US$ 22.5 Mn fund to the rail ministry. In China, one of the leading Chinese companies recently signed two ambitious rail projects with Brazil for building two ticket railway related infrastructure projects in the Bahia state.