The global market for rail wheels and axles is estimated by Persistence Market Research (PMR) to be worth US$ 4.11 billion in 2023 and to increase at a CAGR of 5.4% to US$ 6.953 Billion by 2033.
The rail wheel and axle market is witnessing growth due to the increasing demand for safe and efficient passenger transportation. Manufacturers are introducing advanced materials for producing rail wheels such as stainless steel and titanium which offer improved performance and greater life expectancy. Additionally, advancements in design technology have enabled manufacturers to manufacture custom-made wheels with higher durability and better load capacity. These factors are expected to drive the growth of the market in the coming years.
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The rail wheel and axle market refers to the market for components used in the railway industry, specifically the wheels and axles of railway vehicles. The market is driven by factors such as the increasing demand for high-speed trains, advancements in technology, and the need for improved rail infrastructure. Key players in the market include Amsted Rail, NSSMC, and EVRAZ, among others. The market is segmented into different types of wheels and axles, such as conventional and high-speed wheels, with high-speed wheels being the fastest-growing segment due to their ability to withstand high speeds and provide a smooth ride. The market is also segmented by application, including passenger trains, freight trains, and metro trains, with passenger trains being the largest segment.
Key Takeaways from Rail Wheel and Axle Market Study
- Increasing focus on emission reduction leading to replacement of aged diesel locomotives with new ones, owing to stringent emission norms in Europe and North America, is expected to fuel the growth of the global rail wheel and axle market over the forecast period.
- Based on wheel type, the steel tyred wheels segment is anticipated to witness significant growth, owing to increasing consumption in freight trains.
- Asia Pacific is alone expected to hold more than 1/3 of the global rail wheel and axle market share.
- Growing number of players in the rail wheel and axle market have been driving manufacturers to incorporate forward integration, by offering wheel periodic servicing, product consultancy, and installation, to build upon the existing market base and also to occupy the growing aftermarket client base.
- The aftermarket segment is likely to experience substantial growth during the forecast period, owing to increasing demand for machining of railway wheels. This segment is slated to account more than half of the market share in the sales channel.
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Rail Wheel and Axle Market Participant Insights
The global rail wheel and axle market is highly competitive, with various manufacturers offering identical products. Stakeholders in emerging markets are poised to expand their business operations and increase value-addition in their product offerings through portfolio rationalization. Manufacturers are also focusing on improving their R&D capabilities to introduce new lightweight rail wheels and axles, which will help reduce overall weight and maintenance costs, and increase fuel efficiency along the way.
Key Players –
- CAF USA, Inc.
- Bharat Forge Ltd. (Kalyani Group)
- Amsted Rail Company, Inc.
- ArcelorMittal A.S.
- Bonatrans Group A.S.
- Comsteel
- CRRC Sifang Co., Ltd.
- Kolowag AD
- Lucchini RS S.p.A.
- Nippon Steel & Sumitomo Metal Corporation
- Rail Wheel Factory – Indian Railways
- Maanshan Iron and Steel Company
- Semco India (P) Ltd.
- United Metallurgical Company, OMK CJSC
- Simmons Machine Tool Corporation (NSH Group)
- VELTRUP Technik Philippines, Inc.
- Bombardier Inc.
Global Rail Wheel And Axle Market by Category
By Wheel Type, the Global Rail Wheel And Axle Market is segmented as:
- Monoblock Wheels
- Resilient Wheels
- Rubber Tired Wheels
- Steel Tired Wheels
- Other Special Wheels
By Axle Type, the Global Rail Wheel And Axle Market is segmented as:
- Hollow Axles
- Solid Axles
By End Use, the Global Rail Wheel And Axle Market is segmented as:
- High Speed Railway
- Fast Speed Railway
- Subway
- Other End Use
By Sales Channel, the Global Rail Wheel And Axle Market is segmented as:
- OEM
- Aftermarket
By Product Type, the Global Rail Wheel And Axle Market is segmented as:
- Less Than 600mm
- 600-1000 mm
- 1000-1100 mm
- Above 1100 mm
By Region, the Global Rail Wheel And Axle Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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