NEW YORK, Feb. 27, 2023 /PRNewswire/ — Major players in the freight cars market are CN Railway, DB Schenker, Union Pacific, Kansas City Southern, CSX Corporation, Norfolk Southern Corporation, Housatonic Railroad Company, and Linfox Pty Ltd.
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The global freight cars market will grow from $167.96 billion in 2022 to $176.19 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The freight cars market is expected to grow to $208.45 billion in 2027 at a CAGR of 4.3%.
The freight car market consists of sales of covered wagons, cargo beamers, and flat cars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Freight cars are a type of railroad car, rolling stock, or motor vehicle that is designed to transport goods such as cargo, food grains, oil, minerals, and other goods on a rail transport system that is designed to transport large amounts of goods that can be delivered to both long and short distance destinations.
Asia Pacific was the largest region in the freight cars market in 2022.North America was the second largest region in the freight cars market.
The regions covered in the freight cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of freight cars covered in this report are intermodal, tank wagons, and freight cars.A tank waggon is defined as a vehicle that is designed to carry gases or liquids.
It is also segmented by application into coal, petroleum and chemicals, metals and minerals, automobiles, agricultural products, and other applications. It is also segmented by end-use industries into agriculture; construction; oil and gas; chemical; medical and pharmaceuticals; food and beverages; government and defense; automotive and transportation; and marine.
Government initiatives are expected to boost the freight car market’s growth.For instance, in September 2021, the Indian government think tank Niti Aayog, launched the “Shoonya” initiative, which aims to fully electrify fleet vehicles in the urban freight sector within the next two years, as part of a massive effort to accelerate the adoption of electric vehicles and build an ecosystem for them in the nation.
Therefore, the steps taken by the government to increase rail freight will increase the demand for freight cars’ market growth during the period.
Stringent regulation regarding import and export is one of the major challenges to the growth of the freight car market.Rail freight transportation would decrease as a result of strict rules over trade, which would decrease the demand for freight cars.
In 2020, the Customs department of India imposed stringent rules on the free-trade agreement import of white goods to check undue dumping of these commodities under FTAs from non-producing countries.It aims to check the misuse of relaxation under free-trade agreements.
India is also eager to implement new planned regulations to boost domestic manufacturing by reducing imports, with the goal of reducing the amount of lower-quality imports from China. Therefore, stringent rules posed by the government over trade are expected to hinder the freight car market growth during the forecast period.
Freight cars are now enabled with GPS tracking and this is likely to be an emerging trend in the freight car market.The efficiency of freight car transport will be augmented with the use of advanced GPS technologies.
Rail operators’ incorporation of GPS technologies into freight cars aids in managing the transport process, scheduling freight cars, maintaining a consistent delivery process, and reducing freight car theft.For instance, in June 2022, Indian Railways began real-time monitoring of trains (passenger and freight) using the Control Office Application (COA) system.
The COA was designed by ISRO after collaborating with the Indian Railways to monitor the movement of freight cars even between two stations with GPS. Therefore, the demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
In March 2021, Sojitz Corporation, a Japan-based manufacturing company specializing in the trading of goods and services, acquired Southwest Rail Industries Inc. for an undisclosed amount. Through this acquisition, Sojitz increases its capability to deliver excellent customer service, prompt responses, the capacity to customize leases to meet customers’ needs, expand railway services in North America, and decarbonization and sustainability. Southwest Rail Industries Inc. is a US-based transportation company pioneering in providing freight rail coaches and cars to offer services for customers in the United States.
The countries covered in the freight cars market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The freight car market research report is one of a series of new reports that provides freight car market statistics, including freight car industry global market size, regional shares, competitors with a freight car market share, detailed freight car market segments, market trends and opportunities, and any further data you may need to thrive in the freight car industry. This freight car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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