Freight Wagons Market Forecast and CAGR
According to latest research by Fact.MR, freight wagons market is set to witness steady growth during 2021-2031 and shall surpass net valuation of US$ 10,000 Mn during same time frame. Demand for freight wagons will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Opening world economy, increasing free trade agreements and mounting logistical infrastructure developments will propel the market towards optimistic growth.
What is Driving Demand for Freight Wagons?
Freight wagons are rolling stock that are used to transport goods and commodities. Railways are one of the many modes of transportation available for trade, and it is likely to be the cheapest. As compared to road transportation, this mode of transportation can carry a large amount of cargo in a single trip, while still taking less time over long distances than a maritime route.
Globally, as economies begin to open up and policymakers relax trade regulations, market opportunities are expected to expand northward. Governments all over the world are putting a premium on last-mile connectivity for trade, resulting in a boom in investment in logistical infrastructure. The number of projects to expand the railway network for inter-state and intra-state trade is growing. On similar grounds, innovations such as dedicated freight corridors are expected to boost trading opportunities, thus increasing demand for freight wagons.
Furthermore, manufacturers and mobility solution providers have focused on technology-enabled freight movement in recent years. The Internet of Things (IoT) and data are the industry's next big game. This technology will assist in obtaining, storing, and analyzing data for the purposes of rail track maintenance, improved reliability, and increased productivity. This advantage over the traditional approach is expected to increase demand over the course of the evaluation period.
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Geographical Outlook of Global Freight Wagons Market
The freight wagon industry covers six major regions: North America, Latin America, Europe, East Asia, South East Asia & Oceania, and MEA. North America and East Asia are two possible contenders. Rail freight accounts for one-fourth of overall global activity in both the United States and China. This leap is being aided by one of the world's longest railway networks and global trade dominance. Rapid trade expansion and projects such as rail freight between China and Europe would support the region's continued development.
In terms of sales, Europe is projected to be the next big market. Russia's vast railway network, as well as its fear activity for minerals, coals, and agricultural products, have all contributed to its integrated trade with European countries. In the near future, South Asia is projected to expand at an exponential rate. The region is witnessing increase in trade, self-manufacturing capabilities and developing projects like dedicated freight corridors along with large ports is to foster the wagon sales.
MEA region is experiencing foreign investments for securing various trade routes such as railway network from Iran’s Gwadar port to Afghanistan. These developments will accelerate the growth in long term.
COVID-19 Impact Outlook for Freight Wagons Market
COVID-19 pandemic lockdown restricted man and material movement across many horizons. Various industries were hit hard and freight wagon was no exception.
To combat the pandemic, governments all over the world imposed trade and manufacturing controls. Trade disruptions resulted in economic losses and increased demand for wagons. Similarly, the raw material supply has been disrupted by the closure of production plants, and there has been a significant gap in the demand supply chain. However, the lockdown guidelines were transient and is anticipated to diminish in near future. Hence, aftermath lockdown the global trade and demand is expected to come on track.
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Segmental Analysis for Freight Wagons Market
Manufacturers in the market are providing wide variety of wagons, the choice generally depends upon type of commodity or cargo, method of loading and unloading, the body structure and safety range of transporting goods.
Covered wagons are efficient for transporting goods such as agricultural product, food and beverages etc. which are likely to get affected by climatic and weather conditions. Powder and tank wagons are best for transporting chemicals, liquid fuels, gases and beverages. Open top wagons transport raw weather-resistant materials such as coal and steel. Hopper wagons are special kind of open wagons which are utilized to transport grain and fertilizers. Similarly there are various other kind of wagons such as flat, platforms, car carriers etc.
Based on structural load capacity, in order to bare the structural and commodity load, the wagons are manufactured using two axle, four axle, six axle and 2X2 Axle. Further hopper wagons are categorized under open hopper and tripping hopper wagons and various others.
Who are the Key Manufacturers and Suppliers of Freight Wagons?
Some of the leading manufacturers and suppliers of freight wagons include
- ELH Waggonbau Niesky GmbH
- Duro Dakovic Holding d.d.
- VTG AKTIENGESELLSCHAFT
- TITAGARH WAGONS LIMITED
- Jupiter Wagons
- United Wagon Company
- OmBesco Limited
The demand for freight wagons is partly fragmented across key regions. Manufacturers in the industry are focusing on providing rental services and partnering with various governments and service providers to develop long-term relationships in order to gain a significant share.
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Freight Wagons Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Freight Wagons Market: Segmentation
- Open Wagon
- Covered Wagon
- Flat Wagon
- Container Wagon
- Powder/Tank Wagons
- Hopper Wagons
- Open Hopper
- Tripping Hopper
- Platform Wagons
- Car Carriers
- 2x2 Axle
- 4 Axle
- 6 Axle
By Commodities Type
- Solid Fuels
- Building Material
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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