Freight Wagon Market Size Worth USD 18.06 Billion, Globally, by 2030 at a CAGR of 4.08%
The Global Freight Wagon Market to Experience 4.08% CAGR during 2023-2030; Cost Effectiveness of Freight Wagon will Drive Market Growth
Pune, India., Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global freight wagon market size was valued at USD 13.48 billion in 2022. The market is projected to grow from USD 13.65 billion in 2023 to USD 18.06 billion by 2030 at a CAGR of 4.08% during the forecast period.
The global freight wagon market research reports offer a comprehensive and insightful analysis of freight wagon industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as freight wagon market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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An unpowered railroad wagon used to transport cargo or goods is referred to as a freight wagon or goods wagon. Several types of wagons are employed for the transportation of various sorts of cargo, including open wagons for the transportation of coal, tank wagons for the transportation of chemicals, and hopper wagons for the transportation of food, grain, and coal. State and regional transportation planners are being forced by rising levels of traffic congestion on intercity and urban highway routes to transition to an alternate form of freight transportation that can ease congestion. To deal with traffic on the roads, businesses and city officials are thinking about switching to rail. In some circumstances, using railroads may be a more practical option than using trucks.
*Drivers & Restraints-*
*Increased Rail-to-Road Freight Transport Transition Will Drive Market Growth*
State and regional transportation planners are being forced to move to an alternate form of freight transport to lower traffic levels due to rising levels of road congestion.
Switching long-haul freight from the road to the rail can save shippers up to 40% of their costs. Especially when carrying a large amount of freight, rail transportation is more fuel-efficient than vehicle transport. European nations have made switching from automobile to rail transit a priority due to congestion and environmental concerns. To enhance freight rail services, the Smart-Rail project brought together stakeholders from across Europe. Rail transportation can be economical, able to move heavy goods, dependable, effective, and ecologically beneficial. These factors will lead to increased freight wagon market share.
On the contrary, one of the main obstacles to the market growth is high capital expenditure. When compared to transportation by road or water, the cost of building, maintenance, and administration fees is significant, which may impede the freight wagon market growth.
*Report Highlights:**Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 4.08%
2030 Value Projection USD 18.06 Billion
Base Year 2022
Market Size in 2023 USD 13.65 Billion
Historical Data for 2019-2021
No. of Pages 150
*Competitive Landscape-*
*To Gain a Competitive Edge, Businesses are concentrating on Mergers and Acquisitions and Securing Wagon Orders*
To increase the players’ market share, businesses are forming strategic alliances with the government, asset management corporations, freight companies, and cargo operators. To meet the rising demand for aggregates and the infrastructure sectors in emerging nations, these businesses are also investing in energy-efficient commercial freight trains. Indian Railways placed a USD 955.09 million deal with Titagarh Wagons Ltd. in May 2022 for the production and supply of 24,177 wagons. The order will increase the business's revenue and solidify its position in the world market.
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*Segments-*
*Due to Hopper Wagon’s Higher Adoption Rate for Transporting Various Goods, it will Hold Larger Share of the Market*
The market is divided into closed wagon, open wagon, hopper wagon, flat wagon, tank wagon, car wagon, refrigerated wagon, and special purpose wagon, based on wagon type.
In 2022, a sizable portion of the market is anticipated to be occupied by the hopper wagon segment.
Coal, ore, steel, and cement are among the loose bulk goods that are transported by hopper wagons. They are also useful for transporting products, such as grain, corn, and soy, that are weather-sensitive. The necessity for covered hoppers is related to the growth of the infrastructure sector and the requirement to use rail transportation in metropolitan areas in order to reduce emissions and prevent traffic jams.
*Greater Market Share is anticipated for Payload Capacities More Than 60 Tonnes*
Based on payload capacity, the market is categorized into above 60 tons and below 60 tons.
For the transportation of light to medium-weight items, including cement, iron ore, medical supplies, and chemicals, among others, freight wagons below 60 tons are employed. Transporting food grains, commercial wagons, military & defense equipment, coal, iron, and construction equipment, among other things all require freight wagons with payload capacities above 60 tons.
The above 60 tons segment will be supported by the recent introduction of sturdy freight wagons with increased payload capacity. Ermewa announced the delivery of 200 newly constructed wagons to transport grains to Rail Cargo Logistics in November 2022.
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*Regional Insights-*
*North America Dominated the Market by Adopting Freight Wagons to Reduce Supply Chain Issues*
In 2022, the North American market was estimated to be worth 5.75 billion USD. The U.S. and Canada are switching to freight wagons in order to reduce supply chain challenges and guarantee a cost-effective form of transportation. Also, throughout the course of the projection period, market growth will be aided by the region's quick rise in the e-commerce industry.
*Report Coverage:*
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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*A list of prominent **Freight Wagons manufacturers operating in the global market:*
· Titagarh Wagons Ltd. (India)
· FreightCar America (U.S.)
· United Wagon Company (Russia)
· Jupiter Wagons Limited (India)
· Texmaco Rail & Engineering Ltd. (India)
· Jindal Rail Infrastructure Limited (India)
· ELH Waggonbau Niesky GmbH (Germany)
· NYMWAG CS a.s. (Czech Republic)
· GWI UK Holding Limited (U.K.)
· WH Davis Group of Companies (U.K.)
· AmstedMaxion (Brazil)
*COVID-19 Impact:*
*By Using Strict Cost Control Measures and Utilizing Government Stimulus Packages, Major OEMs Saw Modest Profits during the Pandemic*
Due to the infection's quick population spread, governments announced nationwide lockdowns beginning in March 2020, followed by partial lockdowns by the states during FY 2021–2022. As a result, the pandemic led to disruptions in the supply chains and a sharp rise in input prices. Players in the rolling stock market had to contend with unfavorable economic and commercial conditions, such as fluctuating prices for raw materials, including steel and aluminum and delays in the delivery of raw materials. Maintaining relationships with component suppliers for railcars, relying on a limited number of clients who account for a sizable portion of revenue, the possibility that consumers won't accept new railcar offerings, and other competitive issues were additional difficulties.
*Notable Industry Development:*
*April 2022 – *NYMWAG CS a.s. signed a contract with the Hungarian Minister of Innovation and Technology to set up a railcar manufacturing plant in Nagykanizsa, Hungary. The project involves the construction of a solid modern factory, including a section for R&D. According to the preliminary plan, the Hungarian plant should produce around 1,800 carriages and almost 5,000 railway bogies per year. It is estimated that the investment in this project will amount to USD 152.84 million.
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*Table of Content: *
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Key Insights
· Key Industry Developments - Merger, Acquisitions, and Partnerships
· Porter’s Five Forces Analysis
· Technological Developments
· Impact of COVID-19
· Global Freight Wagon Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Wagon Type
· Closed Wagon
· Open Wagon
· Hopper Wagon
· Flat Wagon
· Tank Wagon
· Car Wagon
· Refrigerated Wagon
· Special Purpose Wagon
· Market Analysis, Insights and Forecast – By Payload Capacity
· Below 60 Tons
· Above 60 Tons
· Market Analysis, Insights and Forecast – By Region
· North America
· Europe
· Asia Pacific
· Rest of the World
· North America Freight Wagon Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Wagon Type
· Closed Wagon
· Open Wagon
· Hopper Wagon
· Flat Wagon
· Tank Wagon
· Car Wagon
· Refrigerated Wagon
· Special Purpose Wagon
· Market Analysis, Insights and Forecast – By Payload Capacity
· Below 60 Tons
· Above 60 Tons
· Market Analysis – By Country
· U.S.
· Market Analysis, Insights and Forecast – By Wagon Type
· Canada
· Market Analysis, Insights and Forecast – By Wagon Type
· Mexico
· Market Analysis, Insights and Forecast – By Wagon Type
· Europe Freight Wagon Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Wagon Type
· Closed Wagon
· Open Wagon
· Hopper Wagon
· Flat Wagon
· Tank Wagon
· Car Wagon
· Refrigerated Wagon
· Special Purpose Wagon
· Market Analysis, Insights and Forecast – By Payload Capacity
· Below 60 Tons
· Above 60 Tons
· Market Analysis – By Country
· U.K.
· Market Analysis, Insights and Forecast – By Wagon Type
· Germany
· Market Analysis, Insights and Forecast – By Wagon Type
· France
· Market Analysis, Insights and Forecast – By Wagon Type
· Rest of Europe
· 4.Market Analysis, Insights and Forecast – By Wagon Type
· Asia Pacific Freight Wagon Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Wagon Type
· Closed Wagon
· Open Wagon
· Hopper Wagon
· Flat Wagon
· Tank Wagon
· Car Wagon
· Refrigerated Wagon
· Special Purpose Wagon
· Market Analysis, Insights and Forecast – By Payload Capacity
· Below 60 Tons
· Above 60 Tons
· Market Analysis – By Country
· China
· Market Analysis, Insights and Forecast – By Wagon Type
· Japan
· Market Analysis, Insights and Forecast – By Wagon Type
· India
· Market Analysis, Insights and Forecast – By Wagon Type
· South Korea
· 4.Market Analysis, Insights and Forecast – By Wagon Type
· Rest of Asia Pacific
· 5.Market Analysis, Insights and Forecast – By Wagon Type
· Rest of the World Freight Wagon Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Wagon Type
· Closed Wagon
· Open Wagon
· Hopper Wagon
· Flat Wagon
· Tank Wagon
· Car Wagon
· Refrigerated Wagon
· Special Purpose Wagon
· Market Analysis, Insights and Forecast – By Payload Capacity
· Below 60 Tons
· Above 60 Tons
Continued...
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