Pune, India, April 21, 2021 (GLOBE NEWSWIRE) — According to the report, Railway Axles Market size is projected to reach USD 270.5 Million value by 2027, exhibiting a CAGR of 5%.3. The market size was USD 211.7 million in 2019. The global railway axle market size is anticipated to showcase progressive growth owing to the increasing demand for safe and efficient transportation.
Traveling Ban amid COVID-19 to Adversely Affect Rail Transport
World transport has been terribly hit by the COVID-19 outbreak due to nationwide lockdowns and stringent social distancing norms by governments worldwide. Rail transport has been a crucial mode of transport amid the pandemic. While the passenger car segment stumbled completely in the first quarter of 2020, the freight segment came out to the rescue in the crisis, providing logistics to essential items. However, the industry has faced huge losses amid the contagion.
Numerous manufacturers in the industry are struggling to come out of the crisis. At Fortune Business Insights, we provide a comprehensive overview of the market, which will help you overcome such challenges.
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Rising Instances of Road Traffic Injuries to Drive Growth
According to the World Health Organization (WHO), road traffic injuries account for nearly 1.35 million annual deaths globally. Owing to the increasing instances of road accidents, passengers worldwide, especially in urban areas, are seeking a safer mode of transfer for traveling and commuting purposes. This is estimated to propel the global railway axle market growth. However, the high cost associated with the maintenance is anticipated to hinder growth of rail axles.
Wide Usage in Railway Vehicles to Propel the Roller Axles Segment
Based on rail type, the roller axles segment is projected to dominate the market with the largest share in 2019. Wide usage of roller axles in railway vehicles is estimated to propel its growth. The hollow axles segment generated 3.5% in 2019 in terms of railway axle market share. Based on the application type, the wagon segment is set to lead in the forecast timeline. Speed, safety, and low cost are the major factors on the basis of which the growth of this segment relies upon.
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Rapidly Expanding Railway Infrastructure in Major Countries to Help Asia Pacific Lead
Asia Pacific is set to dominate the global railway axle market with the total revenue of USD 95.4 million in 2019. The rapidly expanding railway networks in major countries including India and Japan, along with the rising railway infrastructure in major cities for commuting is anticipated to propel the growth of rail axles in the region. For instance, megacities in India are developing infrastructure for metro rail in order to reduce the traffic from roads and build a convenient mode of transport.
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Offering Durable Rails to Aid Prominent Enterprises Expand their Product Lines
Key players operating in the global market are embarking on offering high-strength, durable, and technologically advanced products as per the latest government standards. This will help them expand their product lines. For instance, in November 2020, Bombardier Sifang Transportation Co., Ltd., signed an agreement with China National Railway Group Co., Ltd. The former will provide 112 CR300AF-, a new Chinese standard high-speed train based on the country’s growing high-speed rail network to China National Railway Group as per the new agreement.
List of the Companies Operating in the Market:
- Amsted Rail Company, Inc. (Chicago, United States)
- CAF USA, Inc. (New York, United States)
- Bombardier Inc. (Montreal, Canada)
- CRRC Corporation Limited (Beijing, China)
- Kolowag AD (Septemvri, Bulgaria)
- Bonatrans Group A.S. (Bohumin, Czech Republic)
- Nippon Steel & Sumitomo Metal Corporation (Tokyo, Japan)
- Bharat Forge Ltd. (Pune, India)
- VELTRUP Technik Philippines (Manila, Philippines)
- ArcelorMittal A.S. (Luxembourg)
- Lucchini RS S.p.A. (Brescia, Italy)
- United Metallurgical Company (Moscow, Russia)
- Semco India Ltd. (Pune, India)
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Global Railway Axles Market Segmentation:
By Product Type:
- Main Bearing
- Connecting Rod Shell,
- Flange Bearing
- Small End,
- Camshaft Bush
By Market Type:
By Vehicle Type:
- Passenger Cars and Light Commercial Vehicles
- Heavy Commercial Vehicle
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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