Over the past few years, smart railway stations have cropped up across many developing countries. Various governments are aiming to modernize their rail transportation centers for making their railway stations smarter.
In Spain, International Union of Railways (UIC) and Spanish rail infrastructure manager ADIF have come together to achieve the goal of ‘Smart Stations in Smart Cities’.
In India, the Ministry of Railway and Ministry of Urban Development have teamed up to achieve the smart city mission. Moreover in metropolitan cities, governments are concentrating on investing substantially to encourage the introduction of large-scale public transport infrastructure, such as bullet trains and high speed trains, to make public transport quicker. All these factors are expected to lead to the expansion of the rail wheel and axle market size over the coming years.
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- Amsted Rail Company, Inc.
- ArcelorMittal S.A.
- Bonatrans Group a.s.
- CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
- CRRC Sifang Co., Ltd.
- Lucchini RS S.p.a.
- Bharat Forge Ltd. (Kalyani Group)
- 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.
Rail Wheel and Axle Market Drivers
Digitalization is Changing Railway Technology: Digitization will enhance safety in rail infrastructure and improve overall operational efficiency. Furthermore, continuous digitalization in railway networks will allow consumers to get real-time information related to train movements and train position.
This particular factor is anticipated to further drive the global rail wheel and axle market. Automation in metro trains is gaining traction across the world, as it is anticipated that train automation will reduce overall energy consumption by up to 42%. Cutting-edge innovations in rail networks, such as the inclusion of 5G networks, is anticipated to boost the market during the forecast period.
Use of Lightweight Materials for Autonomous Driving Trains: Increasing technological advancements in train networks and trains, along with the trend of autonomous technology, are compelling train manufacturers to invest hefty sums in R&D for the manufacturing of light materials for wheels and axles for freight trains, passenger trains, and short-distance trains.
Approximately 7 Bn passengers travel each year by trains, and these passengers desire to reach their destinations quickly and comfortably at a low fair. This is another factor driving autonomous technology in trains. Moreover, autonomous trains are also projected to gain superior traction, owing to the fact that they are equipped with computerized monitoring technology that can detect failures in rail wheels and axles.
Increasing Fleet of Solar Powered Trains: Solar-powered rails has various benefits compared to diesel-powered locomotives. Normally, diesel propelled trains have double engine sections. While, in solar-powered trains, one section is replaced by solar gears. Solar panels are installed on the rooftops of the bogies and electric motors & batteries are fixed in the second diesel compartment.
Solar panels installed on train rooftops can produces voltages between 600 V to 800 V, which completes the requirement of railway engines of 750 V to 800 V to propel the rails. Expanding fleet of such trains will surge the growth of the rail wheel and axle market.
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Rail Wheel and Axle Market: Structure Analysis
The global rail wheel and axle market is considered to be a competitive market space, due to the presence of numerous local as well as international players.
Since most of the manufacturers have identical products, many are focusing on improving their aftersales service offerings to customers and investing extensively in R&D to develop better quality products and technologically-advanced rolling stocks for locomotives.
Moreover, player are focusing on acquisitions and joint ventures to enhance their position in the global rail wheel and axle market.
Prominent suppliers involved in the global rail wheel and axle market are Amsted Rail Company, Inc., Nippon Steel & Sumitomo Metal Corporation, CAF, Construcciones y Auxiliar de Ferrocarriles, S.A., Bombardier Inc., and others.
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COVID-19 Impact on Rail Wheel and Axle Market
The COVID-19 pandemic has affected all countries and sectors, alike. Trade and import-export restrictions, lockdowns, and shutting of manufacturing plants have adversely affected the global rail wheel and axle market.
Travel restrictions across the world have affected the railway sector, leading to reduced operations across the world. These factors will impede the growth of the global rail wheel and axle market in the short term.
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A detailed view of the global rail wheel and axle market has led our analysts to conclude that, the market is developing at a decent rate on the back of increasing locomotive and bogie production and sales, worldwide. The rail wheel and axle market is anticipated to be characterized by advanced product development based on wheel and axle types over the forecast period. Asia Pacific is projected to hold around one-third of the global rail wheel and axle market share, and be an opportunistic market in terms of sales over the coming years.
Key Segments of Rail Wheel and Axle Market
PMR’s study on the rail wheel and axle market is divided into six significant segments - wheel type, axle type, end use, sales channel, product type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Rail Wheel and Axle Market Report
- Which region is anticipated to hold a prominent market share over the forecast period?
- What will be the key driving factors propelling the demand for rail wheels and axles during the forecast period?
- How will current trends impact the rail wheel and axle market?
- Who are the significant market participants in the rail wheel and axle market?
- What are the crucial strategies of prominent players in the rail wheel and axle market to upscale their positions in this landscape?