The global rail wheel and axle market is anticipated to grow at a significant CAGR of 4.4% during the forecast period (2022-2028). Metro train automation is gaining popularity around the globe which will drive the growth of the market. These metro trains reduce overall energy use by up to 42%. The global rail wheel and axle market is also likely to be driven by cutting-edge rail network innovations such as the incorporation of 5G networks.
A full report of Global Rail Wheel and Axle Market is available at: https://orionmarketreports.com/global-rail-wheel-and-axle-market/70998/
OEMs in the railway industry have been quick to integrate current network technologies such as big data analytics. This has allowed OEMs to expand their service offerings, and it is a leading indicator of rail wheel and axle market growth. A prominent trend driving demand for rail wheels and axles in recent years has been the rapid expansion of railway networks in developing economies. The market for rail wheels and axles has benefited from the focus on making railway infrastructure more energy efficient. The focus of governments on smart cities and smart railway infrastructure in a number of emerging economies has also helped the market to grow.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance, In July 2020, The Indian Railways announced the implementation of a “Zero Import Policy.” The national carrier aspires to be entirely “Made in India,” and is taking initiatives to increase local component sourcing, including rail wheels.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Wheel Type
- By AxleType
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Bombardier Inc., Veltrup Technik Inc., Semco Forge Pvt. Ltd., United Metallurgical Co., and Nippon Steel Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Rail Wheel and Axle Market Report by Segment
By Wheel Type
- Mono block Wheels
- Rubber Tyred Wheels
- Steel Tyred Wheels
- Others
By Axle Type
- Hollow Axles
- Solid Axles
By End-User
- High-Speed Railway
- Fast Speed Railway
- Subway
- Others
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