DUBLIN, May 26, 2021 /PRNewswire/ — The “Freight Cars Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
Major players in the freight cars market are CN Railway, DB Schenker, Union Pacific, Kansas City Southern, CSX Corporation, Norfolk Southern Corporation, Housatonic Railroad Company, and Linfox Pty Ltd.
The global freight cars market is expected to grow from $135.32 billion in 2020 to $148.87 billion in 2021 at a compound annual growth rate (CAGR) of 10%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $193 billion in 2025 at a CAGR of 6.7%.
Freight cars are now enabled with GPS tracking and this likely to be an emerging trend in the freight cars market. The efficiency of freight cars transport will be augmented with the use of advanced GPS technologies. Incorporation of GPS technologies into freight cars by rail operators helps in managing the transport process, scheduling of freight cars, maintain a consistent delivery process, and reduction in theft of goods from the freight cars.
For instance, in 2019, Indian Railways began real-time monitoring of over 700 trains (passenger and freight), using The Control Office Application (COA) system. The COA was designed by ISRO after collaborating with the Indian Railways to monitor the movement of freight cars even between two stations with GPS. Therefore demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
The freight cars market covered in this report is segmented by type into intermodals; tank wagons; freight cars. It is also segmented by application into coal; petroleum and chemicals; metals and minerals; automobiles; agricultural products; others.
In July 2019, The Greenbrier Companies, Inc, a leading international supplier of equipment and services to the freight rail transportation markets, acquired the manufacturing business of American Railcar Industries (ARI) from ITE Management for an undisclosed amount. ITE Management is an investment firm that operates industrial and transportation assets and companies. The acquisition will strengthen Greenbrier’s position in product offering in tank cars and covered hoppers and expand its customer base. The acquisition will also extend Greenbrier’s reputation in design leadership and quality in the North American freight cars market.
Government initiatives are expected to boost the freight cars market growth. For instance, in 2019, the Indian government has taken initiatives to make rail freight more attractive through long term tariff contract with major customers, providing incentives to container traffic, tariff rationalisation initiatives, the launch of schemes such as the General Purpose Wagon Investment Scheme (GPWIS), Liberalised Wagon Investment Scheme (LWIS), Special Freight Train Operator (SFTO), and Automobiles Freight Train Operator (AFTO), and others.
Investments in railway infrastructure has also been looked into by the Government of India by making investor-friendly policies and enabling Foreign Direct Investment in railways to improve infrastructure for freight and high-speed trains. Also similar instance, in 2019, the UK government launched a velocity improvement initiative which does the continuous analysis of freight services focused on commodity and flow in close collaboration with freight operators. Therefore the steps taken by the government to increase the rail freight will increase the demand for freight cars market growth during the period.
Stringent regulation regarding import and export is one of the major challenges to the freight car market growth. Rail freight transportation would decrease as a result of strict rules over trade which would decrease the demand for freight cars. In October 2017, the Lang Son Customs Department of Vietnam posed strict rules on the importation of goods to control smuggling and frauds from China to Vietnam.
In 2020, the Customs department of India imposed stringent rules on free-trade agreement import of white goods to check undue dumping of these commodities under FTAs from non-producing countries. It aims to check misuse of relaxation under free-trade agreements. India is also keen to implement new planned regulations to boost local manufacturing by reducing imports and the move is primarily aimed at slashing the amount of lower-quality imports from China.
Therefore stringent rules posed by the government over trade are expected to hinder the freight car market growth during the forecast period.
Key Topics Covered:
1. Executive Summary
2. Freight Cars Market Characteristics
3. Freight Cars Market Trends and Strategies
4. Impact of COVID-19 on Freight Cars
5. Freight Cars Market Size and Growth
5.1. Global Freight Cars Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Freight Cars Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Freight Cars Market Segmentation
6.1. Global Freight Cars Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Tank Wagons
- Freight Cars
6.2. Global Freight Cars Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Petroleum and Chemicals
- Metals and Minerals
- Agricultural Products
6.3. Global Freight Cars Market, Segmentation by End-Use Industries, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Oil & Gas
- Medical & Pharmaceuticals
- Food & Beverages
- Government & Defense
- Automotive & Transportation
7. Freight Cars Market Regional and Country Analysis
7.1. Global Freight Cars Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Freight Cars Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- CN Railway
- DB Schenker
- SBB Cargo
- Union Pacific
- Kansas City Southern
- CSX Corporation
- Norfolk Southern Corporation
- Housatonic Railroad Company
- Linfox Pty Ltd
For more information about this report visit https://www.researchandmarkets.com/r/ko9g77
Research and Markets
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SOURCE Research and Markets