Press release
Freight Cars Global Market Report 2024
Freight Cars Global Market
Insights into Freight Cars Market: Global Trends and Analysis
Freight Cars Industry - Key Market Dynamics and Trends
The freight cars market size has grown steadily in recent years. It will grow from $178.67 billion in 2023 to $187.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to supportive government schemes, upcoming projects for railway networks, digitalization in the existing freight car network, growth in end-user industries and trade agreements among countries.
The freight cars market size is expected to see steady growth in the next few years. It will grow to $225.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to increasing government investment, increased transportation activities, increase in road accidents or casualties resulting in car damage, future fleet management practices for freight businesses and prioritization of fleet maintenance over purchasing new vehicles. Major trends in the forecast period include advancements in technology, increasing focus on sustainability, focus on reducing carbon emissions, increasing adoption of automation and product depelopments.
Market Overview -
Freight cars are a type of railroad car, rolling stock, or motor vehicle that is designed to transport goods such as cargo, food grains, oil, minerals, and other goods on a rail transport system that is designed to transport large amounts of goods that can be delivered to both long and short distance destinations.
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Government Initiatives Accelerating Freight Car Market Growth
Government initiatives are expected to boost the freight car market growth. For instance, in September 2021, the Indian government think tank Niti Aayog, launched the ""Shoonya"" initiative, which aims to fully electrify fleet vehicles in the urban freight sector within the next two years, as part of a massive effort to accelerate the adoption of electric vehicles and build an ecosystem for them in the nation. Therefore, the steps taken by the government to increase rail freight will increase the demand for freight cars market growth during the period.
Competitive Landscape -
Major companies operating in the freight cars market include Canadian National Railway, DB Schenker, SBB Cargo AG, Union Pacific Railroad, Kansas City Southern, CSX Corporation, Norfolk Southern Corporation, Housatonic Railroad Company, Linfox Pty Ltd, Trinity Rail Group LLC, Greenbrier Companies, National Steel Car Ltd., American Railcar Industries Inc., FreightCar America Inc., The Andersons Rail Group, GATX Corporation, Union Tank Car Company, Trinity Industries Inc., CIMC Railcar, GB Railfreight, CRRC Corporation Limited, CSR Corporation Limited, Bombardier Inc., Siemens Mobility, Alstom, Stadler Rail AG, Kawasaki Heavy Industries Ltd., Hitachi Rail Italy SpA, Hyundai Rotem Company, Talgo Group, Newag SA, Skoda Transportation AS, CRRC Changchun Railway Vehicles
Gps Tracking In Freight Car Management
Freight cars are now enabled with GPS tracking and this is likely to be an emerging trend in the freight car market. The efficiency of freight car transport will be augmented with the use of advanced GPS technologies. Rail operators' incorporation of GPS technologies into freight cars aids in managing the transport process, scheduling freight cars, maintaining a consistent delivery process, and reducing freight car theft. For instance, in June 2022, Indian Railways began real-time monitoring of 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, the demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
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Key Segments -
The freight cars market covered in this report is segmented -
1) By Type: Intermodals, Tank Wagons, Freight Cars
2) By Application: Coal, Petroleum And Chemicals, Metals And Minerals, Automobiles, Agricultural Products, Other Applications
3) By End-Use Industries: Agriculture, Construction, Oil & Gas, Chemical, Medical & Pharmaceuticals, Food & Beverages, Government & Defense, Automotive & Transportation, Marine
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
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