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Railcar Leasing Service Market - By Size, Regional Trends, Key Players And Forecast To 2033
Railcar Leasing Service Market
According to The Business Research Company's, The railcar leasing service market size has grown steadily in recent years. It will grow from $23.73 billion in 2023 to $24.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to increase in global freight traffic, growing demand from emerging economies, expansion of supply chain networks, cost-effectiveness, flexibility and scalability.
The railcar leasing service market size is expected to see strong growth in the next few years. It will grow to $30.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising demand for transportation of goods and services, growing transportation and logistics industry, increasing need for efficient and cost-effective transportation solutions, increasing demand for railcars, growing environmental concerns. Major trends in the forecast period include technological advancements, outsourcing of non-core activities, product innovation, strategic alliances and partnerships, access to specialist equipment.
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Market Drivers and Trends:
The growing transportation and logistics industry is expected to propel the growth of the railcar leasing service market going forward. The transportation and logistics industry encompasses the processes, systems, and infrastructure involved in moving, storing, and distributing goods and people from one location to another, spanning various modes such as road, rail, air, and sea. The transportation and logistics industry is growing due to increasing globalization, e-commerce expansion, urbanization, technological advancements, supply chain optimization, and environmental sustainability efforts. Railcar leasing services are used in the transportation and logistics industry to provide flexible, cost-effective solutions for transporting bulk goods over long distances without the capital investment of outright purchasing railcars. For instance, in November 2022, according to a report published by the Bureau of Transportation Statistics, a US-based agency, transportation services, including for-hire, internal, and home transportation, accounted for a $1.3 trillion contribution to the growth of the U.S. gross domestic product (GDP), an increase of 5.4% contribution from 2020 to 5.6% from 2021. Therefore, the growing transportation and logistics industry is driving the growth of the railcar leasing service market.
Major companies operating in the railcar leasing service market are focused on developing innovative renting and delivering solutions such as remotely piloted rental car deliveries, to deliver rental cars to a customer's door. Remotely piloted rental car deliveries involve the use of driverless operations, to transport rental cars to customers' specified locations. This innovative approach leverages drone technology and automation to streamline the rental car delivery process, offering convenience and efficiency to customers. For instance, in June 2023, Halo.Car, a US-based startup that provide unique car rental service launched remotely piloted rental car deliveries in Las Vegas. The fleet is equipped with a comprehensive set of six cameras, modems, antennas, and various other components. These components facilitate the transmission of data back to remote pilots stationed at a central operations center managed by Halo. The pilots then remotely operate the vehicles using the streamed in video and sensor data. Upon finishing a car delivery, the remote driver transfers vehicle control to the customer and proceeds to the next vehicle awaiting remote delivery or collection.
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Major Key Players of the Market:
Berkshire Hathaway Inc., Mitsui & Co. Ltd., Wells Fargo, Caterpillar Inc., Union Pacific Corporation, CSX Corporation, Canadian National Railway Company, The Greenbrier Companies, CIT Group, Trinity Industries Inc., VTG AG, National Railway Equipment Company, AITX LLC, Chicago Freight Car Leasing Company, Union Tank Car Company, One Rail Australia, GATX Corporation, Ermewa SA, SMBC Rail Services LLC, Southern Shorthaul Railroad Pty. Ltd., Beacon Rail Leasing Ltd., Fenniarail Ltd., Touax Rail Ltd., Brunswick Rail Finance Ltd., Midwest Railcar Corporation
Railcar Leasing Service Market 2024 Key Insights:
• The railcar leasing service market size is expected to see strong growth in the next few years. It will grow to $30.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• The Role Of Transportation And Logistics In Fueling Railcar Leasing Services Market Growth
• Revolutionizing Railcar Leasing With Remotely Piloted Rental Car Deliveries
• North America was the largest region in the railcar leasing service market in 2023
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