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Rail Freight, Global Market Trends, Growth, Insights 2024
Global Rail Freight, Market Analysis, Industry Growth, Forecast 2024
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According to The Business Research Company's, The rail freight market size has grown strongly in recent years. It will grow from $276.39 billion in 2023 to $291.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth in international trade, low cost of railway transportation, and growing sustainability in transportation..
The rail freight market size is expected to see strong growth in the next few years. It will grow to $360.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, increasing growth of intermodal transportation, and a surge in development and testing of autonomous trains. Major trends in the forecast period include strategic partnerships and acquisitions to improve financial strength, implementing precision scheduled railroading, using artificial intelligence (ai) to provide accurate analysis and real time transport operations, launching new advanced freight trains to aid in development of new and advanced products with advanced technologies, and using rail vehicle visibility tools..
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Market Drivers and Trends:
The growing need for freight services is expected to propel the growth of the rail freight market going forward. Freight encompasses items or merchandise moved from one location to another, employing various modes of transportation like ships, aircraft, trains, or trucks. Railways are a frequently chosen method for transporting cargo over extended distances due to their efficiency and economical nature. For instance, in June 2023, according to the Association of American Railroads, a US-based trade association, the total volume of freight shipments in the United States is projected to grow from approximately 19.3 billion tons in 2020 to 25.1 billion tons in 2040, reflecting a 30% increase. Therefore, the growing need for freight services is driving the growth of the rail freight market.
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Major Key Players of the Market:
Enel SpA, Electricite De France SA, State Power Investment Corporation, E.ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, Inter RAO UES, Power Grid Corporation of India Limited, NTPC Limited, Tata Power, Adani Power, NHPC Limited, Guodian Corporation, Hokkaido Electric Power Company, Tohoku Electric Power Co, AGL Energy, EDF Energy, RWE, Scottish Power, Centrica, SSE, Drax Power Limited, Intergen, ESBI, Vattenfall AB, Fortum Oyj, Fennovoima Ltd, Areva, Horizon Nuclear Power, Unipro (E.ON Russia JSC), Territorial Generating Company Number One, Mosenergo, Gazprom Energoholding LLC, NextEra Energy, Duke Energy, Southern Company, Dominion Resources, American Electric, Public Service Enterprise Group, ENMAX Corporation, TransAlta Corporation, Comision Federal de Electricidad, Companhia Hidro Elétrica do São Francisco, Copel Geração e Transmissão SA, Eletrobras Eletronorte, Petroleo Brasileiro SA Petrobras, AES Gener, Colbún S.A, Empresas Públicas de Medellín E.S.P., Saudi Electricity Company, Dubai Electricity & Water Authority, Saudi Consolidated Electricity Company, Abu Dhabi Water and Electricity Authority (ADWEA), Abu Dhabi National Energy Company PJSC (TAQA), Israel Electric Corporation, Nuclear Power Production & Development Company of Iran (NPPD), Nawah Energy, Amu Power Company, Zimbabwe Power Company, BioTherm Energy, Kenya Electricity Generating Company, Globeleq Inc.
Rail Freight Market 2024 Key Insights:
• The rail freight market size is expected to see strong growth in the next few years. It will grow to $360.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Increased Freight Demand Drives Expansion Of The Rail Freight Market
•
• Asia-Pacific was the largest region in the rail freight market in 2023
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The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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