Train Wheel Industry Report : Key Players, Market Dynamics, and Forecast (2023-2032)

Train wheel is a vital part of the train, it is specially designed for use on rail tracks. The wheel acts as a rolling component, typically pushed onto an axle and mounted directly on a railway carriage or locomotive. Moreover, wheels are cast or forged and heat-treated to have specific hardness, and then it is machined using a lathe to a standardized shape, called a profile, before being installed onto an axle. Furthermore, the train wheels have a curved projection and flange on one side to keep the train running on the rail track. The flanges are only a last resort to prevent the wheels from becoming derailed acting as a safety feature. There are three types of train wheels such as wagon wheels, passenger car wheels, and locomotive wheels. Wagon wheels are designed to use for speed up to 120 km/hr and use thread brakes while passenger car wheels are designed to run at more than 120 km/hr and use disc brakes. The number of wheels per locomotive varies according to the size and load-bearing capacity of the locomotive. In addition, the wheels along with axles are fixed with to chassis known as bogie. The complete assembly of the bogie consisting of suspension, wheel, brakes, and other components, that are fixed to train carriage or coach.

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COVID-19 Impact Analysis

COVID -19, and subsequent restrictions and social distancing norms by various governments have affected the rail ticket revenues, resulting in a lack of rail operation. Furthermore, the manufacturing of trains across the globe has been halted, thus, it affected the demand for train wheels.

In addition, the raw materials required for manufacturing the train wheels were not available due to movement restrictions by the government which further delayed the operation. The railway is badly impacted due to the pandemic, but it is expected to grow again post-pandemic which will drive the growth of the market.

Top Impacting Factors

Rise in digitalization of trains, increase in demand for safe and secure transportation, and surge in government investment towards railway development are expected to drive growth of the market.

However, rise in demand for high-speed maglev trains and lower need of wheel replacement hamper growth of the market.

Moreover, rise in traffic congestion on roads, use of lightweight materials for autonomous trains, and increase in use of train of travelling & goods shipping can act as an opportunity for growth of the market.

Market Trends

Demand for high-speed maglev trains

Technological advancement has a significant impact on the propulsion systems of maglev trains. It has resulted in the emergence of various technologies that will increase the speed of traveling with improved safety and comfort.

Maglev trains are also known as magnetic levitation trains that use two sets of magnets, one set to repel and push the train up off the track and another set to move the elevated train ahead. This train does not have any wheel or rails, it uses electromagnetic and electrodynamic suspension for movement.

For instance, Japan's maglev train plans to connect three major economic centers of Tokyo, Nagoya, and Osaka. The train will run at a speed of 500 km/hr and cover a distance of 178 mile in 40 minutes.

The project is currently under construction and is scheduled to open in 2027. Thus, the development of the maglev train will hamper the growth of the train wheel market.

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Rise in traffic congestion on roads

The rise in industrialization, as well as development in infrastructures, has propelled the growth rates of automobiles across the globe. Moreover, an increase in the disposable income of people has increased the sale and usage of automobiles.

This has led to a rise in traffic congestion leading to several health issues and accidents. Thus, all these issues have led to accelerating rail usage and development in rail connectivity across the world.

Furthermore, the rise in vehicular emission and awareness of safety is driving the demand for travel by train. Therefore, the demand for railways has increased the manufacturing of trains which will boost the train wheel market.

Key Benefits of the Report

This study presents the analytical depiction of the train wheel market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with the challenges of the train wheel market.

The current market is quantitatively analyzed to highlight the train wheel market growth scenario.

The report provides a detailed train wheel market analysis based on competitive intensity and how the competition will take shape in the coming years.

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Questions Answered in the Report

Which are the leading market players active in the train wheel market?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the train wheel market?

What are the projections for the future that would help in taking further strategic steps?

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