Press release
Rail Freight Industry Growth Outlook: 5.7% CAGR and $356.33 Billion by 2029
Rail Freight
What Is the Long-Term Growth Forecast for the Rail Freight Market Size 2025?
The size of the rail freight market has been on a consistent upward trajectory in recent time. It is projected to expand from $272.09 billion in 2024 to $285.25 billion in 2025 with a compound annual growth rate (CAGR) set at 4.8%. The increase during the historical period is a result of increased international trade, affordable rail transportation costs, and a focus on sustainable transport.
What CAGR is Forecasted for the Rail Freight Market Through 2029?
It is anticipated that the rail freight market will experience substantial growth in the upcoming years, with its size projected to reach $356.33 billion by 2029, expanding at a compound annual growth rate (CAGR) of 5.7%. The forecasted growth during this period can be credited to governmental backing, swelling global population and urban spread, the rising trend of intermodal transportation, and the rapid progress in development and testing of self-governing trains. Key trends for this period include strategic consolidations and purchases aimed at bolstering financial robustness, implementation of precision scheduled railroading, the application of artificial intelligence (AI) for precise analysis and real-time transport operations, the introduction of progressive freight trains supporting the development of novel and advanced products with cutting-edge technologies, and the use of rail vehicle visibility platforms.
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What Are the Critical Factors Driving Rail Freight Market Development?
The rail freight market is anticipated to grow, driven by an increased demand for freight services. Freight encompasses goods or commodities transported from one place to another using different modes of transportation, including ships, planes, trains, and trucks. Railways are frequently used for long-distance cargo transport due to their efficiency and cost-effectiveness. For example, the Bureau of Transportation Statistics, a United States Department of Transportation (DOT) entity, reported in July 2024 that class I freight and operating revenues increased by 13.8% in 2022 in comparison to 2021, equating to $80 billion in freight revenue and $84.5 billion in operating revenue. Consequently, the increased requirement for freight services is fueling the growth of the rail freight market.
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How Does the Rail Freight Market Break Down Across Major Segments?
The rail freight market covered in this report is segmented -
1) By Type: Intermodals, Tank Wagons, Freight Cars
2) By Freight Type: Containerized, Liquid, Commodities, Other Freight Types
3) By Destination: Domestic, International
4) By Application: Oil And Gas, Mining Industry, Logistics Industry, Post Service, Other Applications
Subsegments:
1) By Intermodals: Containerized Cargo, Trailer-on-Flatcar (TOFC), Double-Stack Container Transport
2) By Tank Wagons: Liquid Cargo, Gas Cargo
3) By Freight Cars: Boxcars, Flatcars, Hopper Cars, Gondola Cars
What Are the Major Trends Transforming the Rail Freight Industry?
Leading businesses in the rail freight market are developing innovative hybrid trains to enhance their market profitability. The hybrid train is a regional electric-diesel-battery train with two energy storage systems, showcasing decreased energy use and diminished greenhouse gas emissions. For example, in February 2022, the French rolling stock factory, Alstom, in conjunction with SNCF Voyageurs, introduced the first French hybrid train for the Occitanie, Grand-Est, Nouvelle-Aquitaine, and Centre-Val-de-Loire regions. This train is a pioneering effort for hybridizing a Régiolis train in France. Initiated by a collaborative effort between the SNCF Group and Alstom in 2018, the endeavour received financial support and sponsorship from the Occitanie, Grand-Est, Nouvelle-Aquitaine, and Centre-Val-de-Loire regions. The primary aim of this project is to help decrease the carbon footprint of the regional train fleet.
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Which Players Are Driving Innovation in the Rail Freight Market?
Major companies operating in the rail freight market include Berkshire Hathaway Inc, China Railway Corporation, Canadian National Railway, Union Pacific Corporation, Norfolk Southern Corporation, DB Cargo UK (formerly EWS), Japan Freight Railway Company (JR Freight), Etihad Rail DB, Tiger Logistics India Limited, Kansas City Southern, SNCF, BNSF Railway, Atlas Logistics, Vale, Direct Rail Services, Imt Express, Quebec North Shore and Labrador Railway (QNS&L), Miracle Logistics Company Ghana Limited, Deutsche Bahn AG, Freightliner, Indian Railways, VLI Logística, Shree Shyam Logistics, Rumo, Orchid Global Sourcing, CG Logistics Pvt. Ltd, České dráhy (České Dráhy, A.s), Botswana Rail (BR), Delhi Cargo & Courier Services, MRS Logistics, Russian Railways, TransContainer, Om Logistics, Saudi Arabia Railways, Anshika Express Cargo, CSX Corporation, Transnet Freight Rail, Traxport, GB Railfreight, SLR Shipping Services LLC, RAIL1520 Ltd, América Latina Logística, Canadian Pacific, VSL Logistics and Freight forwarding solutions, Achievers Logistics Ghana
Which Regions Are Driving Global Rail Freight Market Expansion?
Asia-Pacific was the largest region in the rail freight market in 2024. North America was the second largest region in the rail freight market. The regions covered in the rail freight market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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