Railway Wheel-Sets Market Outlook - 2027
Railway wheel-sets are considered to be the central shaft for a rotating wheel. Bearings or bushings are provided at mounting points where an axle is supported; an impact or bushing sits inside a central hole within the wheel to permit it to rotate around the axle. Vendors are consistently focusing on improving products by increasing efficiency, accuracy, and cost-effectiveness of the production process. Recent advancements in manufacturing technologies are effectively addressing these issues, which is expected to propel the market growth during the forecast period. Rapid urbanization, rise in vehicle production, growth in demand for automobiles, regulations related to fuel efficiency, and improvements in dynamics are expected to further boost growth of the market during the forecast period.
COVID-19 scenario analysis:
- The resilience shown by railway transport during the pandemic allows railways to turn this crisis and period of uncertainty into an opportunity by undertaking measures to increase comparative advantages of railway transport.
- Digitalizing and decarbonizing railways, harmonizing operational requirements and regulatory formalities, integrating with other modes of transport are key areas of opportunities for railways post-pandemic to enhance their competitiveness.
- Digitalization of railway transport in countries with relatively low levels of digital services has encouraged innovative solutions such as establishment of green lanes for medical products.
- The rail sector continues to combat new daily challenges during the global coronavirus pandemic.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Increase in of digitalization across the globe is expected to propel the market growth during the forecast period. However, lack of IoT infrastructure in developed and developing countries restrains growth of the market. Furthermore, advancements in connectivity (cloud & 5G) is expected to offer lucrative opportunities for the market during the forecast period.
The railway wheel-sets market trends are as follows:
Increase in digitalization across the globe
Digitization is expected to enhance safety in rail infrastructure and improve overall operational efficiency. Furthermore, continuous digitalization in railway networks is expected to allow consumers to get real-time information related to training movements and train position. This particular factor is anticipated to further drive the global railway wheel-sets market. In addition, automation in metros is gaining traction across the world, as it is anticipated that train automation would reduce overall energy consumption during the forecast period.
Use of lightweight materials for autonomous driving
Increase in technological advancements in train networks, along with the trend of autonomous technology compels train manufacturers to invest hefty sums in R&D for manufacturing of light materials for wheels and axles for freight trains, passenger trains, and short-distance trains. Passengers desire to reach their destinations quickly and comfortably at a low fare is a major factor that propels growth of the market. Moreover, autonomous trains are also projected to gain superior traction as they are equipped with computerized monitoring technology that can detect failures in rail wheels and axles.
Key benefits of the report:
- This study presents the analytical depiction of the railway wheel-sets 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 a detailed analysis of the railway wheel-sets market share.
- The current market is quantitatively analyzed to highlight the railway wheel-sets market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed railway wheel-sets market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the railway wheel-sets market research report:
- Which are the leading market players active in the railway wheel-sets 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 railway wheel-sets market?
- What are the projections for the future that would help in taking further strategic steps?
Railway Wheel-Sets Market Report Highlights
By Wheel Type
By Axle Type
By Sales Channel
Key Market Players
Construcciones, Nippon Steel & Sumitomo Metal Corporation, Auxiliar de Ferrocarriles, Bombardier Inc., CAF, Amsted Rail Company Inc., GHH-BONATRANS, AKolowag Mafersa S.A., Qingdao TSKY Railway, Lucchini RS