Rail Wheel and Axle Market: Overview
The rail wheel and axle market has made strides on the back of growing network of original equipment manufacturers in some parts of the world. Rise in production of locomotives in Mexico, China, Germany, and Russia. Expanding network of original equipment manufacturers is opening new avenues in the rail heel and axle market. The drive for the market rides on the back of growing railway networks, especially to connect rural areas. Major types of axles are hollow and solid. Key types of monoblock wheels, resilient wheels, rubber tyred wheels, and steel tyred wheels.
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Key train types that the rail wheel and axle market serve are very high-speed trains, mainline trains, metro trains, freight trains, and special trains. Advances in high-speed vehicles has also led to strides in automotive. Over the years, advances made by science has led to new geometries of rail wheel and axle. Also, direct-to-consumer parts and services are gaining traction in the rail wheel and axle market.
Rail Wheel and Axle Market: Key Trends
The railway industry has seen OEMs rapidly adopting modern network technologies such as big data analytics. This has enabled OEMs to bolster their service offering, and is bellwether for growth for the rail wheel and axle market. Fast expanding network of railways in developing and less developed economies over the past few years is a key trend fueling the demand for products in the rail wheel and axle market.
Focus on making the railway infrastructure more energy efficient has also boosted the rail wheel and axle market. Focus on governments in numerous emerging economies to set up smart cities and smart railway infrastructure has positively impacted the market’s expansion. Governments in the U.S. and China have poured large funds to expand the railway infrastructure.
Some of the promising players relentlessly expanding their product portfolio in the rail wheel and axle market are Bombardier Inc., VELTRUP Technik Philippines, Inc., Semco India (P) Ltd., United Metallurgical Company, Nippon Steel & Sumitomo Metal Corporation, Lucchini RS S.p.A., Kolowag AD, CRRC Sifang Co., Ltd., ArcelorMittal A.S., Bonatrans Group A.S., Amsted Rail Company, Inc., Bharat Forge Ltd., and CAF USA, Inc.
Rail Wheel and Axle Market: Regional Assessment
Geographically, Asia and North America have been rapidly expanding opportunities in the rail wheel and axle wheel market. These regions have seen some of the most ambitious railway projects in recent years. Asian countries are putting a strong emphasis on connecting various parts with railway infrastructure. Moreover, the governments have also spent substantially to modernize rail cars, spurring the demand in these regional markets. Europe is also a promising regional market.
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The following regional segments are covered comprehensively:
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