The net worth of the railway draft gears market size is expected to increase from US$ 2,083.8 Million in 2023 to more than US$ 3,236.1 Million by 2033. From 2023 to 2033, the market for railway draft gears is projected to grow at a modest CAGR of 4.5%.
The market will likely be stimulated by continuous investments in railway line projects and the expansion of train networks around the world. It is optimistic for the market’s future growth as a number of domestic and international railway projects are currently in the planning, development, or building stages.
In the industry that manufactures railway equipment, there is a considerable demand for railway draught gears. The main cause of this rise in demand is the growing price of petrol on a global scale. As a result, railroads now represent a larger share of freight transportation than do autos. Long-term contracts and leases with significant railway firms serve as the sole sources of income in this particular business.
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The expansion of a technologically advanced and open world has increased IoT utilisation in the railway sector. During the projection period, the market expansion will be driven by the fast use of IoT and safety in the rail industry.
As electrified network train lines are increased and metro project development rises, OEMs will have more opportunities to expand their revenue streams and global presence. Increasing investments in rail infrastructure and the construction of rail networks in densely populated areas are just two examples of the causes that will encourage the expansion of the railway draught gears sector.
Over the anticipated period, North America will have the largest share of the market. The Association of American Railroads claims that the United States has a world-class freight rail network, which is the cornerstone of the economy of the nation. The region’s analysed market is being driven primarily by increasing consumer demand, enhanced passenger safety measures, and technical as well as operational advancements.
KEY TAKEAWAYS
- The Chinese railway draft gears market is likely to rise at a CAGR of 3%over the forecast period.
- Over the forecast period, the German railway draft gears market is expected to have a market share of 4%.
- The US railway draft gears market is estimated to possess a market share of 3%.
- The Japanese railway draft gear market is expected to secure a market share of 3%
- Over the forecast period, the freight wagon segment is projected to hold a market share of 4%.
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COMPETITIVE LANDSCAPE
In the railway draft gears market, key players and innovative vendors include Amsted Rail, Oleo, Sigra, Titagarh, Wulf’s Custom Welding, Hydra-Tech International, LAF, Zhuzhou Times New Material Technology(TMT), Salco Products, CRRC, IPS, TESCO, PowerRail and others.
These companies have used a variety of tactics to enhance their market share for railway draft gears. To increase their client base and revenue, they have used both organic and inorganic growth techniques, including new product launches, acquisitions, corporate expansions, and collaborations.
RECENT DEVELOPMENTS
- In October 2021, to facilitate the design and performance of rail components, Wabtec Corporation, a leading technology provider for the freight and transit rail industries, established a top-tier international engineering lab in Bengaluru, India. The new structure increases Wabtec’s technological capabilities and houses the business’s largest lab in India.
- In February 2019, GE completed the first phase of its merging with Wabtec in return for USD 2.9 million in cash and Wabtec non-voting convertible preference shares.
Key Segments in the Railway Draft Gears Market
By Rail Type:
- Locomotive
- DMUs
- EMUs
- Freight Wagon
- Others
By Sales:
- OEMs
- Aftermarket
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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