$143+ Billion Worldwide Freight Cars Industry to 2031 - APAC was the Largest Region in 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--

The "Freight Cars Global Market Report 2022: By Application, By End-Use Industries" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global freight cars market as it emerges from the COVID-19 shut down.

The global freight cars market is expected to grow from $137.85 billion in 2021 to $143.51 billion in 2022 at a compound annual growth rate (CAGR) of 4.1%. The market is expected to grow to $178.57 billion in 2026 at a compound annual growth rate (CAGR) of 5.6%.

Companies Mentioned

• CN Railway
• DB Schenker
• SBB Cargo
• Union Pacific
• Kansas City Southern
• CSX Corporation
• Norfolk Southern Corporation
• Housatonic Railroad Company
• Linfox Pty Ltd.

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The freight cars market consists of sales of freight cars rail freight transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide the transportation of freight in a freight car. Freight Cars are a type of railroad car or rolling stock that are designed to transport goods on a rail transport system. Only goods and services traded between entities or sold to end consumers are included.

The main types of freight cars market covered in this report are intermodal, tank wagons, and freight cars. The tank wagon is defined as a vehicle that is designed to carry gasses or liquids. It is also segmented by application into coal, petroleum and chemicals, metals and minerals, automobiles, agricultural products, and Other Applications. It is also segmented by end-use industries into agriculture; construction, oil and gas, chemical, medical and pharmaceuticals, food and beverages, government and defense, automotive and transportation, and marine.

Asia Pacific was the largest region in the freight cars market in 2021. North America was the second largest region in the freight cars market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Government initiatives are expected to boost the freight cars market growth. For instance, in 2019, the Indian government has taken initiatives to make rail freight more attractive through long term tariff contracts with major customers, providing incentives to container traffic, tariff rationalization initiatives, the launch of schemes such as the General Purpose Wagon Investment Scheme (GPWIS), Liberalised Wagon Investment Scheme (LWIS), Special Freight Train Operator (SFTO), and Automobiles Freight Train Operator (AFTO), and Other Applications.

Investments in railway infrastructure have also been looked into by the Government of India by making investor-friendly policies and enabling Foreign Direct Investment in railways to improve infrastructure for freight and high-speed trains. Also similar instance, in 2019, the UK government launched a velocity improvement initiative that does the continuous analysis of freight services focused on commodity and flow in close collaboration with freight operators. Therefore, the steps taken by the government to increase the rail freight will increase the demand for freight cars market growth during the period.

Stringent regulation regarding import and export is one of the major challenges to the freight car market growth. Rail freight transportation would decrease as a result of strict rules over trade which would decrease the demand for freight cars. In 2020, the Customs department of India imposed stringent rules on the free-trade agreement import of white goods to check undue dumping of these commodities under FTAs from non-producing countries.

It aims to check the misuse of relaxation under free-trade agreements. India is also keen to implement new planned regulations to boost local manufacturing by reducing imports and the move is primarily aimed at slashing the amount of lower-quality imports from China. Therefore, stringent rules posed by the government over trade are expected to hinder the freight car market growth during the forecast period.

Freight cars are now enabled with GPS tracking and this is likely to be an emerging trend in the freight cars market. The efficiency of freight cars transport will be augmented with the use of advanced GPS technologies. The incorporation of GPS technologies into freight cars by rail operators helps in managing the transport process, scheduling freight cars, maintaining a consistent delivery process, and reducing the theft of goods from the freight cars.

The countries covered in the freight cars market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

For more information about this report visit https://www.researchandmarkets.com/r/fgog4b

View source version on businesswire.com:https://www.businesswire.com/news/home/20221123005272/en/

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INDUSTRY KEYWORD: RAIL OTHER AUTOMOTIVE TRANSPORT AUTOMOTIVE

SOURCE: Research and Markets

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