The net worth of the railway draft gears market demand 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 is probably going to be fueled by ongoing expenditures in railroad line projects and the global growth of train networks. Several domestic and international railroad projects are now in the planning, development, or construction phases, which is encouraging for the market's future expansion.
Railway draft gears are in high demand in the sector that produces railroad equipment. The rising cost of gasoline internationally is mostly to blame for this increase in demand. Due to this, railroads now account for a greater portion of freight transportation than vehicles do. The sole sources of income in this specific industry are long-term contracts and leases with big railroad companies.
The rise of a technologically enhanced and open world has expanded the usage of IoT in the railway industry. The rapid adoption of IoT and safety in the rail sector will fuel the market growth during the forecast period.
There will be more chances for OEMs to grow their income streams and global reach as electrified network train lines are expanded and metro project development increases. The development of rail networks in highly populated areas and rising investments in rail infrastructure are only two examples of factors that will support the growth of the railway draft gears industry.
North America accounts for the biggest market share over the projected period. According to the Association of American Railroads, the United States has a top-notch freight rail network, which is the foundation of the country's economy. Rising consumer demand, improved passenger safety measures, and technical as well as operational developments are the main drivers of the studied market in the region.
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KEY TAKEAWAYS
The Chinese railway draft gears market is likely to rise at a CAGR of 5.3% over the forecast period.
Over the forecast period, the German railway draft gears market is expected to have a market share of 5.4%.
The US railway draft gears market is estimated to possess a market share of 18.3%.
The Japanese railway draft gear market is expected to secure a market share of 6.3%
Over the forecast period, the freight wagon segment is projected to hold a market share of 48.4%.
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