Freight Railcar Parts Market worth over $15 Bn by 2030

Freight Railcar Parts Market size is slated to cross USD 15 billion by 2030, according to a new research study published by Global Market Insights Inc.
 

Increasing railway traffic is followed by a decrease in the average cost. Rail passage is inexpensive in terms of manpower utilization since two drivers and one guard are enough to transport a large amount of freight than road transport. Moreover, rail transport generates a lower emission compared to other modes of transport. For instance, according to the EPA, in the U.S, only 0.5% of greenhouse gas emissions are generated by freight rails and are three to four times more fuel-efficient than road transport.
 

The autocar segment is said to witness a CAGR of nearly 4.5% in the freight railcar parts market through 2030. An auto car is manufactured to transport domestic and imported automotive vehicle including vans, SUVs, trucks, cars, by freight rail. Metal racks on the inside create levels within the rail car with multiple decks to maximize shipping space, thus allowing vehicles to be carefully loaded throughout the transportation without causing any damage. There are various kinds of autocar manufactured to as per the vehicle size, which include uni-level, tri-level, bi-level, and AutoMax.
 

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The wheels, axles, and bearings segment are anticipated to generate about USD 6.5 billion by 2030. Wheels are already setting the global standard by providing superior strength at larger temperatures, which result in lower wheelset replacement and dramatically longer wheel life. Companies also manufacture special wheelsets that measure the vertical & horizontal loads during the actual running operation. All types of radial roller bearings including cylindrical roller bearings, spherical roller bearings and tapered roller bearings are used in freight railcar axles based on the qualities of each bearing.
 

Browse key industry insights spread across 230 pages with 210 market data tables & 25 figures & charts from the report, “Freight Railcar Parts Market Size By Type (Autocar, Box Car, Center Beam, Covered Hopper, Coil Car, Flat Car, Gondola, Open Top Hopper, Refrigerated Boxcar, Tank Cars, Others), By Distribution Channel (OEM, Aftermarket), By Components (Gears, Wheels Axles and Bearings, Side Frames, Draft Systems, Couplers & Yokes, Airbrakes, Others), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/freight-railcar-parts-market
 

Asia Pacific is poised to register 5% gains till 2030. Improvements in the overall economic scenario are expected to support regional business expansion. Some of the major manufacturers in the global freight railcar parts market include FreightCar America Inc., Penn Machine Company, Greenbrier Companies, Trinity Industries Inc., Wabtec Corporation, New York Air Brake LLC, Progress Rail, and Amsted Rail.