The global railway wheel market is anticipated to grow at a staggering CAGR of 2.1% by 2023. A wheel comprises three portions i.e. hub, web, and rim and have various characteristics such as tensile strength, anti-thermal damage, and vibration resistance. The characteristics for individual portions are different from each other. Web portion needs to have enough mechanical strength to sustain heavy loads produced by the vehicle mass and simultaneously it should be considered from the aspect of thermal stress distribution. The rim portion contains the steel grade to be viewed from anti wear and anti-thermal characteristics.
Technically put together, a railway wheel with an axle is one of the vital aspects that maintains safer railway operations. Wheels enable a strong support for entire weight of the wagon. Hence, high tensile strength is needed to ensure a fail-safe structure.
The railway wheel market is driven by rise in demand for locomotive transport and increase in rail transportation. The market also witnesses several reforms such as enhancement in rail production policy and the need for efficient transport in railways. Railways having a wider connectivity over land transport is also subject to timely maintenance, which, in return, triggers the market variables. By type segment, the railway wheel market includes cast steel wheel and wrought steel wheel.
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Geographical segmentation for railway wheel market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific accounts for a higher CAGR in the forecast period due to wider rail networks and flexible policies by rail ministry. Abundance of raw material for manufacturing railway wheel is another aspect that stimulates the market growth during the forecast period. North American and European market, on the other hand, is expected to witness a higher CAGR during the forecast period owing to mechanical advances and enhanced customer base. The market is highly channelized to offer a great service to the rail industry in these regions.
The key players in the railway wheel market include EVRAZ NTMK, Vyska Steel Works (VSW), Bochumer Verein Verkehrstechnik (BVV), Rail Wheel Factory, GHH-Bonatrans, Amsted Rail, Semco, Arrium, Kolowag, Masteel, Taiyuan Heavy Industry, Datong ABC Castings Company, Xinyang Tonghe Wheels, Zhibo Lucchini Railway Equipment, and Jinzi Axle.
Global railway wheel market is anticipated to grow at a CAGR of 2.1% by 2023, according to a new report published by Radiant Insights. The report segments the market and forecasts its size, by volume and value, on the basis of application (OEM, aftermarket, etc.), and by geography (North America, Europe, Asia-Pacific, MEA and South America).
The report covers forecast and analysis for the railway wheel market on a global and regional level. The study provides historic data of 2013-2017 along with a forecast from 2018 to 2023 based on both output/volume and revenue. The study then describes the drivers and restraints for the railway wheel market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the railway wheel market on a global level.
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The report has been prepared based on the synthesis, analysis, and interpretation of information about the global railway wheel market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. Company overview, financial overview, product portfolio, new project launched, recent development analysis are the parameters included in the profile.
Demand for this market rises from the OEM, aftermarket, and other applications. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2023. Relevantly, the report and company profiles specify the key drivers that are impacting the demand in global railway wheel market.
Key Applications
• OEM
• Aftermarket
Key Regions
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key Vendors
• Amsted Rail
• Arrium Limited
• Datong ABC Castings Company Limited
• GHH Radsatz
• Hegenscheidt-MFD
• Interpipe
• Jinxi Axle
• Maanshan Iron & Steel
• NSSMC
• Nolan
• ORX
• Rail Wheel Factory
• Taiyuan Heavy Industry
• Xinyang Tonghe Wheels
• request free sample to get a complete list of companies
Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global railway wheel market?
• What are the challenges to market growth?
• Who are the key players in the railway wheel market?
• What are the market opportunities and threats faced by the key players?
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