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 cars 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.
Global Freight Cars Market Size And Drivers:
The global freight cars market is expected to grow from $135.32 billion in 2020 to $148.87 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $193 billion in 2025 at a CAGR of 6.7%. Government initiatives are expected to boost the freight cars market growth.
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Trends In The Global Freight Cars Market
Freight cars are now enabled with GPS tracking and this 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. Incorporation of GPS technologies into freight cars by rail operators helps in managing the transport process, scheduling of freight cars, maintain a consistent delivery process, and reduction in theft of goods from the freight cars. For instance, in 2019, Indian Railways began real-time monitoring of over 700 trains (passenger and freight), using The Control Office Application (COA) system. The COA was designed by ISRO after collaborating with the Indian Railways to monitor the movement of freight cars even between two stations with GPS. Therefore, demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
Global Freight Cars Market Segments:
The global freight cars market is further segmented –
By Type: Intermodals, Tank Wagons, Freight Cars
By Application: Coal, Petroleum And Chemicals, Metals And Minerals, Automobiles, Agricultural Products, Others
By End-Use Industries: Agriculture, Construction, Oil & Gas, Chemical, Medical & Pharmaceuticals, Food & Beverages, Government & Defense, Automotive & Transportation, Marine
By Geography: The global freight cars market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Freight Cars Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides freight cars market overviews, analyzes and forecasts market size and growth for the global freight cars market, freight cars market share, freight cars market players, freight cars market segments and geographies, freight cars market’s leading competitors’ revenues, profiles and market shares. The freight cars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
