Rail wheels are the basis of movement for the trains by providing traction, while axles are used to transmit vertical loads to the wheels. The assembly of rail wheels, axle, bearing and brake components are called as rail wheel set. Over the last few year, increasing government projects to connect two states or country such as One Belt One Road is anticipated to create opportunity for the global market during the forecast time period. Additionally, increasing high speed rail project particularly in developing countries have also opened the door for the market. On the flip side, government regulations pertaining to replacing of wheel and axle are also anticipated to give positive potential to the global rail wheel and axle market during the forecast time period.
The global rail wheel and axle market can be segmented on the basis of Wheel Type:
- Locomotive Wheel
- Resilient Wheel
The global rail wheel and axle market can be segmented on the basis of Axle Type:
- Powered Axle
- Non-Powered Axle
The global rail wheel & axle market can be segmented on the basis of Rail Type:
- Passenger Train
- Freight Train
- Special Train
The global rail wheel and axle market can be segmented on the basis of Sales Channel:
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Increasing railway projects as well as electrification in existing rail line are projected to drive the global market. Moreover, continuous innovation in rail technology such as high speed train, bullet train are anticipated to foster the market throughout the forecast time period
Other modes of transportation such as Maglev and Hyperloop are anticipated to hinder the market over the slated time period.
Regional Market Outlook
Europe is anticipated to dominate in the region owing to increasing rail vehicle fleet. In term of value China is projected to be 2nd largest market for the global rail wheel and axle wheel market. North America is projected to grow with healthy growth rate owing to increasing rail trams and metro rail over the slated time period. Moreover, APAC is also projected to grow with noteworthy growth rate owing to increasing government rail project particularly in Japan, China and India. Middle East & Africa is anticipated to grow with remarkable CAGR due to increasing railway infrastructure particularly in GCC Countries and Turkey.
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Key player for the global Rail Wheel & Axle market are:
- KALYANI GROUP
- Simmons Machine Tool Corporation
- NIPPON STEEL & SUMITOMO METAL CORPORATION
- Mannshan Iron & Steel Co., Ltd.
- Masteel Wheel Axle
- KLW Wheelco SA
- Lucchini RS
RRI surveys a number of companies in order to estimate the data covered in the report through triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study. The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market scenario has been derived by consolidation of regional market overviews.