The railway draft gears market predicts the net worth of the market share to grow from USD 2,083.8 Million in 2023 to over USD 3,236.1 Million by 2033.
The market for railway draft gears is anticipated to register a moderate CAGR of 4.5% from 2023 to 2033 as the travel and tourism industry is expanding across all developing nations in the world given the significant economic development and a rise in the middle-class population.
| Attributes | Details |
|---|---|
| Railway Draft Gears Market Value (2023) | USD 2,083.8 Million |
| Railway Draft Gears Market Expected Value (2033) | USD 3,236.1 Million |
| Railway Draft Gears Market Projected CAGR (2023 to 2033) | 4.5% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
A number of dominant variables have led to the market expanding at a decent rate which are:
Despite a promising rate of expansion, the market for railway draft gears is still expected to face difficulties. The fabrication of railway draft gears has a high initial investment cost and requires specialized laborers as well as raw materials. This investment occasionally costs more than the actual retail price of the railway draft gears.
Principal Consultant
The manufacturing railroad equipment industry has a very strong demand for railway draft gears. This demand is principally growing because of the increasing fuel prices globally. This has caused the trend of freight transportation away from trucks and more towards trains. The only sources of revenue in this particular sector are leases and long-term agreements with significant railroad firms.
In order to link rural and urban regions, railway networks need to be expanded to more remote locations. This is likely to help to foresee the need for additional trains and other railway equipment like railway draft gears, greatly boosting market growth over the forecast period.
The Internet of Things (IoT) and related supporting communication technologies have provided opportunities for the railway sector, which could take advantage of using the Internet of trains concept. By controlling the railroad equipment, these technologies help to minimize service interruptions and equipment failure.
The use of IoT in the railway sector has increased due to the emergence of a technologically advanced and open world. Growth of the market will be fueled over the forecast period by the quick acceptance of IoT and safety in the rail industry.
It is also projected that the government's plans to invest in the railway industry would accelerate growth opportunities for the market over the forecast period by allowing it to capitalize on potential opportunities for increased revenue profits from this industry.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The railway draft gears market was developing at a CAGR of 3.1% to reach USD 1,984.6 Million in 2022 from USD 1,756.5 Million in 2018.
Therefore, over the forecast period, the global railway draft gear market is anticipated to grow from USD 2,083.8 Million in 2023 to USD 3,236.1 Million by 2033 at a CAGR of 4.5%.
| Dominant Segment | Freight Wagon |
|---|---|
| Market Share | 48.4% |
Based on rail type, the market is categorized into locomotives, DMUs, EMUs, freight wagons, and others. The freight wagon segment dominated the market and held approximately 48.4% market share.
This segment is expected to maintain its dominance over the market owing to the rising cost of fuel worldwide and the modest external expenses produced by rail freight. Additionally, compared to shipping by internal waterways or the road, shipping via rail has substantially lower carbon dioxide emissions and energy consumption per ton-kilometer. Rail freight has developed into a practical option for moving bulk goods like coal, coke, ore, and metal trash. It is also a crucial route of transport for chemicals like fertilizer and petroleum products.
The market is bifurcated into OEM and aftermarket based on the sales channel. Due to the ongoing aftermarket sales and services in the substantial installed base of railroad equipment in areas like Europe and North America, the aftermarket segment dominated the market in 2022 and is anticipated to retain its market dominance over the forecast period.
| Country | USA |
|---|---|
| Market Share | 18.3% |
Due to the region's fast expansion of the freight transport network, particularly in the USA, a sizable portion of the global market for railway draft gear is expected to come from the North American market. Over the forecast period, the USA railway draft gear market is projected to hold a market share of 18.3%.
As a key element of their local transportation networks and infrastructure, areas in the USA have recently shown a rising interest in developing the passenger rail system. The irritation with traffic congestion, the rising need for more transportation alternatives, and worries about climate change are just a few of the reasons for this growing interest.
| Countries | Growth Measures |
|---|---|
| United Kingdom | 3.8% CAGR |
| Germany | 5.4% Market Share |
The European railway draft gears market is the second largest market. As far as the regional market is concerned, Germany and the United Kingdom are the two crucial countries.
The United Kingdom railway draft gears market is projected to grow at a CAGR of 3.8% over the forecast period. Since United Kingdom trains are among the safest in the world, the country is a significant market for railway draft gears. The country is expected to have development opportunities as a result of the widespread use of railroad services in the area and the ongoing upgradation of existing railway equipment including draft gears.
Germany is another important country in Europe. The German railway draft gears market had a share of 5.4% of the global market which is likely to get bigger over the forecast period. In order to lessen traffic congestion, Germany has seen a surge in the need for mass rapid transit and energy-efficient transportation. Over the forecast period, Germany is expected to see significant growth as the demand for high-speed rail as a popular and efficient means of transportation rises. As a result, German sales of railway draft gears are expected to boom along with the expansion of the use of high-speed trains.
| Countries | Growth Measures |
|---|---|
| China | 5.3% CAGR |
| Japan | 6.3% Market Share |
| India | 6.6% CAGR |
Chinese railway draft gears market is projected to expand registering a CAGR of 5.3% over the forecast period. China has the world's fastest-growing railway sector as a result of its expanding economy, which is also fueling the construction of new railroads and increasing transit capacity. Additionally, governments are spending more money on building new train infrastructure.
High-speed trains with cutting-edge systems and technology were developed as a result of these significant government expenditures. For cross-border travel, China has created a new high-speed train system that will improve connection with neighboring countries.
Japan is another significant market in the Asia Pacific region. The Japanese railway draft gears market acquired nearly 6.3% of the global market previously. One of the key drivers of the Japanese railway draft gears market's expansion is the booming investments in the industry. The market for railway draft gears in Japan is also predicted to have significant development in the upcoming years due to the increased usage of train knuckle draft gears in the creation of new train types at present as well as the upgrading of the current passenger trains.
India is investing enormously in railways in an effort to improve its rail transportation network. The Indian railway industry is expanding steadily as a result of the rise in population, intercity commerce, commuter traffic, planned metro projects, and the extension of current lines.
In the Make, in India project, the government placed a strong emphasis on encouraging manufacturing activity domestically. This is anticipated to stimulate the Indian railway draft gears. In comparison to other nations, India has the fastest-growing market for railway draft gears exhibiting a CAGR of 6.6% over the forecast period due to its increasing train count and track density.
With several local and international product manufacturers developing new methods and technologies, the railway draft gears industry is increasingly fragmented. New competitors are focusing on developing unique strategies to improve the customer experience.
To enhance market penetration and adjust to the technology requirements of application sectors, new entrant techniques frequently involve the introduction of new products, product upgrades, and product extensions. Additionally, it is anticipated that shifting consumer preferences, quality standards, and energy efficiency will create new business opportunities in the coming years.
The Jupiter Group, based in Bhilai, India, is a top OEM Manufacturer of Manufacturing Solutions for Draft Gear. It offers its company a variety of competitive advantages. One of the fastest-growing companies in India's railway industry, the Group is a full-service transportation solutions engineer.
Unit Forgings, based in West Allis, Wisconsin, is a renowned producer of closed-die forged steel components with bespoke designs. Since 1918, it has been producing parts of the highest calibre for a wide range of end users. It has front and rear draught lugs that are detachable and made of forged steel to handle the stresses present in today's tough freight wagon service.
PowerRail offers a variety of goods to serve both EMD and GE locomotives and is a registered AAR M-1003 distributor, producer, and remanufacturer of aftermarket locomotive parts and components. To fit any budget, it provides both New and Unit Exchange Remanufactured components.
During the railways' shift from wooden frames and the standardization of draft gear pockets, automatic couplers, and braking systems from around 1885 to 1919, the W.H. Miner spring draft gears met a specific demand. The Amazing Story of the Miner Spring Draft Rigging covers the major patents involved in this stage of its draft gears business history.
The goal of Motive Power Resources, Inc. is to meet or exceed its customers' expectations by offering high-quality locomotives, parts, components, and services that are also affordable, dependable, and honest. By adapting and modernizing older units to be more responsive to new client demands, MPR has bought and sold more than 500 locomotives during the past 15 years.
Recent Developments
The market accounted for a market value of USD 2,083.8 Million in 2023.
The market is estimated to record a CAGR of 4.5% during the forecast period.
The market size is predicted to be valued at USD 3,236.1 Million by 2033.
North America dominates the global Market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Friction 5.2. Hydraulic 5.3. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Users 6.1. Train 6.2. Subway 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Amsted Rail 15.2. Oleo 15.3. Sigra 15.4. Titagarh 15.5. Wulf's Custom Welding 15.6. Hydra-Tech International 15.7. Salco Products 15.8. PowerRail 15.9. TESCO 15.10. Zhuzhou Times New Material Technology (TMT) 15.11. CRRC 16. Assumptions & Acronyms Used 17. Research Methodology
Explore Automotive Insights
View Reports
Railway Draft Gears Market
