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

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

The global freight railcar parts market is anticipated to grow commendably through 2030 owing to increasing inclination toward low-emission modes of transport. Additionally, growing volumes of rail freight cargo will amplify demand for robust rail parts, which is set to further boost industry expansion over the forecast timeline.

Freight rail operations have witnessed a significant surge over the past two decades. According to IEA estimates, passenger and freight rail activities could increase almost twofold by 2050, in turn increasing demand for freight railcar parts. Freight train cars encompass several mechanical apparatuses, making freight train components essential elements for efficient rail operations.

The freight railcar parts market has been bifurcated in terms of type, distribution channel, component, and region. Based on type, the freight railcar parts industry has been further divided into autocar, center beam, flat car, box car, gondola, coil car, covered hopper, refrigerant boxcar, open to hopper, tank cars, and others.

The coil car segment is speculated to register approximately 5% CAGR through 2030, given the prominent role played by the trains in moving and delivering coiled steel commodities to manufacturing plants for further processing. Coil cars are designed specifically for the movement of these steel coils, with troughs or open compartments to fit coils of varying sizes.

Gondola, on the other hand, is expected to account for about 10% share in the overall freight railcar parts market by 2030. These types of freight cars are used mainly to transport rugged commodities like steel, gravel, sand, scrap metal, and other raw materials that are essential for manufacturing and construction operations.

On the basis of component, the freight railcar parts market has been categorized into wheels, axles & bearings, gears, side frames, couplers & yokes, draft systems, airbrakes, and others. Of these, the draft systems segment is foreseen to register a CAGR of nearly 4.5% through 2030.

Draft systems are essential components in freight railcars, designed to protect the cars when coupler forces are being transmitted through the train through the control of relative motion between coupled cars as well as by absorbing energy in the event of impacts. Meanwhile, the couplers & yokes segment is poised to register revenue worth nearly $2 billion by 2030.

From the regional standpoint, the Middle East & Africa freight railcar parts market is still in its developmental stage and is set to witness commendable growth opportunities over the estimated timeline. Economic recessions and other socio-political factors have impacted the development of railway infrastructure in prominent nations like Saudi Arabia and the UAE.

Recently, there has been an increase in the introduction of new railway projects, including those under the Projects of the 50, with an investment of almost $13.61 billion, aimed at creating a national railway network that would connect the seven emirates. The project was aimed to pave the way for a new phase of logistic and economic integration between the two emirates. Such projects have unlocked massive potential for progress in the region, and in turn, will foster MEA freight railcar parts market expansion over the forthcoming years.