July 19, 2024
Rail Components Market

Brake Systems are Fastest Growing Segment Fueling the Growth of Rail Components Market

Rail components include braking systems, axles, wheels sets, and bogies that allow trains to maneuver smoothly and efficiently. Brake systems play a vital role in rail safety by slowing down or stopping trains. Growing demand for advanced brake systems like train braking resistors and electronic braking systems from rail operators is fueling the growth of this segment in the overall rail components market.

The global Rail Components Market is estimated to be valued at US$ 87.4 Bn in 2023 and is expected to exhibit a CAGR of 4.55% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Rail components comprise mechanical and electrical fittings required for the proper functioning of rolling stock. Key components include train braking systems, bogies, axles, wheel sets, and other couplers. Rising passenger and freight transportation globally has increased demand for newer locomotives and trains, thereby driving the rail components market.

Market key trends:

One of the key trends in the rail components market is the adoption of braking technologies like train braking resistors and electronic braking systems. These advanced braking systems allow for smoother and more controlled braking through regenerative braking. Train braking resistors help convert kinetic energy into heat during braking and feeding power back into the electrical network. Meanwhile, electronic braking systems optimize braking power depending on factors like wheel-rail adhesion, train mass, and desired braking distance. Leveraging technologies like these helps improve rail safety and operational efficiency.

Segment Analysis

The global rail components market is dominated by railcar and locomotive manufacturing sub segment. This sub segment accounted for the largest market share in 2023, and is expected to continue its dominance over the forecast period. This is owing to the large demand for new and replacement of existing rolling stock fleets across the globe. High demand for rail transport for movement of goods and passengers have fueled the demand for manufacturing of new railcars and locomotives.

Key Takeaways

The Global Rail Components Market Demand is expected to witness high growth, exhibiting CAGR of 4.55% over the forecast period, due to increasing investments in development of railway infrastructure by governments globally.

Regional analysis
Asia Pacific dominated the global rail components market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to presence of major rail network and ongoing expansions projects of existing rail infrastructure in countries such as China and India. Furthermore, North America is projected to exhibit highest CAGR over the forecast period owing to increasing investments in new high-speed rail projects in the US.

Key players analysis
Key players operating in the rail components market are Kawasaki Heavy Industries Ltd, CRRC Corporation Limited, Nippon Sharyo Ltd., Siemens AG, Progress Rail (Caterpillar Company), Bombardier Inc., Hitachi Ltd., Alstom SA, Escorts Group, Wabtec Corp. (previously GE Transportation), Construcciones Y Auxiliar De Ferrocarriles sa, Hyundai Rotem, Trinity Industries Inc., Stadler Rail AG, and The Greenbrier Companies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it