Rail Wheel Market: Current Analysis and Forecast (2022-2030)

Rail wheels are the circular metal components that are installed on the axles of railway vehicles, such as locomotives, freight cars, and passenger coaches. The wheels are made of high-strength steel and are designed to withstand heavy loads and high speeds.

The Rail Wheel Market is expected to grow at a strong CAGR of 4% during the forecast period as rail wheels need to be able to carry heavy loads and growing safety concern are the factors driving the growth of the market. Moreover, increasing demand for rail transportation, increasing trend of urbanization and growing demand for freight transportation are the factors driving the growth of the market. For instance, according to Indian railways, Railways achieves 1,000 million tons milestone in freight transportation for FY 2022-23.

Based on rail type, the market is segmented into high speed, freight wagon, passenger wagon and locos. Amongst these, the freight wagon segment with hold higher CAGR during the forecast period owing to the increasing demand for goods transportation as global trade and e-commerce continue to grow, the growing development of railway infrastructure, and development of new technologies are the driving the growth of the market.

By application type, the market is bifurcated into OEM and Aftermarket. Among these, OEM captured the majority share of the industrial relay market in 2021. The factors such as Original equipment manufacturers (OEMs) are creating railway components that are more long-lasting and energy-efficient. In addition, governments have strict regulations regarding passenger safety and the prevention of accidents, compelling OEM companies to focus on improving rail axles and wheels to comply with these rules. The expansion of railway infrastructure and improvements to railway systems, along with a rise in the number of rail vehicles, are driving growth in the rail wheel market.

For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, , France, Italy, Spain , Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. Asia-pacific dominated the rail wheel market in 2021. The rail wheel market share in the region is largely controlled due to fast-paced urbanization, increased disposable income, and dynamic economic progress. The traditional railway systems are being replaced by modern and digital railways, which is a significant change occurring in the region. Several countries are now adopting advanced technologies to bolster the growth of the railway wheel market. The governments in the region are taking various initiatives to transform the railway networks into modern and digitalized ones, which will contribute to the growth of the market. Countries like China and India are giving particular attention to developing their metro networks. For instance, in 2023, According to the government of Myanmar, talks are under way on restarting a 1,215km railway across the country, between China's Yunnan province and the Bay of Bengal.

Some of the major players operating in the market include: NIPPON STEEL CORPORATION; Interpipe.; OMK; EVRAZ plc; Bochumer Verein Verkehrstechnik GmbH.; Lucchini RS S.p.A.; Rail Wheel Factory; GHH-Bonatrans; Amsted Rail Company, Inc; CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.