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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Rail Wheel and Axle market. Market segmentation includes Axle Type (Solid Axles, Hollow Axles); Application (Mainline Trains, Freight Trains, Metro Trains, Very High Speed Trains, Other Applications).

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24 November 7:18 a.m., Silicon Valley, California - According to the new market research report, the global market for Rail Wheel and Axle is projected to grow at a CAGR of 4.4% reach US$4.2 Billion by 2027, supported by long term increase in locomotive production, rail infrastructure modernization efforts, and technological advancements. The global Rail Wheel and Axle market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Solid Axles, one of the segments analyzed and sized in this study, is forecast to grow at over 4.6% and reach a market size of US$3.3 billion by the end of the analysis period. The United States is forecast to readjust to a 4.1% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$332.6 million growing at a CAGR% of 3.3% over the next couple of years. In addition, over US$62.4 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Solid Axles segment will reach a market size of US$179.5 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Solid Axles segment in this country against this backdrop will grow at a CAGR of 6.2% over the next couple of years to create an addressable market opportunity worth US$764 million by the year 2027.

A rail wheel or train wheel is a wheel that is designed specifically to be used on railway tracks. A railway wheel along with an axle is considered one of the most critical components for supporting the safety of railway vehicles. Though wheels are designed to offer support to the entire weight of the bogie, they are not designed to be failsafe structure in which backup system can be applied in the event of a failure. This consequently brings to light the need for high reliability in terms of strength. The COVID-19 pandemic is hampering production of bogies and locomotives, particularly in leading nations such as India, China and Germany. The impact of COVID-19 in the form of lockdowns, import-export curbs and suspension of manufacturing activity is adversely impacting the global wheel and axle market. However, the market is expected to witness healthy long term growth supported by rise in locomotive production, technological advancements and efforts to modernize rail infrastructure. The market is also supported by the increase in locomotive and bogie production in both developed and developing countries, mainly in China, Russia, Mexico and Germany, and expansion of railway network in less developed and developing regions for connecting rural areas. The increasing use of rail network for urban transportation and investments in large-scale public transport infrastructure including bullet trains and high-speed trains also bode well for the market. While expanding network of OEMs presents new growth avenues, technological progress related to trains and their networks is expected to bolster the market growth. Companies are investing in R&D projects for producing lightweight materials for axles and wheels of short-distance, passenger and freight trains.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 511. Among this pool, 102 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 22 unique participations, a total of 11 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Nippon Steel Corporation
Bharat Forge Ltd.
United Metallurgical Company (OMK)
Bombardier, Inc.
Maanshan Iron & Steel Co., Ltd.
Lucchini RS SpA
ArcelorMittal SA (Luxembourg)
Rail Wheel Factory
Amsted Rail
Bonatrans Group A.S.

Segments Covered in the Report -
Axle Type (Solid Axles, Hollow Axles)
Application (Mainline Trains, Freight Trains, Metro Trains, Very High Speed Trains, Other Applications)

Geographies Analyzed in the Report -
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East
Saudi Arabia
Rest of Middle East

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) ( is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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