The worldwide freight railcar parts market may register notable progression over the forthcoming years. Rail freights are an efficient, reliable, capable, more environmentally friendly, and cost-effective alternative to road transport. The increased adoption and utilization of freight cars or goods cargos for loading and hauling bulk commodities such as automobiles and components, equipment, construction materials, agriculture and energy products, chemicals, food, minerals, metals, paper, pulp, etc. over long distances may have an optimistic impact on the industry growth in the forthcoming years.

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Over the last few years, there has been a significant rise in oil fuel import and export activities. Governments across several economies are making efforts to improve their infrastructure for high-speed and freight trains by introducing investor-friendly policies and initiatives. This has encouraged players across the globe to make hefty investments to aid the expansion of freight car fleet scope and increase business productivity across large cities. These factors, accompanied by the proliferating demand for rail car parts due to their increasing replacement cycle, could propel the freight railcar parts industry outlook.

According to a recent study by Global Market Insights Inc., the global freight railcar parts market share could be worth USD 15 billion by 2030.

Listed ahead are some promising factors supporting the industry expansion.

Increasing freight revenues and earnings 

The rapid expansion of the railway infrastructure coupled with the rollout of the supportive government policy framework and escalating investments from major industry participants has stimulated the industry landscape.

As per the latest IBEF report, the railway sector in India has experienced strong revenue growth, reaching USD 23.3 billion valuation mark by March 2022. Freight remains the pivotal revenue-earning segment, accounting for USD 17.68 billion, registering almost 21.8% year-on-year growth.

These optimistic scenarios point toward the fast-paced development of railway infrastructure across developed and developing economies. This, in addition to increasing technological advancements and extending public-private partnerships, may significantly push the freight railcar parts market forecast.

Flourishing cross border trade across North America

North America may account for a considerable revenue share due to the continuous proliferation of freight rail networks and increasing crude oil and petroleum imports and exports across the US. As per the Overview of America's Freight Railroads 2020, the US freight rail industry is worth almost USD 80 billion. As the repair and maintenance of these railroads are handled by private organizations, it has substantially stimulated the industry share.

As per the US Energy Information Administration, the US imported nearly 8.47 million exported roughly 8.63 million barrels per day of petroleum in 2021. The country further imported crude oil products from other economies to help maintain demand and supply across domestic and international markets.

Supportive government initiatives to set the stage for future opportunities 

Government authorities across the globe are taking necessary steps to pave the for future transformation across the railway sector and ease the development of freight railcars.

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With a similar intent, in November 2020, Indian Railways announced the opening of 40% of DFC (Dedicated Freight Corridor) by the end of 2021 and the entire 2800 km long route by June 2022.

Similarly, the organization is working on creating and developing technology in areas like signaling and telecommunication, with nearly 37,000 km fitted with the indigenously developed Train Collision Avoidance System, KAVACH, and almost 15,000 km converted into automatic signaling. The rollout of such initiatives will fuel the freight railcar parts industry trends over the projection period.

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