Global Rail Freight Transportation Market is anticipated to reach US$ 280.26 Bn by 2026 from US$ 247.40 Bn in 2020 at a CAGR of 2.1% during a forecast period.
Global Rail Freight Transportation Market Overview
The rail freight market consists of the selling of rail freight transport services by the companies. It transports products from the loading point at the discharge point to again the station that can handle the loading and unloading of cargo. These products are generally hefty and of low value compared with their volume, which includes coal, materials for construction, iron, and steel.
Global Rail Freight Transportation Market
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The report includes a comprehensive background analysis of the rail freight market, including an analysis of industry and economic sector contributions. The report has covered the market trends from 2015 to forecast the market through 2026. Where 2019 is considered a base year however the numbers for 2020 are considered based on the actual output of the market's companies.
The report contains an analysis of the impact of COVID-19 lockdown on the revenue of the market and its effect on the demand and supply of the market. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Rail Freight Transportation Market Dynamics
Rising freight volumes, infrastructural development, and the adoption of advanced technology are all driving market growth. When compared to other means of transportation, rail freight transport is less expensive and more efficient because it allows a larger volume of cargo to be delivered over longer distances. The use of trains to transport goods minimizes the amount of fuel used and the amount of pollution produced. Rail transit is estimated to be six to seven times more efficient than vehicle transportation, with emissions reduced by 30 to 80 percent. Also, the cost of railway transportation is only one-tenth of the cost of automobile transportation. These factors are driving governments to opt for rail freight transport.
Similarly, as global trade grows, cross-border rail freight transport is expected to gain popularity in many regions of the world. Rail travel between Europe and China, for example, is increasing since it promotes economic development by connecting countries and offering access to global and regional markets. Rail freight linkages exist in 59 Chinese cities and around 49 European cities. Aside from electronics, printers, and laptops, Chinese rail shipments to Europe also include food, wine, clothing, and even automobiles.
Implementation of restrictions on foreign entry and other hurdles is expected to hamper the market growth in various countries around the world. Furthermore, the high energy tax burden on rail freight in the United States and Europe poses a significant challenge to the rail freight market.
COVID-19 Impact on the Global Rail Freight Transportation Market
COVID pandemic has a major impact on the market in terms of sales as more than 44% of sales of units are hampered owing to disruption in transport capabilities of the manufacturers due to stringent norms of lockdown and increasing safety concerns. Furthermore, supply chain interruptions, demand destruction, and changes in customer behavior owing to stringent lockdown conditions across the globe have impacted the global rail freight transportation market.
The COVID-19 crisis has resulted in a shortage of truck drivers as well as restrictions on sea and air transport in many countries and regions. As a result, the cost of transportation by truck, sea, or air has risen significantly in comparison to rail freight costs. Thus, switching to rail freight transportation has provided benefits in the supply chain during the pandemic. Rail freight transportation also plays an important role in linking European economies and keeping freight moving during the covid-19 pandemic.
Global Rail Freight Transportation Market Segmentation Analysis
By Product Type, the Intermodal segment dominated the market, with market size of US$ xx Mn. in 2019 and to reach US$ 36.3 Mn. by 2026, with a CAGR of xx%. Intermodal connect various modes of transportation to rail transportation. They can transport bulk goods such as coal, minerals, and liquefied petroleum in cost-effective ways. Intermodal transportation is widely used because it reduces traffic congestion on highways by reducing the number of trucks on the road. This mode of transportation also helps to reduce fuel costs by more than 40% and carbon emissions by 75%.
Global Rail Freight Transportation Market
The global Tank Wagons segment is expected to grow at a CAGR of 4.6 percent, led by the United States, Canada, Japan, China, and Europe. These regional markets, which had a combined market value of US$33.8 billion in 2020, are expected to grow to US$ 46.7 billion by the end of the forecast period.
By Application, the oil & gas industry segment dominated the market, with market size of US$ xx Mn. in 2019 and to reach US$ xx Mn. by 2026, with a CAGR of xx%. . Rail freight wagons are used by the oil and gas industry because of their vast capacity to transport bulk products. Furthermore, the oil and gas industry is expected to benefit from increased use and production of primary and secondary energy on a global scale.
Global Rail Freight Transportation Market Regional Insights
North America is leading in rail freight transit market with a railway network of over 200,000 miles. The United States, which transports a large volume of commodities each year, makes a considerable contribution to the regional economy. In 2019, the United States' Rail Freight Transportation market accounted for 34.4 percent of the global market. Japan and Canada are two other important markets, with expected growth rates of 2.8 percent and 4.1 percent, respectively, over the forecast period. Germany's market is expected to grow at a 3.3 percent CAGR, while the rest of Europe's market is expected to reach US$35.5 billion during the forecast period.
Global Rail Freight Transportation Market
The Asia-Pacific region accounts for a large share of the market, and it is expected to grow faster than Europe and North America throughout the forecast period. The largest market is China, followed by India. China has declared plans to raise rail freight by 30 percent by 2020 in order to combat rising pollution levels. India has the world's third-largest rail network. With roughly 13,000 passenger trains and 9000 freight trains operating every day, India's rail network is the world's third-largest.
Global Rail Freight Transportation Market v
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Global Rail Freight Transportation Market Scope: Inquire before buying
Global Rail Freight Transportation Market v
Global Rail Freight Transportation Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Rail Freight Transportation Market Key Players
• CN Railway
• BNSF Railway
• Union Pacific
• SBB Cargo
• CTL Logistics
• PKP Cargo
• Colas Rail
• RSI Logistics
• Nippon Express
• SNCF
• DB Schenker
• Duetsche Bahn AG
• Union Pacific Railroad
• Canadian National Railway
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