Railcar Leasing Market To Reach USD 13990 Million By 2029, Witnessing A CAGR of 4.3% | Valuates Reports
BANGALORE, India, April 3, 2023 /PRNewswire/ -- The global Railcar Leasing market report is segmented by Type - Tank Cars, Freight Cars, Others, by Application - Oil & Gas, Chemical Products, Energy and Coal, Steel & Mining, Food & Agriculture, Aggregates & Construction, Others. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Transportation & Logistics Category.
The global Railcar Leasing market was valued at USD 10860 million in 2022 and is anticipated to reach USD 13990 million by 2029, witnessing a CAGR of 4.3% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Major Factors Driving The Growth Of The Railcar Leasing Market are
The demand for railcar transportation of Chemical Products, Oil & Gas, Energy and Coal, Steel & Mining, Food & Agriculture, Aggregates & Construction is expected to drive the railcar leasing industry globally.
Railcars with integrated sensing technology gain a variety of advantages. Intelligent railcars link the entire supply chain and digitalize railcar operations, which is expected to drive the global railcar leasing market.
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TRENDS INFLUENCING THE GROWTH OF THE RAILCAR LEASING MARKET
The worldwide railcar leasing Industry is anticipated to be driven by the demand for the transportation of chemical products, oil and gas, energy and coal, steel and mining, and food and agriculture by rail. Rail freight cars have historically been used to move bulk commodities like chemicals, coal, wood products, metals, minerals, and agricultural products. The market's suppliers are spending money on a new generation of freight cars to expand capacity so they can move large loads of merchandise in a single journey and improve the effectiveness of each container. The majority of consumers are progressively choosing railcar leasing over buying a more modern railcar because of the cost being comparatively cheaper.
The railcar leasing industry would benefit from the transportation of perishable foods in refrigerated containers. Global demand for temperature-controlled containers that store perishable commodities like seafood and pharmaceuticals is expected to increase demand for railcar leasing. Railway networks have been used as one of the most dependable means of transportation for moving industrial and automotive products. Regional market development is being aided by the steadily expanding industrial sectors, particularly in developing economies, and by the existence of an established rail infrastructure.
Additionally, railcars are used in a variety of end-use industries, which is the main factor contributing to the Railcar Leasing industry's growth. In addition to this, numerous studies and partnerships being conducted by numerous important players to create railcars with improved performance also help the market grow.
Intelligent railcars link the entire supply chain and digitalize railcar operations, which is expected to drive the global railcar leasing market. The global railcar leasing market is expected to grow as a result of the Internet of Things (IoT) being integrated into railcars, which gives features like digital assistance for loading and unloading and arrival notification. Numerous advantages of integrated sensor technology in railcars include helping to gather data for real location tracking and status monitoring of temperature-sensitive goods. Railcar lessors can also use the data to better understand their situation. Additionally, temperature monitors offer helpful data on road conditions, which is helpful for managing the cold supply chain.
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RAILCAR LEASING MARKET SHARE ANALYSIS
Some of the major participants in Global Railcar Leasing are Wells Fargo, GATX, Union Tank Car, etc. The market share of the top three producers worldwide is about 35%.
With a market share of over 60%, North America leads the way. Asia-Pacific is second, followed by Europe and both have market shares of over 30%.
With a market share of more than 70%, Freight Cars are the biggest product segment.
And when it comes to using, chemical products rank first, followed by oil & gas, energy & coal, steel & mining, food & agriculture, aggregates & construction, etc.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Wells Fargo
- GATX
- Union Tank Car
- CIT
- VTG
- Trinity
- Ermewa
- SMBC (ARI)
- BRUNSWICK Rail
- Mitsui Rail Capital
- Andersons
- Touax Group
- Chicago Freight Car Leasing
- The Greenbrier Companies
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SIMILAR REPORTS
- Railcar Leasing Service Market is projected to reach USD 13910 million by 2028, from USD 10380 million in 2021, at a CAGR of 4.2% during 2022-2028.
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- Container Leasing Sales Market is estimated to be worth USD 6290 million in 2021 and is forecast to a readjusted size of USD 6290 million by 2028 with a CAGR of 4.3% during the review period.
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- The global Logistics Automation market size is projected to reach USD 105610 million by 2028, from USD 56800 million in 2021, at a CAGR of 9.1% during 2022-2028.
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- The global Contract Logistics market size is projected to reach USD 242510 million by 2027, from USD 180100 million in 2020, at a CAGR of 3.9% during 2021-2027.
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- The global pallet pooling market size is projected to reach USD 12480 million by 2027, from USD 8479.9 million in 2020, at a CAGR of 5.5% during 2021-2027.
- The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.
- The global Business Travel Market size was valued at USD 695.9 billion in 2020 and is projected to reach USD 2001.1 billion by 2028 growing at a CAGR of 13.2% from 2021-2028.
- The Global Warehouse Management Systems Market Size was valued at USD 2.4 Billion in 2020, and is projected to reach USD 10.6 Billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.
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