The Business Research Company’s Freight Cars Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 3, 2021 /EINPresswire.com/ — Freight cars are now enabled with GPS tracking and this likely to be an emerging trend in the freight cars market. The efficiency of freight cars transport will be augmented with the use of advanced GPS technologies. Incorporation of GPS technologies into freight cars by rail operators helps in managing the transport process, scheduling of freight cars, maintain a consistent delivery process, and reduction in theft of goods from the freight cars. For instance, in 2019, Indian Railways began real-time monitoring of over 700 trains (passenger and freight), using The Control Office Application (COA) system. The COA was designed by ISRO after collaborating with the Indian Railways to monitor the movement of freight cars even between two stations with GPS. Therefore, demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
The global freight cars market size is expected to grow from $135.32 billion in 2020 to $148.87 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth of the freight cars market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The freight cars market is expected to reach $193.00 billion in 2025 at a CAGR of 6.7%.
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Government initiatives are expected to boost the freight cars market growth. For instance, in 2019, the Indian government has taken initiatives to make rail freight more attractive through long term tariff contract with major customers, providing incentives to container traffic, tariff rationalization initiatives, the launch of schemes such as the General-Purpose Wagon Investment Scheme (GPWIS), Liberalized Wagon Investment Scheme (LWIS), Special Freight Train Operator (SFTO), and Automobiles Freight Train Operator (AFTO), and others. Investments in railway infrastructure has also been looked into by the Government of India by making investor-friendly policies and enabling Foreign Direct Investment in railways to improve infrastructure for freight and high-speed trains. Also, similar instance, in 2019, the UK government launched a velocity improvement initiative which does the continuous analysis of freight services focused on commodity and flow in close collaboration with freight operators. Therefore, the steps taken by the government to increase the rail freight will increase the demand for freight cars market growth during the period.
Major players covered in the global freight cars industry are CN Railway, DB Schenker, SBB Cargo, Union Pacific, Kansas City Southern, CSX Corporation, Norfolk Southern Corporation, Housatonic Railroad Company, Linfox Pty Ltd.
TBRC’s global freight cars market report is segmented by type into intermodals, tank wagons, freight cars, by application into coal, petroleum and chemicals, metals and minerals, automobiles, agricultural products, others, by end-use industries into agriculture, construction, oil & gas, chemical, medical & pharmaceuticals, food & beverages, government & defense, automotive & transportation, marine.
Freight Cars Global Market Report 2021 – By Type (Intermodals, Tank Wagons, Freight Cars), By Application (Coal, Petroleum And Chemicals, Metals And Minerals, Automobiles, Agricultural Products), By End-Use Industries (Agriculture, Construction, Oil & Gas, Chemical, Medical & Pharmaceuticals, Food & Beverages, Government & Defense, Automotive & Transportation, Marine), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides freight cars market overview, forecast freight cars market size and growth for the whole market, freight cars market segments, and geographies, freight cars market trends, freight cars market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire