Emerging economies such as China and India are witnessing rapid industrial and infrastructure growth, prompting deployment of extensive railway networks and consequently railcar leasing service providers' presence
ROCKVILLE, MD / ACCESSWIRE / February 23, 2021 / Fact.MR's global railcar leasing market report forecasts a relatively stable outlook for 2021 over 2020, as key industries emerge from the recessionary impacts of the coronavirus pandemic. According to the report, the market is poised to acquire significant gains, expanding at over 9% CAGR through 2031.
As per the International Energy Agency's projections, global demand for rail transport is proliferating, attributed to an expected twofold increase in freight and passenger activity by 2050. Most conventional rail networks are situated across North America, Europe, China, India, Russia and Japan, comprising 90% of global passenger transport. Amongst these countries, India and China represent the most lucrative opportunities.
In February 2020, the Container Corporation of India Limited (CONCOR) acquired a contract to supply its container fleet and equipment for freight transportation for the North-South International Transport Corridor connecting India, Iran, Azerbaijan and Russia. The project is expected to facilitate 15 million tons of freight transportation annually. On similar lines, China has already developed an extensive railway network facilitating freight transport between itself and Europe, with passage through Kazakhstan and Russia. More such projects are expected to be executed in the future, providing a wide berth for railcar leasing service providers in the future.
"Massive urbanization and surging trade volumes is facilitating extensive railway infrastructure development on a global level, prompting major contractors and ventures to leverage railcar leasing services for economizing transportation costs," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Railcar Leasing Market Study
- Boxcars are expected to capture a quarter of the total revenue share through 2021
- Railcar leasing for automotive & components to remain dominant in terms of end-use
- US to remain the largest railcar leasing market, owing to rising demand for replacing aging fleet
- Increasing government spending to upgrade railway infrastructure driving sales across the UK
- India to emerge as a heavyweight in the Asian market, with increasing PPP in the freight and passenger service offerings
- Expected upsurge in industrial growth to provide tailwinds to Chinese railcar leasing market
Railcar Leasing Market- Prominent Drivers
- Rising demand for reducing demurrage costs is prompting shippers to avail railcar leasing services
- Service providers are prioritizing sensor technology integration to facilitate real-time monitoring and location tracking for better results
- Significant opportunities exist in the oil & gas sector, as key hydrocarbon companies seek to reduce operational costs
Railcar Leasing Market- Key Restraints
- Fluctuating rent prices amid volatile market scenarios to restrict railcar leasing services amongst small-scale industrial manufacturers
- Under-developed railway infrastructure across several regions to limit market penetration in the long-run
Discover more about the railcar leasing market with 112 figures and 73 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/264/railcars-leasing-market
Competitive Landscape
VTG, GATX, CIT Group, Chicago Freight Car Leasing Co., ULTX, TOUAX Group, Trinity Industries Inc., Wells Fargo Rail, Beacon Rail Leasing and SMBC Rail Services are some prominent railcar leasing service providers profiled by Fact.MR's report.
Vendors are leveraging strategic partnerships to increase their scale of operations. For instance, in February 2021, VTG AG collaborated with VEGA International to develop a solution that enables non-craneable semitrailers to be handled with cranes. The new r2l handling and transport provides a cost-effective approach to handling non-craneable semitrailers of any type.
New product launches also constitute an important expansion strategy. For instance, TOUAX Group released its enhanced versions of One Trip Units, featuring 12 vents, bamboo flooring and rain gutter, preventing water from dripping directly onto the top gasket. It has also secured production of NEW 20'DC throughout 2021.
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More Insights on the Railcar Leasing Market
Fact.MR, in its new offering, presents an unbiased analysis of the global railcar leasing market. The study divulges essential insights on the basis of type (hooper cars, boxcars, tank cars, gondolas, intermodals, refrigerated box cars, and other railcars) and end-use markets (agri-produce, forestry and F&B products, mining products, petrochemical & gases, automotive & components, energy equipment & products, rail products, industrial goods, and construction goods), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Key Questions Covered in the Report?
- How will the global railcar leasing market grow throughout 2021?
- Why are service providers increasing their penetration across the Asia-Pacific region?
- What drivers underpin the railcar leasing market growth?
- What restraints are anticipated to impact the said growth projections?
- Which industry is expected to remain the primary railcar leasing service utilizer?
- How competitive is the global railcar leasing market?
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View source version on accesswire.com:
https://www.accesswire.com/631289/Burgeoning-Freight-Transportation-Volumes-across-the-Asia-Pacific-to-Widen-Railcar-Leasing-Service-Providers-Revenue-Pools
