Rolling Stock Wheel Market Size, Share, Growth, and Industry Analysis, By Type (Casting and Forged), By Application (High Speed, Freight Wagons, Passenger Wagons, and Locos), Regional Insights and Forecast From 2025 To 2033

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ROLLING STOCK WHEEL MARKET OVERVIEW

The global rolling stock wheel market size is estimated to be USD 3.48 billion in 2024 and market is projected to touch USD 4.62 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period.

Rolling stock wheel is the term commonly used in the railway industry. A rail wheel or train wheel is a special type of wheel designed for use on railway tracks. It also refers to any vehicle which can move on rail-road. The wheel acts as a rolling component. The system can operate automatically. It can be controlled from the control station.

Increasing demand for new rail projects is valued to surge market growth. Growing demand to replace old rolling stock is predicted to surge market growth. Increased urbanization and traffic congestion are anticipated to expand market growth. Further, the growing electrification of railway networks is estimated to surge the growth opportunities for the market.  Government initiatives and schemes to introduce new railway routes and expand metro routes are predicted to propel market growth. A high preference for comfortable journeys and less time-consuming is forecast to foster market expansion. An increase in income levels and growing demand for personal mobility are expected to incite market growth. On the contrary, an increase in the refurbishment of existing rolling stock is projected to hinder market growth in the upcoming years. The high capital requirement for the project is estimated to hamper the market growth.

COVID-19 IMPACT

Halt on Passenger’s Trains to Hamper Market Growth

The rapid spread of the COVID-19 pandemic hampered market growth owing to the ban on transportation.  The shutdown of all passenger train services to restrict market progress. Limit transportation services affected the growth of the market. Closure of manufacturing plants to witness a negative impact on the market progress.

LATEST TRENDS

Growing Demand for Railway-Based Public Transport to Fuel Market Growth

Increasing demand for railway-based public transportation globally is estimated to surge market growth. The growing need for a safe and convenient mode of transportation is projected to drive market growth. High demand to improve railway infrastructure is anticipated to fuel market progress. Growing activities toward developing hydrogen fuel cell locomotives are estimated to expand market growth. Growth in autonomous trains to provide new opportunities is predicted to propel market growth. Increased research and development activities to develop innovation is anticipated to accelerate rolling stock wheel market growth in the upcoming years.

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ROLLING STOCK WHEEL MARKET SEGMENTATION

By Type

Based on type, the market is divided into casting and forged.

Casting is estimated to be the leading part of type segmentation.

By Application

Based on application, the market is classified into high-speed, freight wagons, passenger wagons, and locos.

Passenger wagons are estimated to be the leading part of application segmentation.

DRIVING FACTORS

High Demand to Reduce Traffic Congestion and Rapid Urbanization to Surge Market Progress

Increasing demand to reduce traffic congestion is expected to propel market progress. Railway transportation is considered the most cost-effective mode of communication and it has a large carrying capacity. The advantages of railway transportation are anticipated to surge market performance. Further, the growing demand to provide remote track monitoring is projected to accelerate market progress. Railway transportation is commonly used to carry goods and high demand for transportation among end-user such as automotive, oil and gas, petrol and diesel, mining, and industrial chemical. These factors are projected to expand market growth. Increased urbanization and traffic congestion are anticipated to expand market growth. Further, the growing electrification of railway networks is estimated to surge the growth opportunities for the market. An increase in disposable income and people choosing the railway as a mode of daily communication are anticipated to drive rolling stock wheel market growth in the forthcoming years.

Growing Adoption of Big Data in the Rail Industry to Propel Market Expansion

Increased adoption of big data applications in the railway sector is anticipated to fuel market growth. The adoption of big data offers the creation of real-time predictive algorithms. Further, it helps to understand technical, operational, and organizational issues related to the railway sector and its economical effects. High demand to enhance travel experiences such as smart ticketing, onboard internet, entertainment, door-to-door service, and automated fare collection. These innovative features and the adoption of technology in the rail sector are estimated to expand market growth. In addition, the adoption of an intelligent railway sector will reduce maintenance costs, improve the reliability of railways, and minimize risk by making railways a safe mode of communication. These factors are projected to drive market growth. Government initiatives and schemes to introduce new railway routes and expand metro routes are predicted to propel market growth. A high preference for comfortable journeys and less time-consuming is forecast to foster rolling stock wheel market expansion.

RESTRAINING FACTORS

Huge Capital Investment and Refurbishment to Impede Market Progress

An increase in the refurbishment of existing rolling stock is projected to hinder market growth in the upcoming years. The high capital requirement for the project is estimated to hamper the market growth.

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ROLLING STOCK WHEEL MARKET REGIONAL INSIGHTS

High Demand for Effective Transportation in Asia Pacific to Drive Market Share 

Asia Pacific is projected to hold the highest rolling stock wheel market share owing to the high demand for effective transportation. Increasing demand for new rail projects is valued to surge market growth. Growing demand to replace old rolling stock is predicted to surge market growth. Increased urbanization and traffic congestion are anticipated to expand market growth. Further, the growing electrification of railway networks is estimated to surge the growth opportunities for the market.  Government initiatives and schemes to introduce new railway routes and expand metro routes are predicted to propel rolling stock wheel market growth.

KEY INDUSTRY PLAYERS

Leading Players Adopt Strategies to Stay Competitive

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Top Rolling Stock Wheel Companies

• Interpipe (Ukraine)
• Nippon Steel Corporation (Japan)
• Standard Steel (India)
• OMK Steel (Russia)
• Masteel Group (China)
• EVRAZ NTMK (Russia)
• ZHIQI RAILWAY EQUIPMENT (China)
• Amsted Rail (U.S.)
• Taiyuan Heavy Industry (Russia)
• Bochumer Verein Verkehrstechnik (BVV) (Germany)
• GHH-Bonatrans (China)
• Lucchini RS (Italy)
• Datong ABC Castings Company Limited (DACC) (China)
• Xinyang Amsted Tonghe Wheels (China)
• CAF (Spain)
• Rolling Stock Wheel Factory (India)
• MWL (Brazil)
• Comsteel (Australia)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.