Train Wheel Market by Type (high speed, freight, wagons, passenger wagons, locos), Wheel Type (high toughness (HT) wheel, corrugated wheel, noise damped wheel, braking-heat resistant wheel, solid wheel, others), Application (aftermarket, OEM) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2017 to 2027

Owing to benefits such as maintains vehicle in the central position w.r.t. the track, smooth riding, reduction in wear and tear of wheel flanges, prevention from slipping of wheel, improvement in life of sleepers and rails, train wheel is experiencing rapid adoption, thus fostering progress in global train wheel market.

The value of the Train Wheel market is projected to grow to US$4.2 Billion with an estimated CAGR of 4.4 % by 2027

Covid-19 Impact & Market Status

The global train wheel market was expected to grow substantially in the forthcoming years due to increased rail transport, travel, and infrastructural investment. However, the covid-19 pandemic significantly altered the consumer behavior passenger transport and freight thereby affecting the total supply chain from timing, breadth, to volume of purchases. This impacted the interaction between producers and consumers thus global train wheel market suffering huge setbacks.

However, to cope with the challenges, the governments have adopted social distancing policies proving effective in halting pandemic and steadily boost the global train wheel market. The long distance journeys are being taken into consideration the new health standards. This is helping avoid eventual new cases and future outbreaks allowing smooth, fast, and secure travel for both passengers and operators. This is boosting the global train wheel market.

This global train wheel market report studies the market with a world view and provides current status of the market, future market forecasts, strengths, opportunities, competitive environment and other crucial market information important for market players to understand to benchmark in the market. The report investigates the impact of covid-19 on the global train wheel market. The report also gives proposals on how the global train market players should approach the “new normal,” and be resilient in case of future outbreaks.

High Speed Train Wheel Type to Emerge as the Most Lucrative Segment

The global train wheel market is classified into high speed, freight, wagons, passenger wagons, and locomotive based on Type. Among these, the high speed train wheel type segment is experiencing rapid adoption and is poised for substantial market growth in global train wheel market owing to multiple factors. The high speed train wheels support the entire load of the bogies and are designed in such a way that they can reach upto 300 km per hour of speed with high brake and acceleration. These are some key factors increasing the demand of high speed train wheel in global train wheel market.

High Toughness (HT) Train Wheel to Remain Atop

The global train wheel market is classified into high toughness (HT) wheel, corrugated wheel, noise damped wheel, braking-heat resistant wheel, solid wheel, and others based on wheel type. Among these, the high toughness (HT) wheel has gathered maximum revenue in global train wheel market and is expected to gather substantial market growth in forecast years 2021-2028. The key factors such as superlative load carrying capabilities, lesser maintenance, good braking, and good tractive capability.

Industrial Applications to Ensure Revenue Maximization

The global train wheel market is classified aftermarket and OEM based on application. Among these, the original equipment manufacturer (OEM) held the largest market share of global train wheel due to factors like, improved connectivity & services, OEMs developing reliable, durable, high-speed, and efficient train wheels, and stringent rules announced by governments for safety of passengers enabling OEMs to design and manufacture highly potential axles and train wheels is boosting the global train wheel market.

North American Region to Render Ample Investment Avenues

Based on regional performance and segmentation, the North American region is likely to garner the lion's share of revenues in the forecast years in global train wheel market. This is evident from the rapid industrial and commercial applications of train wheel market by countries such as the US and Canada.

The ever-changing security norms and continuously advancing technology is resulting into countless changes in the design and features of the train wheels and increased demand propelling the global train wheel market. Furthermore, the countries leapfrogging several standards and jumping to the most strict and robust norms for safeguarding passengers from train accidents caused from wheel slip are allowing countries to pursue partnership initiatives with domestic and multinational companies, and launch next generation train wheels. These are some key factors propelling North America’s share in global train wheel market and is anticipated to witness growth and see tremendous change in near future. Following suit the European market is also emerging as a lucrative region based on similar market dynamics. Moreover, in the forecast years, the Asia Pacific region is also likely to emerge as a significant region backed by intense developments across emerging countries such as China and India.

Rapid end use applications such as OEM and aftermarket are fostering remarkable progress in global train wheel market.

Advantages such as superlative maintenance of gauge, fast, aggregate and secure transportation, lower energy consumption, aggregate transportation, higher security and environment preservation encourage further adoption of train wheel. 

Train wheels are uniquely designed wheels to be used on railway tracks. The wheels act as a rolling component typically pushing it on an axle and mounted directly on the railway carriage. The axle helps the wheels on both the sides rolling at the same speed and axis. Thus axle is the key part in keeping the train wheels operating safely. The train wheels support the entire load of the bogies. The train wheels now are designed in such a way that they can reach upto 300 km per hour of speed with high brake and acceleration thus accentuating the reliance on train wheels thereby boosting the global train wheels market.

Factors such as improved metallurgical structure and relieve internal stresses in wheel, railway wheel service performance reproducibility and durability, increased train wheel accuracy, sustainable quality of train wheel being manufactured, and higher security and environment preservation has boosted the global train wheel market.

Train accidents are becoming highly common and fatal due to defects in the vehicular and tracking, performance in sleep cracking, and wheel fatigue. Therefore, train wheel technologies are emerging to evade such mishaps.

Furthermore, the rolling noise and impact noise, ground vibrations and passenger discomfort are also depriving the growth of global train wheel market. Furthermore, the covid-19 has drastically reduced the train travel due to social distance measures and mobility restrictions thereby hampering the global train wheel market.

Conversely, easing mobility restrictions, greater infrastructural investment, airline companies improving transports facilities incorporating modern train wheels, and increased spending of government in new rail vehicles is anticipated to be growth opportunity to the global train wheel market.

The major players in the global train wheel market are Amsted Rail Company, Bombardier, Construcciones y Auxiliar de Ferrocarriles, CAF, and Nippon Steel & Sumitomo Metal Corporation among others. These manufacturers own the world’s largest share in global train wheel market. These manufacturers play an active role in developing train wheels for different purposes. The companies with highly teamed professionals provide full suite of services and support from spares & logistics, technical assistance, maintenance, training, and retrofits to customization to the regional and international customers. The market players for market fortification are undertaking several M&A, and R&D activities and expansions thereby accelerating their market share and market performance in global train wheel market.

Latest Innovations in the Global Train Wheel Market: a Snapshot

• New development material to rave-up performance of train wheels. The latest material is based on pearlite and ferrite materials and enables high efficiency in the wheel performance for high-speed trains. The wear-resistant capabilities of these new train wheels such as thermal efficiency and fatigue management are also high.

Train Wheel Market Scope

Key Segments of the Global Train Wheel Market

Type Overview, (USD Billion)

• High speed
• Freight
• Wagons
• Passenger wagons
• Locomotive

Wheel Type Overview, (USD Billion)

• High Toughness (HT) wheel
• Corrugated Wheel
• Noise damped wheel
• Braking-heat resistant wheel
• Solid wheel, others

Application Fields Overview, (USD Billion)

• Aftermarket
• OEM

Regional Overview, (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa