Advent of sensor-integrated railcars with access to a series of advanced tracking and real-time monitoring services has been the prime reason advancing the demand for railcar leasing. These services are being integrated into bundled service offerings by key railcar lessors.
Asia Pacific has had the bulk of railway cars leased in recent years. This is due to increased urbanization and growing transportation of industrial goods within the emerging Asia Pacific economy. In the transportation of goods, both, leased railcars and railroads play a major role.
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Further, elevating cargo size and volume has pushed rail freight transportation usage, and more specifically, railcar leasing. This not only provides safe movement of kilo-tons of volume but also provides a way to reliably track real-time data of the leased railcars via integrated sensors and tracking platforms in place for the same.
On the back of these factors, railcar leasing is anticipated to surpass US$ 14.2 Bn in 2020, and the market is poised to expand at a CAGR of more than 9% through 2030.
Key Takeaways from Study
- The railcar leasing market is anticipated to add 2.4X value in 2030 as compared to 2020.
- Boxcars capture a major share, equivalent to the one-fourth of the global railcar leasing market, and are set to create US$ 6.4 Bn opportunity over the next ten years
- Among the end-use markets, automotive & components movement has been the fastest-growing segment, owing to rise in the automotive industry in the past decade; it is expected to remain the highest-growing segment in the end-use category.
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- Asia Pacific is set to dominate market revenue in 2021, and is expected to gain 497 BPS in its market share by 2030 over 2020.
- The industrial goods segment is anticipated to gain around 212 BPS over the forecast period of 2020-2030.
- The petrochemicals & gas end-use segment is anticipated to lose around 331 BPS by 2030.
- The market in the U.S. is projected to expand at a CAGR of over 9%, while that in China and India at around 12% and 13%, respectively, through 2030.
- Due to the COVID-19 crisis, demand for railcar leasing was hit in 2020, which saw growth at -1.7%. The year 2021 is expected to witness growth of over 5%.
“Integration of GPS modules and real-time temperature sensors, along with smart connected solutions, will facilitate growth opportunities for railcar lessors during the forecast period,” says a Fact.MR analyst.
Vital players have been acquiring companies so as to gain access to numerous end-use verticals, and improve their overall geographical presence in the process. Furthermore, increased collaborations for coming up with newer railcar offerings with performance improvements and integrated services will improve overall market growth of railcar leasing during the forecast period.
For instance, VTG introduced sensor-integrated railcars, providing higher energy efficiency, reduced noise generation, and requiring reduced traction energy.
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