Global Railcar Mover Market to be stimulated by Growth in Railway Transit Networks in Asia Pacific
Published On : May 13, 2015 | Category : Consumer Goods & Services
The global railcar mover market is teeming with opportunities for regional as well as multinational manufacturers of railcar movers on account of extensive growth in the railway transit network in Asia Pacific. Furthermore, the investment in railroad infrastructure, which has reduced shipment costs and pollution while increasing access to products, has encouraged the global market. Technical advancement in railcar movers to make them electrically powered in order to reduce cost and fossil fuel consumption is also expected to present the market with novel opportunities.
The ability of railcar movers to run on roads as well as rail tracks is the key growth driver of this market. These movers also consume less fuel than traditional railways, which is another advantage supporting this market. The increasing demand for rail equipment and services is also propelling the global railcar movers market further. In addition to this, the rise in the construction, chemical, production, and agricultural industries, together with the increasing number of railroads, is stimulating the demand for railcar movers across the globe. However, the market is facing a global challenge owing to low penetration in nationalized railway transit networks. The analysts at leading market research firm Transparency Market Research (TMR) expect the global railcar mover market to develop at a CAGR of 1.02% between 2014 and 2020.
Asia Pacific to Register Fastest Growth among Regional Railcar Mover Markets
The global railcar mover market is distributed among the regional markets in North America, Europe, Asia Pacific, and the Rest of the World. The railcar mover market in North America dominated the global industry in 2013 and is expected to register growth at an estimated 0.69% CAGR during the period from 2014 and 2020.
The increasing production of crude oil in North America has augmented the demand for railcars used to carry crude oil to refineries, eventually resulting in an increased demand for railcar movers. Apart from this, the increasing shipment of grains, chemicals, minerals, autos, and construction materials has fueled the growth of the market for railcar movers in North America. Additionally, the rise in the production of natural gas, oil, coal, and other liquefied biofuels is expected to propel the growth of the regional market in the coming years.
The railcar mover market in Asia Pacific is projected to develop at a CAGR of 1.33% between 2014 and 2020. The growing industrialization in Asia Pacific, backed by the stable economic conditions resulting in high disposable incomes, is driving this market.
In the Middle East, the railcar mover market is fueled by the escalating expenses for logistics in the natural gas, crude oil, and mining industries, whereas the betterment in economic condition and rapid industrialization in the Rest of the World regional segment is projected to add to the growth of the railcar mover market in the Rest of the World in the coming years.
Shuttlewagon, Trackmobile, and Railking Control Global Railcar Mover Market
Manufacturers in the global railcar mover industry play a crucial role in technical modification and pricing of railcar movers as well as consistency in the value chain of the global railcar mover market. The production of railcar movers depends on the demand from the oil and gas, mining, and manufacturing industries. The manufacturers are highly competent and maintain the price pressure on the regional raw material suppliers operating in the industry.
The global market for railcar movers is highly consolidated, with three key players - Shuttlewagon, Inc., Trackmobile, Inc., and Railking – accounting for the majority of the overall market. Other prominent participants of this industry supplying products to end-use industries are Brandt Road Rail Corp., Railquip, Inc., and Stewart & Stevenson, LLC.
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