According to latest research by Fact.MR, fright wagons market is set to witness steady growth during 2021-2031 and shall surpass net valuation of US$ 10,000 Mn during same time frame. Demand for fright wagons will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Opening world economy, increasing free trade agreements and mounting logistical infrastructure developments will propel the market towards optimistic growth.
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Freight wagons are rolling stock that are used to transport goods and commodities. Railways are one of the many modes of transportation available for trade, and it is likely to be the cheapest. As compared to road transportation, this mode of transportation can carry a large amount of cargo in a single trip, while still taking less time over long distances than a maritime route.
Globally, as economies begin to open up and policymakers relax trade regulations, market opportunities are expected to expand northward. Governments all over the world are putting a premium on last-mile connectivity for trade, resulting in a boom in investment in logistical infrastructure.
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The number of projects to expand the railway network for inter-state and intra-state trade is growing. On similar grounds, innovations such as dedicated freight corridors are expected to boost trading opportunities, thus increasing demand for freight wagons.
Furthermore, manufacturers and mobility solution providers have focused on technology-enabled freight movement in recent years. The Internet of Things (IoT) and data are the industry’s next big game. This technology will assist in obtaining, storing, and analyzing data for the purposes of rail track maintenance, improved reliability, and increased productivity. This advantage over the traditional approach is expected to increase demand over the course of the evaluation period.
In terms of sales, Europe is projected to be the next big market. Russia’s vast railway network, as well as its fear activity for minerals, coals, and agricultural products, have all contributed to its integrated trade with European countries. In the near future, South Asia is projected to expand at an exponential rate. The region is witnessing increase in trade, self-manufacturing capabilities and developing projects like dedicated freight corridors along with large ports is to foster the wagon sales.
MEA region is experiencing foreign investments for securing various trade routes such as railway network from Iran’s Gwadar port to Afghanistan. These developments will accelerate the growth in long term.
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COVID-19 pandemic lockdown restricted man and material movement across many horizons. Various industries were hit hard and freight wagon was no exception.
To combat the pandemic, governments all over the world imposed trade and manufacturing controls. Trade disruptions resulted in economic losses and increased demand for wagons. Similarly, the raw material supply has been disrupted by the closure of production plants, and there has been a significant gap in the demand supply chain. However, the lockdown guidelines were transient and is anticipated to diminish in near future. Hence, aftermath lockdown the global trade and demand is expected to come on track.
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