Wilmington, Delaware, United States, April 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global railcar mover market was valued at US$ 137.0 Mn in 2022 and is estimated to expand at a CAGR of 3.4% during the forecast period from 2023 to 2031 and reach US$ 183.0 Mn by the end of 2031. Key government initiatives toward expansion of rail networks in major economies, such as China and India, is likely to boost railcar mover industry in Asia Pacific,
Increase in demand for railcar movers in heavy machinery industries, such as mining, manufacturing, and oil & gas, and growth of railroad transportation are driving the railcar mover market.
Railcar movers are rail and road vehicles that can travel on rail tracks as well as roads. Railcar movers have couplers fitted at one end to hook small railroad vehicles to move around a small yard or in rail siding. Railcar movers are extensively used by railroad customers, such as Indian Railways and Union Pacific Corporation due to their relatively low cost than railroad operators.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 137.0 Mn | |
| Estimated Value | US$ 183.0 Mn | |
| Growth Rate - CAGR | 3.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | Purpose, Mode of Operation, Track Type, Propulsion Type, Tractive Effort, Application, Number of Coupling, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | BOSS RAILCAR MOVERS, Brandt Road Rail Corporation, Calbrandt, DJ Products Inc., Leaf Automotive, Mitchell Equipment Corporation, Nordco Inc., Rail King, Railquip Inc., Shuttlewagon Inc., Stewart & Stevenson LLC, Trackmobile Inc., Unilokomotive, Wolter Group LLC, and Zephir S.p.A. | |
Key Findings of Study
Increase in Adoption of Electric Railcar Mover – Need for fuel-efficient railroad vehicles is boosting the adoption of electric railcar movers. Moreover, advantage of minimum operational cost of electric railcar movers in comparison to diesel powered railcars is fueling industry growth. Noise-free operation and higher performance are some other attributes of electric railcar movers.
Initiatives of key players for the development and introduction of advanced electric railcar movers is anticipated to boost market value during the forecast period. For instance, in January 2020, Shuttlewagon announced the expansion of its product offerings through the addition of SWXe Series Compact Electric railcar mover.
Shift in Preference Toward Railroad Mode of Transportation – Growth in population across the world is fueling the demand for safe and fast public transportation. This has led to the introduction of advanced railcar movers to improve operational efficiency and maximize uptime. Furthermore, in line with the terms of Paris Climate Accord, governments of several participating nations have announced a ban on the usage of diesel powered railroad vehicles.
Government bodies across the world are focused on the development of railway infrastructure. Railroad vehicles are a key mode of transportation due to their significantly low amount of greenhouse gas emissions as compared to air and road transportation. These factors are anticipated to create lucrative business opportunities for companies operating in the railcar mover market in the next few years.
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High Demand for Railcar Mover in Metal Processing Industry - Based on end user the metal processing segment is expected to account for the leading railcar mover market share in the next few years. Increase in operational expenses of metal processing plants and surge in cost of scrap products and recycling processes are key factors fueling market development. Consequently, this is driving the demand for highly secure and cost-efficient material handling tools or industrial machinery.
Usage of railcar movers allows metal and steel manufacturers to increase reliability and energy efficiency, and decrease delays and interruptions. Moreover, railcar movers help augment mobility and flexibility, speed up rail yard movements, and enhance workplace safety.
Metal processing companies are inclined toward efficient locomotive transport for timely delivery of metals for usage in several industries. Rise in demand for various metals, such as copper, steel, and iron, is anticipated to augment market growth in the next few years.
Growth Drivers
- Critical use of railcar movers in mining, oil & gas, and manufacturing industries is fueling the railcar mover market
- Assistance provided by government bodies to modernize railway tracks or establish new rail tracks is propelling the global market
Regional Analysis
Asia Pacific accounts for major share of the global railcar mover market owing to rapid industrialization and significant investments toward improvement of logistics services across industry sectors. Furthermore, key role of governments in major economies, such as China and India for expansion of rail networks is expected to boost market value during the forecast period.
Major steel producers in India, including Tata Steel and Jindal Steel & Power, are planning to expand operations, with total production capacity estimated to reach up to 29 million tons by 2024. This is anticipated to fuel the railcar mover market in the region in the next few years.
Competitive Insights
Competition in the railcar mover market is intense, with the presence of a few established players and new technology companies. Several key players are striving to enter long-term partnerships with governments, strategic collaborations with suppliers, and engage in continuous research and development activities.
Prominent companies in the railcar mover market include BOSS RAILCAR MOVERS, Calbrandt, Leaf Automotive, Nordco Inc., Mitchell Equipment Corporation, Railquip Inc., Rail King, Stewart & Stevenson LLC, Shuttlewagon Inc., Unilokomotive, Zephir S.p.A., Brandt Road Rail Corporation, DJ Products Inc., Trackmobile inc., and Wolter Group LLC.
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The railcar mover market is segmented as follows:
Railcar Mover Market, by Mode of Operation
- Manual
- Automatic
Railcar Mover Market, by Track Type
- Narrow
- Standard
- Wide Gauge
Railcar Mover Market, by Propulsion Type
- Fuel
- Hybrid & Electric
Railcar Mover Market, by Tractive Effort
- Low
- High
Railcar Mover Market, by Application
- Loading, Unloading, and Repositioning
- Forklift Trucks
- Railroad Truck Work Designing & Construction
- Locomotive Maintenance
- Repair & Overhaul
- Raw Material Transportation and Distribution
- Freight Transport
- Others
Railcar Mover Market, by Number of Coupling
- Single
- Dual
Railcar Mover Market, by End User
- Oil & Gas
- Mining
- Metal Processing
- Power Generation
- Chemical & Plastics
- Construction
- Industrial
- Others
Railcar Mover Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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