The Business Research Company’s Freight Cars Global Market Report 2021: COVID 19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, February 17, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
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Freight cars are now enabled with GPS tracking. This is likely to be an emerging trend in the freight cars leasing market. The efficiency of freight cars transport will be augmented with the use of advanced GPS technologies. Incorporation of GPS technologies into freight cars by rail operators helps in managing the transport process, scheduling of freight cars, maintain a consistent delivery process, and reduction in theft of goods from the freight cars. For instance, in 2019, Indian Railways began real-time monitoring of over 700 trains (passenger and freight), using The Control Office Application (COA) system. The COA was designed by ISRO after collaborating with the Indian Railways to monitor the movement of freight cars even between two stations with GPS. Therefore, demand for freight cars is expected to be increased with the incorporation of certain criteria such as real-time data and on-time deliveries.
Other trends in the market include company mergers and acquisitions. In July 2019, The Greenbrier Companies, Inc, a leading international supplier of equipment and services to the freight rail transportation markets, acquired the manufacturing business of American Railcar Industries (ARI) from ITE Management for an undisclosed amount. ITE Management is an investment firm that operates industrial and transportation assets and companies. The acquisition will strengthen Greenbrier’s position in product offering in tank cars and covered hoppers and expand its customer base. The acquisition will also extend Greenbrier’s reputation in design leadership and quality in the North American freight cars market.
Other major players with freight cars market shares are CN Railway, DB Schenker, SBB Cargo, Union Pacific, Kansas City Southern, CSX Corporation, Norfolk Southern Corporation, Housatonic Railroad Company, Linfox Pty Ltd.
The global freight cars market is expected to grow from $135.32 billion in 2020 to $148.87 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $193 billion in 2025 at a CAGR of 6.7%.
Freight Cars Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides freight cars market overview, forecast freight cars market size and growth for the whole market, freight cars market segments, and geographies, freight cars market trends, freight cars market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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