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(Transportation-News.com, December 13, 2018 ) Growing need for delivering commodities in a cost-effective manner in various industries is projected to fuel demand for railcars globally. In addition, surge in the number of construction projects is projected to impact growth of the global market positively. A recently compiled report by FactMR reveals that the global market of railcar leasing is projected to reflect a healthy CAGR of 5.6% over the forecast period, 2017-2022. Growth of the Global Railcar Leasing Market is bound to increasing number of construction projects and production process in several industries. Demand for construction related commodities is likely to remain high during the implementation process of the construction project. Without the available construction commodities, progress of the construction project is likely to remain at halt. Delay due to unavailability of the construction commodities will add to the expenses of the construction project. Several industries are increasingly leasing railcars attributed to increasing demand for shipping commodities in a comparatively fast and cost-effective manner. Demand for railcars is mainly concentrated in the petroleum & gas industry, food and beverages industry, shipping industry, and agricultural industry.
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As technology and innovation are transforming the definition of transportation, the patterns of commerce and trade have changed on the similar lines with this transformation. With emergence of technology, commuting has become comparatively reliant, efficient, faster, and cheaper. Several industries are leasing trucks, container ships, and railcars for transportation of production materials.
Without assortment of raw materials, majority of the construction projects are put at a halt mode. Growing need to carry diverse array of raw materials for production and construction projects in various industries has revved up demand for railcars significantly. Delivering construction materials to the customers at the right time adds to the efficiency during the implementation of the project. Moreover, as distances for procurement of construction materials could be longer, industries bear with additional cost of procurement. Bound to such factors, demand for railcars is expected to rev up in the several industries including shipping, construction, and agriculture, mining, automotive, and construction goods.
For transporting chemical or petroleum-based commodities to the end users, various industries continue to lease tank cars. However, application of this freight car has diversified to transportation of commodities related to the food and beverages industry. Moreover, a combination of flatcars, gondolas, and boxcars for transporting several commodities including oil, lumber, and coal products. As railcars continue to represent a lucrative opportunity, several oil companies are leasing railcars in order to transport their commodities to other places.
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Growing need to carry freight in various industries has led to an upsurge in demand for leasing boxcars. The boxcars segment as compared to other railcar types is expected to witness the highest revenue growth, accounting for a value of over US$ 900 Mn by the end of 2022. The hopper cars segment is expected to represent the second highest revenue growth in the global market by the end of 2022. However, the gondolas segment is expected to register the highest CAGR in the global railcar leasing market throughout 2022.
The petrochemical & gases segment is expected to witness the highest revenue growth, accounting for a value of over US$ 800 Mn by the end of 2017. The agri-produce, forestry, and F&B products segment is expected to represent the second highest revenue growth in the global market by the end of 2017. However, the industrial goods segment is expected to register the highest CAGR in the global railcar leasing market throughout 2022.
Surge in demand for shipping agricultural commodities including coals and grains is expected to impact growth of the global railcar leasing market positively. Growing need for shipping commodities such as grains and coals is expected to rev up demand for the railcars in the agricultural industry.
Competition Chasing
Leading market players operating in the global railcar leasing market include Beacon Rail Leasing, GATX Corp, Touax Rail, VTG, CIT, American Railcar Industries, Infinity Rail, Progress Rail Services, GLNX Corporation, and Chicago Freight Car Leasing.
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