Rail car Mover Market Segment Analysis- By Type
Based on type segmentation, Electric/Battery Powered Rail car Movers are analysed to grow with the highest CAGR of around 7.5% during the forecast period 2021-2026. Electric rail car movers have been gaining wide popularity across varied industrial markets due to benefits such as minimal maintenance or running costs with elimination of engine induced vibrations. In addition, these rail car movers can eliminate vehicular emissions, low noise emissions, low maintenance needs, easy operating controls as well as deliver higher traction performances, thus making it an environment friendly alternative for the end use customers. Moreover, growing trends such as smart automation has been also creating a positive impact on shifting towards automatically operated electric options to drive more productivity and efficiency conducting industrial operations. In January 2020, Shuttlewagon announced about the launch of compact electric rail car movers, named SWXe series, as a part of expanding its mobile rail car movers product line. This development was meant to complement its Navigator All-electric series, designed specifically for high tractive effort conditions where companies need to move up to 40 loaded or empty rail cars. Such factors can further help in boosting the market growth of electric rail car movers in the long run.
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Railcar Mover Market Segment Analysis- By End Users
Metal Processing sector is analyzed to account with the highest CAGR of around 6.4% in the global Rail car Mover market during 2021-2026. Factors such as increasing plant expenses, cost of scrap by products and recycling processes are some of the major areas driving the need for cost-efficient and highly secure material handling tools or machinery. Adoption of rail car movers help the manufacturers engaged in steel and metal production towards improving profitability, reliability along with energy efficiency, leading to less production disruptions or delays. Incorporating rail car movers over traditional bulky locomotives help in improving workplace safety, increase mobility and flexibility, faster rail yard movements owing to bimodal capabilities, and many more, gaining it traction across metal & mineral industries. Since the demand for various metals such as iron, steel, copper and others have been growing significantly overtime, the need for metal processing firms towards opting for efficient locomotive transport ensuring timely delivery of metals for construction purposes, and many other industries becomes essential, aiding the market growth for rail car movers. In August 2021, SAIL (Steel Authority of India) had revealed about its plans of finalizing the next phase of its modernization and capacity expansion to more than double of installed crude steel production in the coming 15-18 months. This expansion of production capacity is set to propel the demand towards rail car movers during the forecast period.
Railcar Mover Market Segment Analysis- Geography
APAC region had contributed with the largest market share of around 39% in 2020 and is also analysed to have a significant growth over the forecast period 2021-2026. Increasing investments on chemical industries, metal processing and others along with surge of goods shipment for varied end use sectors can be considered as some of the major factors attributed to the market growth of rail car movers in the region. Rapid industrialization, investments on enhancing logistics services, growth of mining, oil & gas, and related sectors overtime have been also assisting the growth of rail car movers. In addition, expansion of rail networks in China, India along with governmental initiatives or investments towards rail freight corridor projects will facilitate the demand for rail car movers in the long run. In May 2021, some of the major Indian steel companies such as Tata Steel, JSW Steel, Jindal Steel & Power and others have been looking on restarting expansion projects, which will help in adding up to 29 million capability by 2024. Such measures are set to influence the need for rail car movers in the coming time as a part of meeting rise in steel prices.
Rail car Mover Market Drivers
Increasing growth of chemical industries:
Increasing growth of chemical industries act as a one of the major factors driving the market growth of rail car movers. In chemical industries, safety, reliability, efficiency along with productivity serve as the critical requirements, which in turn creates the need for safe transportation of chemicals to avoid industrial hazards or work safety compromises. Adoption of rail car movers have been gaining wide popularity across hazardous environments in chemical production & processing industries in order to offer asset preservation, reducing operational costs, driving work automation and many others. Moreover, owing to varied regulatory compliance, chemical firms need to focus highly on ensuring safety and protection within its workplace during storage, transportation or distribution of chemical products to customers, thereby boosting the market growth of rail car movers. Rise in chemical plant expansion projects or establishment of new infrastructures overtime along with increasing demand for chemicals in agricultural applications and many others will also fuel the demand for rail car movers in the long run. In March 2021, ExxonMobil had revealed about its plans of investing around $334 million within its Baton Rouge Chemical Plant, focusing on both expansion as well as ongoing maintenance of unspecified units, expected to be completed in 2023. Such factors will further assist the growth of rail car movers in the chemical facilities in the coming time.
Rising investments on railway freight corridors drives the market forward:
Rising investments on railway freight corridors can also be considered as a major driver boosting the growth of Rail car Mover market. Establishment of new railway freight corridors across various countries as a part of improving freight transport operations and enhance logistics sector. These infrastructural developments will further influence the growth of various types of rail car movers towards optimization of locomotive safety and efficiency. In July 2019, Indian Railways announced about seeking government approval on building three dedicated corridor networks with an investment of around $43.53 billion. This initiative was taken with an aim of facilitating freight movement in the country along with assisting in optimizing passenger railway operations. Such factors can be considered vital in raising the need for rail car movers in the long run.
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Rail car Mover Market Challenges
Limitations regarding rail transportation:
Limitations regarding rail transportation act as one of the major factors restraining the market growth of rail car movers. Utilizing rail car movers enhances reliability and flexibility long with safer transport or shipments over long distances, which limits its adaptability for covering shorter distances. In addition, opting for rail transportation incurs the need to abide by certain regulatory compliance alongside limited shipment/ban of certain goods by the government further hampers the deployment of rail car movers by the end user sectors. Moreover, issues such as time-sensitive transport of goods, followed by varying or fluctuating prices of rail line corridors overtime have been also serving a major part in creating an adverse impact on the market growth of rail car movers.
Rail car Mover Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Rail car Mover market. Rail car Mover top 10 companies include Nordco Inc., Trackmobile LLC, Mitchell Equipment Corporation, Zephir S.p.A, Shuttle Wagon Inc., Railking, LEAF Automotive, BOSS Railcar Movers, Wolter Group LLC and DJ Products among others.
In October 2020, Trackmobile, Zephir S.p.A and LEAF Automotive have jointly collaborated under the Global Railcar Mover Group for continuing its production of high quality equipment designed for utmost safety.
In February 2019, DJ Products announced about the launch of a battery powered compact rail car mover, named RailCarCaddy, which is capable of allowing moving rail cars weighing upto 200,000 pounds with minimal efforts.
Rising investments on railway freight corridors along with increasing growth of chemical industries is analysed to significantly drive the Rail car Mover market during the forecast period 2021-2026.
Electric/battery powered rail car mover sector is anticipated to grow with the highest CAGR during 2021-2026, attributing to factors including reduced vehicular emissions, ease of operation and others.
APAC held the largest market share in 2020, owing to various factors including rapid industrialization, investment on upgrading railway tracks and so on.
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