published Date SEP 2018

Rail Freight Transport Industry Size is expected to reach 220 billion by 2023 | At a CAGR of 3%

Growing concerns regarding emissions are leading to a modal shift from road to rail accelerating intermodal freight transportation and low cost are the key factors driving the growth of the market

September 10, 2018: The Global Rail Freight Transport Market is expected to be worth USD 220 billion by 2023, as per a new report published by Mordor Intelligence LLP. The market is expected to grow owing to factors such as increase in the intermodal freight transportation, fuel efficiency of rail transport when compared to trucks, and low cost of transportation, along with the ability to transport large amount of goods to long distances. Besides these factors, the continuously growing national concern regarding Green House Gas emissions is also encouraging the shift of freight transportation mode from road to rail With a strong growth anticipated in the freight demand in the future, there exists a huge potential for the growth of the rail freight transportation market to become the mainstay of the global logistics in the future. The growing economies, rising manufacturing and construction activities, along with the increasing investments, boost the growth in the rail freight industry.

The adoption of advanced and autonomous technologies that increase the efficiency of freight movement and help in reducing emissions, leads to growth in the market. However, the adoption rate in railways is comparatively lower when compared to that of trucks. The evolution of electric and autonomous trucks is expected to take place at a faster pace in the future leading to reduction of trucking costs. This may substantially pressure the rail freight industry and restrain the growth of rail freight transportation market.

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The growth in the rail freight transportation s leads to a demand for the services that are linked to rail freight transportation, such as the maintenance of locomotives, switching and sorting of freight, storage, etc. Also, the intermodal market being more lucrative, the rail operators can expand their businesses to provide first and last mile delivery services with joint rail-truck transportation services instead of other private operators.

Additionally, various government initiatives and Free Trade Agreements (FTAs), such as North American Free Trade Agreement (NAFTA), Belt and Road Initiative (BRI), facilitate the growth in trade boosting the rail freight movement. The BRI by China is expected to increase the trade between China and Europe by a tremendous amount.

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Key Insights from the Report:

  • North America holds a major market share in terms of revenue when compared to other regions and the United States dominates the North American Rail Freight Market. The number of private players owning and operating the railroads, presence of a large railroad network, along with 7 class I railroads, a growing and robust economy, etc., are some of the factors responsible for the market growth in the region.
  • The Rail Freight transport market is owned and operated by private companies in some regions, whereas in other regions, the national government operates the railways. Key players in the market include Union Pacific Railroad, Canadian National Railway, CSX Transportation, Norfolk Southern Railway, and BNSF Railway among others.

Global Rail Freight Transport Market segmentation based on Cargo Type, Destination, Service type and regional coverage:

Global Rail Freight Transport Market Segmentation, by Cargo Type

  • Containerized
  • Non - Containerized
  • Liquid Bulk

Global Rail Freight Transport Market Segmentation, by Destination

  • Domestic
  • International/Cross-Border

Global Rail Freight Transport Market Segmentation, by Service Type

  • Transportation
  • Services allied to Transportation

Global Rail Freight Transport Market Segmentation, by Region

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

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