LONDON--(BUSINESS WIRE)--Technavio’s research report on the railcar leasing market in North America projects the market to grow at a CAGR of almost 7% during the forecast period.
The integration of intelligent systems in freight cars will be one of the major trends in the railcar leasing market in North America during 2019-2023. The modern freight cars are integrated with intelligent systems such as telematics and IT monitoring systems that help in storing and processing the data received through various sensors attached to the railcars. These integrated systems also assist in determining unauthorized access to doors. This ensures safe and reliable transfer of goods.
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According to Technavio analysts, one of the key drivers for the railcar leasing market in North America is the increasing demand for tank cars due to growing crude oil production:
Railcar leasing market in North America: Increasing demand for tank cars due to growing crude oil production
The tank cars contribute a significant share to the railcar leasing market. They are used to transport crude oil and gasoline products. During the last six years, the crude oil production has increased in North America, particularly the US. This is due to the increasing automotive sales and new oil exploration projects in the region.
According to a senior analyst at Technavio for research on logistics, “There will be an increase in the production of refined products such as gasoline due to the increasing crude oil production. The demand for tank cars has increased in North America over the last few years due to the rise in the production of flammable products. The tank cars carrying flammable and toxic materials must be manufactured as per Federal Road Administration regulations due to which many manufacturers prefer leasing of rail cars for crude oil transportation.”
Railcar leasing market in North America: Segmentation analysis
This research report on the railcar leasing market in North America provides market segmentation by end-user (petroleum and chemical, coal, agricultural products, and others), by product (freight cars, tank cars, and locomotives), and by region (the US and rest of North America). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the petroleum and chemical segment held the largest railcar leasing market share in 2018, contributing to nearly 30% of the market. This end-user segment will dominate the global market throughout the forecast period.
The US region held the largest share of the market in 2018, accounting for close to 66% share. The region is expected to grow at a CAGR of approximately 7% during the period 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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