A key factor driving the growth of the global railcar leasing market is the cost advantages offered by railcar leasing. The increasing requirement for railcars owing to the rising rail logistics activities are further encouraging leasing companies to increase funding for well-maintained quality railcars. In addition, leasing equipment has emerged as a cost-effective option for end-users in the market, as it enables them to use the latest equipment and technologies without incurring a huge cost. Moreover, with increasing developments in railway infrastructure in emerging economies including Brazil, Russia, China, Indonesia, and India, the railcar leasing market is anticipated to witness considerable growth during the forecast period.
As per Technavio, the advances in railcar systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global railcar leasing market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global railcar leasing market: Advanced in railcar systems
Innovations in design and the integration of intelligent systems in freight cars are key trends anticipated to gain traction during the forecast period. Intelligent systems including telematics and monitoring systems including IoT help in storing and processing the data received through various sensors attached to the railcars. In addition, these integrated systems also aid in identifying unauthorized access to the doors while ensuring safe and reliable transportation of goods. Furthermore, railcar systems with integrated conditioning systems monitor the distance covered and conditions of railcars during transportation. This helps the manufacturers in planning the maintenance work to ensure the efficient functioning of the railcar. Thus, with rapidly growing advances in the railcar systems, the railcar leasing market will witness continuous growth during the forecast period.
“Railway expansion projects are gaining prominence owing to the increasing use of railways for the transportation of cargo, oil, and other products. In addition, the relaxation of rail freight tariffs and custom procedures are encouraging major logistics service providers to rely on railcar transportation. This, in turn, is further likely to drive the railcar leasing market growth during the forecast period,” says a senior research analyst at Technavio.
Global railcar leasing market: Segmentation analysis
This market research report segments the global railcar leasing market by type (freight cars, tank cars, and locomotives) and geographic regions (North America, APAC, Europe, MEA, and South America).
North America led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. The market growth in North America can be attributed to the rising demand for rail freight logistics from various industry segments. In addition, rising environmental concerns and increasing efficiency of rail networks will further boost the railcar leasing market growth in North America over the forecast period.
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