The new railcar movers market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Railcar Movers Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the railcar movers market.
"One of the primary growth drivers for this market is the Energy-efficiency of Railroad Transportation," says a senior analyst for the Industrials industry at Technavio.
Railroad transport functioning with the support of railcar movers is effective and efficient as it can handle a large volume of cargo in a short span of time. With advances in technology, railcar movers are now built with hybrid engines that are not impacted by volatility in the crude oil prices. This will increase the cost-effectiveness of railcars, which will subsequently influence the railroad car mover market growth.
As the markets recover, Technavio expects the railcar movers market size to grow by USD 2.9 million during the period 2020-2024.
Railcar Movers Market Segment Highlights for 2020
The railcar movers market is expected to post a year-over-year growth rate of 0.62%.
Railcar movers in the metal and mineral industry are common in Europe and the US. Growth in the mining industry in Europe will result in more transportation of minerals and metal through railcars, which will increase the demand for railcar movers.
Therefore, the railcar movers market share growth by the metal and mineral segment will be significant during the forecast period.
51% of the growth will originate from the APAC region.
Expansion of rail network in China to Europe and Russia through the Silk Road Project and One Belt One Road (OBOR) projects and the progressing work on rail freight corridors will significantly drive railcar movers market growth in this region over the forecast period.
China and Australia are the key markets for railcar movers in APAC. Market growth in this region will be faster than the growth of the market in regions.
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The railcar movers market size is expected to accelerate at a CAGR of over 1% during the forecast period.
The railcar movers market is segmented by Application (Metal and mineral, Oil and gas, and CCC) and Geography (APAC, North America, Europe, MEA, and South America).
The market is concentrated due to the presence of a few established vendors holding significant market share.
The research report offers information on several market vendors, including BOSS RAILCAR MOVERS, Calbrandt, Mitchell Equipment Corp., Nordco Inc., Railquip Inc, Shuttlewagon Inc., STEWART & STEVENSON LLC, Trackmobile LLC, Unilokomotive Ltd., and ZAGRO Bahn- und Baumaschinen GmbH
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