According to the report titled, ‘Global Rail Wheel Market Size study, by Wheel Type (Monoblock Wheels, Resilient Wheels, Rubber Tired Wheels, Steel Tired Wheels, and Other Special Wheels), By Axle (Hollow Axles and Solid Axles), and Regional Forecasts 2021-2027’, available with Market Study Report, global rail wheel market is anticipated to grow substantially during 2021-2027.
 

Rise in new railway projects, subsequent increase in locomotive and bogie production, surge in the number of rail passengers as well as freight traffic are boosting global rail wheel market expansion. In addition, rising focus on electrification of rail lines in developing regions has further accelerated market augmentation.
 

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For the unversed, rail wheels are specifically designed to be used on rail line tracks. These wheels are pushed onto a hub and mounted directly on a locomotive or railway carriage.
 

Elaborating on the negatives, lockdowns and travel bans in the wake of COVID-19 pandemic have seriously affected railway transportation globally, thus slowing down the market development. Moreover, shortcomings associated with IoT infrastructure in developing and developed economies is impeding the industry progression.
 

The market sphere is segmented on the basis of wheel type, axel spectrum, and geographical scope. In terms of wheel type, monoblock wheels, rubber tired wheels, resilient wheels, and steel tired wheels are major segements covered in the document. With respect to axel spectrum, the industry is split into hollow axles and solid axles.
 

From the geographical frame of reference, North America, Asia Pacific, Europe, and Latin America are the regions considered to understand the dynamics of global rail wheel market.  Among these, North America market is expanding notably owing to technical advancements in rail wheels along with the presence of well-established railway network in the region.
 

Parallelly, Asia Pacific market is touted to record significant CAGR during 2021-2027 accreditable to advancements in terms of connectivity and improvements in railway infrastructure across the region.
 

Key players like Lucchini RS S.p.A, Kolowag AD, CRRC Sifang Co., Ltd, Comsteel Pty Ltd, Caf USA, Inc, BONATRANS GROUP a.s, Bombardier, Inc, Bharat Forge Limited, and ArcelorMittal S.A are profiled in global rail wheel market report. These companies are focusing on new product development and launches, and partnerships to improve their market positioning.