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LONDON , Oct. 2, 2023 /PRNewswire/ -- As per The Business Research Company's Rail Freight Global Market Report 2023, the global rail freight market has experienced significant growth, with the market size increasing from $258.77 billion in 2022 to $273.23 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 5.6%. This trend is poised to persist, with projections indicating that the market will reach $332.67 billion in 2027, at a CAGR of 5.0%. The rail freight transport market growth is underpinned by several key factors, including the global population's expansion and ongoing urbanization, both of which contribute to the growing demand for rail freight services. Express Freight Logistics
The global rail freight market exhibits a degree of concentration, with several large players dominating the industry. In 2022, the top ten rail freight companies accounted for 43.44% of the total rail freight market. Berkshire Hathaway Inc. emerged as the largest competitor, holding a 9.91% market share, followed closely by China Railway Corporation, Canadian National Railway, Union Pacific Corporation, Norfolk Southern Corporation, CSX Corporation, Indian Railways, Deutsche Bahn AG, SNCF, and Japan Freight Railway Company (JR Freight).
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Leading companies in the rail freight market are harnessing the power of Artificial Intelligence (AI) to provide accurate analysis, real-time transport operations, transportation planning, and predictive operations. AI technologies are instrumental in optimizing rail operations, increasing capacity, and enhancing efficiency. For instance, in July 2023 , RailVision Analytics, a Canadian software company specializing in the rail industry, introduced AI-enabled software that aids locomotive engineers in making small adjustments during train operations, resulting in significant fuel savings. This innovative technology aligns with efforts to reduce greenhouse gas emissions from freight and passenger trains.
Market Segmentation and Growth Opportunities
The global rail freight market is segmented as follows:
By Type: Intermodals, Tank Wagons, Freight Cars
By Application: Oil and Gas, Mining Industry, Logistic Industry, Post Service, Other Applications
By Freight Type: Containerized, Liquid, Commodities, Other Applications
The segment poised for the most remarkable growth within the rail freight market, categorized by type, is the intermodals market, expected to achieve $54.572 billion in global annual sales by 2027.
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Asia-Pacific emerged as the largest region in the rail freight market, boasting a market worth of $115.7 billion in 2022.
The Asia-Pacific rail freight market benefits from its large population size, which fuels the demand for consumer goods and positively impacts rail freight demand. For instance, in 2019, Asia's population reached approximately 4.7 billion and is projected to increase to 5.3 billion by 2050.
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