- Railcar is a train that consist of single coach including carriage and car and is designed to transport goods. A service that provides these railcars on lease or on rent basis is called railcar leasing. It offers diverse carriage and cars for full-service or lease. The lease also includes tax and insurance charges, as well as other financial structures.
- Railcar leasing service can be utilized for transportation including metals and mining, oil & gas products and other products. Transportation through railcar is increasing due to growing industrialization, which is likely to boost the railcar leasing market across the globe.
Key drivers of Railcar Leasing Market:
- Rise in demand for petrochemical and gases transportation through railcar is likely to propel the railcar leasing market across the globe. Perishable food products that are being transported through refrigerated containers would be lucrative for the railcar leasing market. Rise in demand for perishable goods including seafood and pharmaceutical products, which are stored in a temperature controlled containers, is anticipated to boost the railcar leasing market across the globe.
- Intelligent railcars digitalize the railcar operations, which is connected across the entire supply chain, is likely to fuel the railcar leasing market across the globe. Integration of Internet of things (IoT) in railcars, which offers features such as digital assistance for loading and unloading and provides arrival notification, is estimated to boost the railcar leasing market across the globe. Enactment of stringent regulations regarding safety concerns about railcars, including DOT 117, across the globe is expected to propel the global railcar leasing market.
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Asia Pacific and North America to hold prominent share of global railcar leasing market
- Asia Pacific is projected to hold a major share of the global railcar leasing market due to growing investments by governments for development of transportation infrastructure projects related to railways across the region. Rise in petrochemical transportation is a key factor that is likely to propel the railcar leasing market in Asia Pacific.
- Followed by Asia Pacific, North America is projected to hold a significant share of the global railcar leasing market due to an increase in rail freight supply chains across North America. Expansion of railway network across North America is anticipated to further drive the railcar leasing market in the region. Key players are entering into partnerships with railcar manufacturers to manage lease and outsource fleets across North America, which in turn is likely to fuel the railcar leasing market in the region.
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Key Players Operating in Global Railcar Leasing Market
The global railcar leasing market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the railcar leasing market are:
- American Railcar Industries Inc.
- Brunswick Rail Management Ltd.
- CIT Group Inc.
- GATX Corporation
- Mitsui Rail Capital
- The Greenbrier Companies
- Trinity Industries Inc.