As technology and innovation are transforming the definition of transportation, the patterns of commerce and trade have changed on the similar lines with this transformation. With emergence of technology, commuting has become comparatively reliant, efficient, faster, and cheaper. Several industries are leasing trucks, container ships, and railcars for transportation of production materials.
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Without assortment of raw materials, majority of the construction projects are put at a halt mode. Growing need to carry diverse array of raw materials for production and construction projects in various industries has revved up demand for railcars significantly. Delivering construction materials to the customers at the right time adds to the efficiency during the implementation of the project. Moreover, as distances for procurement of construction materials could be longer, industries bear with additional cost of procurement. Bound to such factors, demand for railcars is expected to rev up in the several industries including shipping, construction, agriculture, mining, automotive, and construction goods.
For transporting chemical or petroleum-based commodities to the end users, various industries continue to lease tank cars. However, application of this freight car has diversified to transportation of commodities related to the food and beverages industry. Moreover, a combination of flatcars, gondolas, and boxcars for transporting several commodities including oil, lumber, and coal products. As railcars continue to represent a lucrative opportunity, several oil companies are leasing railcars in order to transport their commodities to other places.
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Surge in demand for shipping agricultural commodities including coals and grains is expected to impact growth of the global railcar leasing market positively. Growing need for shipping commodities such as grains and coals is expected to rev up demand for the railcars in the agricultural industry.
As shipping freights and transporting commodities comprise a vital part of the construction project, various industries are increasingly leasing railcars in order to save time and increase efficiency during the production and construction process. Moreover, with increasing need for containerization in a cost-effective manner, demand for railcars leasing is expected to increase among several industries.
Growing need to carry freight in various industries has led to an upsurge in demand for leasing boxcars. The boxcars segment as compared to other railcar types is expected to witness the highest revenue growth, accounting for a value of over US$ 900 Mn by the end of 2022. The hopper cars segment is expected to represent the second highest revenue growth in the global market by the end of 2022. However, the gondolas segment is expected to register the highest CAGR in the global railcar leasing market throughout 2022.
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