YORK, Oct. 2, 2023 /PRNewswire/ -- The
North America - rail freight
transportation market size is expected to grow by
USD 42.88 billion from 2022 to
2027. However, the growth momentum of the market will decelerate at
a CAGR of 7.47% during the forecast period. The
market is segmented by end-user (petroleum and chemical, coal,
metals and minerals, agriculture products, and others), mode of
transportation (freight cars, tank wagons,
and intermodal), and geography (US, Canada, and Mexico). The low transportation cost of
freight is a key factor driving market growth. Compared
with other transport modes, rail freight services are less costly
and more efficient due to their ability to carry large volumes of
cargo over longer distances. It is employed in the transport of
agricultural products, for example, grains. In addition,
Canada's National Railway is the
main railway operator for shipments of farm products throughout the
Prairie. Canadian Pacific and CP Rail are also important railroad
operators in this region. They're shipping at a competitive price
for grains and other agricultural products. They also provide
various value-added services such as logistics, supply chain
management, and marketing. Hence, these factors are expected
to drive market growth during the forecast period. The
report analyses the market size and growth and provides accurate
predictions on the growth of the market. View a Free PDF
- The report recognizes the following as some of the key players
in the rail freight transportation market in North America: Berkshire Hathaway Inc.,
Brookfield Business Partners LP, Canadian National Railway Co.,
Canadian Pacific Railway Ltd., CSX Corp., DB Schenker, Deutsche
Post AG, DSV AS, GeoMetrix Rail Logistics Inc., Grupo Mexico SAB de
CV, Harsco Corp., Hub Group Inc., Kerry Logistics Network Ltd.,
Norfolk Southern Corp., Patriot Rail Co., RSI Logistics Inc., Union
Pacific Corp., United Parcel Service Inc., VIA Rail Canada
Inc., and WSP Global Inc.
- Rail Freight Transportation Market in North America is fragmented in nature.
- Market to observe 7.68% YOY growth in 2023.
- The increasing use of artificial intelligence (AI) in rail
infrastructure technology is a major trend in the market.
- In rail freight transport, the use of artificial intelligence
and Internet of Things technologies can be instrumental in
increasing efficiencies, reducing costs, and improving safety.
- Furthermore, advanced track electrification projects, which are
based on the next generation technologies to electricize railways
and traffic signals, have been invested in by the governments of
the US and Canada.
- For example, Canadian railways use Artificial Intelligence and
Internet of Things technologies across their networks to improve
predictive maintenance, train route planning, and fuel
- Hence, these factors are expected to drive market growth during
the forecast period.
- The growing competition from alternate freight
services is a significant challenge restricting market
- Some alternative freight services may include road, air, and
- Road freight gives flexibility in the timing of delivery so
that it can be delivered to doorsteps. Compared to rail freight,
airfreight can be transported more quickly. Likewise, the cost of
maritime shipping is rather low as compared to rail transport.
- In addition, the growth of the freight rail market in this
region can be slowed down by increasing investment in road and air
- Hence, these factors are expected to restrict market growth
during the forecast period.
The report also covers information on upcoming trends and
challenges. Explore detailed information by purchasing a
The market share growth by the petroleum and
chemical segment will be significant during the forecast
period. These include oil companies engaged in the production,
refining, and distribution of petroleum products such as crude oil,
gasoline, diesel, chemicals, or all those related to industry. Oil
and gas exploration and production firms, oil refineries, chemical
manufacturing companies, distributors, and other related companies
are part of this segment. In addition, freight railway transport
for chemicals such as chlorine and sodium hydroxide that are used
extensively in the fields of water treatment, pulp production, or
pharmaceuticals is also carried out. Hence, these factors are
expected to drive segment growth during the forecast period.
Get a glance at the market contribution of the segments,
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The railway wiring harness market size is
estimated to grow at a CAGR of 4.82% between 2023
and 2027. The market size is forecast to increase
by USD 443.29 million.
The rail freight market share is expected to increase by
USD 29.29 billion from 2021 to 2026, and the market's
growth momentum will accelerate at a CAGR of 2.15%.
Transportation Market Scope in North
Growth momentum &
Decelerate at a CAGR of
YoY growth 2022-2023
Market Positioning of Companies, Competitive Strategies, and
Inc., Brookfield Business Partners LP, Canadian National Railway
Co., Canadian Pacific Railway Ltd., CSX Corp., DB Schenker,
Deutsche Post AG, DSV AS, GeoMetrix Rail Logistics Inc., Grupo
Mexico SAB de CV, Harsco Corp., Hub Group Inc., Kerry Logistics
Network Ltd., Norfolk Southern Corp., Patriot Rail Co., RSI
Logistics Inc., Union Pacific Corp., United Parcel Service Inc.,
VIA Rail Canada Inc., and WSP Global Inc.
Parent market analysis,
Market growth inducers and obstacles, Fast-growing and slow-growing
segment analysis, COVID-19 impact and recovery analysis and future
consumer dynamics, and Market condition analysis for the forecast
If our report has not
included the data that you are looking for, you can reach out to
our analysts and get segments customized.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Mode of Transportation
Market Segmentation by Geography
Drivers, Challenges, & Trends
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