Railcar Leasing Market in North America 2019-2023
About this market
The increase in the production rate of refined products of crude oil such as gasoline. Additionally, the need for tank cars to transport these flammable and toxic products is also increasing. However, crude oil manufacturers are mandated to adopt enhanced tank car standards and risk-based retrofitting for old tank cars. Such constraints had led manufacturers to prefer leasing of rail cars over the purchase of new rail cars. The increasing demand for tank cars resulting due to growth in the crude oil production has been one of the key factors to propel the North American railcar leasing market during our forecast period. The application of advanced coatings on railcars will drive the railcar leasing market in North America to grow at a CAGR of almost 7% during the forecast period.
Increasing expansion of railway network
The increasing transportation of cargo, oil and other refined products and expansion of seaports are some of the major factors influencing the market growth. These expansions of seaports and increasing foreign trade are increasing the need for more railway networks for faster and economical transfer the goods.
Risks associated with railcar leasing
The tank cars that have been used for the transportation of chemicals, crude oil and petroleum products will have severe damages, which reduces the value of the railcar, as well as incurs huge losses for the leases. Therefore, the risk associated with the railcar leasing can hinder the growth of the market during our forecast period.
For the detailed list of factors that will drive and challenge the growth of the railcar leasing market during the 2019-2023, view our report.
The railcar leasing market in North America is moderately fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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