Rolling Stock Market worth $65.6 billion by 2028 Globally, at a CAGR of 3.8%, says MarketsandMarkets™

Chicago, June 04, 2024 (GLOBE NEWSWIRE) — Rolling Stock Market, by value, is estimated to be 54.6 USD billion in 2023 and is projected to reach 65.6 USD billion by 2028, at a CAGR of 3.8%, as per the recent study by MarketsandMarkets™.  The market for rolling stock is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in railway electrification. Smart transportation initiatives have been taken up by governments across developed and developing countries over the last few years. The advent of technologies, such as cloud, IoT, 5G, and AI, has been instrumental in the growth of the smart railways’ ecosystem. The major factors that are expected to further drive the adoption of smart railways include a focus on improving and upgrading the overall rail infrastructure network, heavy investment in the urban and inter-urban segments, regulations to adopt safety measures, and increasing smart city projects from all regions. This is likely to propel the demand for more technologically superior rolling stocks in the coming years globally.

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List of Key Players in Rolling Stock Market:

  • CRRC Corporation Limited (China)
  • Alstom SA (France)
  • Siemens AG (Germany)
  • Stadler Rail AG (Switzerland)
  • Wabtec Corporation (US)

Drivers, Opportunities and Challenges in Rolling Stock Market:

  1. Driver: Increasing electrification of railway networks
  2. Restraint: Refurbishment of existing rolling stock
  3. Opportunity: Big data applications in rail industry
  4. Challenge: High overhaul and maintenance costs

Key Findings of the Study:

  1. By Locomotive, Electric locomotive segment is expected to be the largest segment in the forecast.
  2. The Rapid transit segment is expected to be the largest growing segment during the forecast period.
  3. The Asia Oceania market is projected to hold the largest share by 2028.

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The global rolling stock market, by value, is estimated to be 54.6 USD Billion in 2023 and is projected to reach 65.6 USD Billion by 2028, at a CAGR of 3.8% from 2023 to 2028. Rolling stock manufacturers are undertaking efforts to develop emission-free trains equipped with fuel cell drives. Various governments and manufacturers are making significant investments in developing fuel cell train technology. Such investments is creating demand for rolling stock industry in the forecast period.

The demand for freight transportation is high in the North American region, especially in the US and Canada. The US is the largest freight transportation market globally, followed by emerging economies such as China, India, and Russia. An increase in freight transportation is expected to drive the demand for wagons in the region. In May 2022, Titagarh Wagons received an order from Indian Railways for the manufacture and supply of 24,177 wagons worth USD 1.01 million. The order, constituting 19,854 BCNA wagons and 4,323 BOXNHL wagons, is required to be executed over a period of 39 months. Thus, due to the rise in freight transportation activities, the demand for wagons will be high during the forecast period. In addition to this, The demand for wagons is expected to rise due to the increase in freight transportation across the globe. Various governments are focusing on increasing their freight transportation by rail. In October 2022, leasing company GATX awarded Trinity Industries a contract to supply 15 000 wagons in 2023-28, with an option to order up to 500 more each year. In June 2022, wagon leasing company Wascosa presented a three-wagon design to British infrastructure manager Network Rail (NR) during an event held at London’s Victoria Station. Thus, there will be a significant demand for wagons during the forecast period owing to an increase in fright transportation activities.

Rolling stock plays a vital role in the infrastructure of a city or country. Additionally, there is a rising demand for convenient, eco-friendly, and safe modes of transportation from commuters and governments. With the rising demand for effective public transport, there has been a substantial increase in the use of modern rolling stock such as fully electric trains, bullet railways, semi-autonomous trains, and autonomous trains. For Instance, in April 2022, Alstom, a leader in smart and sustainable mobility, signed a contract with Germany’s DB Regio AG (DB) for 29 Coradia Stream High-Capacity electric double-deck multiple units. The trains will be used on the RE50 (Frankfurt – Fulda – Bebra) and RB51 (Frankfurt – Wächtersbach) lines starting December 2025. Innovative technologies such as big data, intelligent rail systems, and connected rail are also impacting the market growth.

The Asia Oceania market is projected to hold the largest share by 2028

The Asia Oceania region is the largest market for rolling stocks due to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. The region comprises some of the fastest-growing economies in the world, including China and India, offering opportunities for rolling stock manufacturers. Governments in these countries have recognized the growth potential of the rolling stock companies value.  According to official data of Indian Railways, USD 23.5 billion (Rs. 191,162 crores) of revenue has been earned so far in the current fiscal year (FY23), China is also planning to invest USD 155 billion in expanding the railway network in the Yangtze River Delta (YRD) region under its 14th five-year plan period (2021-25). Japan is a technology leader in the market. The country is continuously investing in the development of innovative technologies in rolling stock. Previously, the rolling stock industry in South Korea was dependent on technologies developed by France and Japan. However, companies such as Hyundai Rotem are bringing technological developments in the country’s market.

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Recent Developments:

  • In April 2023, Siemens Mobility expanded its manufacturing and services facility in Munich-Allach in order to meet the growing demand for locomotives and services. The factory will be enlarged to 80,000 m2 from its current 50,000 m2 to provide additional capacities for processing new orders, optimizing production and logistics flows within the facility, and adding more office space.
  • In March 2023, Alstom SA inaugurated a new production site in Valmadrera (Lecco, Italy) dedicated to railway electrification. The new plant will develop and manufacture power transmission components for railway, metro, and tram lines.
  • In January 2023 CRRC Corporation Ltd. (China) has developed the 1st train of Qingyuan Maglev train. It adopts a 3-car formation, with cabs at both ends of the train and a carriage equipped with a mixture of vertically arranged double-row seats and horizontally arranged seats. With a total seating capacity of 315 people, the train can hold 500 passengers, and support different speeds in “3+3” formation.

Related Reports:

  1. Rolling Stock Management Market
  2. Connected Rail Market
  3. Railway Wiring Harness Market
  4. Railway Cybersecurity Market
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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