The global Rolling Stock Market was valued at in 2022 and is projected to reach a value of by 2030 at a CAGR (Compound Annual Growth Rate) of 5.8% between 2023 and 2030.
The global Rolling Stock industry is large and diverse, with products ranging from locomotives to passenger coaches to freight wagons. Locomotives, which can be electric, diesel-electric, or diesel-hydraulic, are used to haul trains. Passenger coaches transport passengers and can be configured for either long-distance or commuter services. Freight wagons are used to transport goods and can be customized to carry a variety of cargo. Vehicles running on railway tracks are referred to as rolling stock, and the market includes new and refurbished rolling stock. The growing demand for urban rail transit systems, particularly in emerging markets, is one of the primary drivers of the Rolling Stock market. With increasing urbanization and population growth, a greater demand for efficient and sustainable public transportation drives demand for rolling stock such as metro trains and light rail vehicles. This trend is expected to continue, particularly in India and China, where government investment in railway infrastructure drives new project development.
Rolling Stock Market Size, 2022 To 2030 (USD Billion)
Replacing deteriorating rolling stock is another significant factor in the rolling stock market. Many countries worldwide are dealing with an aging train fleet that needs to be replaced, which presents a significant opportunity for Rolling Stock manufacturers to supply new trains and related equipment. Besides, the focus on environmental sustainability is growing, and there is a growing demand for energy-efficient rolling stock that uses recyclable materials and emits low emissions. Technological advancements are also driving the rolling stock market. Train efficiency and safety are being improved by integrating advanced systems such as train control, passenger information, and predictive maintenance systems. In addition, the trend towards automation and digitization is propelling the development of new products and services such as Mobility-as-a-Service (MaaS) and digital train control systems. However, there are some challenges and constraints in the rolling stock market. One of the major constraints is the high capital cost of developing new rolling stock. This makes it difficult for new entrants to enter the market and restricts the growth of smaller players. Furthermore, the Rolling Stock market is extremely competitive, with numerous established players competing for market share.
Despite these challenges, the rolling stock market offers numerous opportunities. Railway network expansion in emerging markets such as India and China opens up new opportunities for rolling stock manufacturers. The growing emphasis on sustainability also influences the development of new goods and technologies, such as hydrogen-powered and battery-powered trains. Several notable trends have emerged in recent developments in the rolling stock market. One of the most significant is the move towards lightweight materials like composites, aluminum, and titanium, which can help reduce train weight and improve fuel efficiency. Developing new safety technologies, such as collision avoidance and advanced braking systems, has also increased the focus on safety. For instance, Siemens opened a new rail bogie manufacturing facility in Aurangabad, Maharashtra, India, in November 2022. The new factory, built to meet rising demand in India and elsewhere, can produce more than 200 bogies to fulfill a single export order. These rail bogies were built using Siemens' SF30 Combino Plus global design concept. The factory has a ‘flexible’ production line to meet the needs of domestic and international rolling stock. It can produce bogies for trams, locomotives, metros, coaches, and electric multiple units.
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Macroeconomic factors, including current economic conditions, recession, and inflation, impact the overall rolling stock market. A strong economy and low unemployment rates can increase demand for rail transportation services, while a weak economy and high unemployment rates can lead to decreased demand. A recession can reduce rolling stock investment and cause financial difficulties for manufacturers and suppliers. Inflation can raise the cost of materials and labor and the price of rolling stock, limiting demand from rail operators. Besides, inflation can increase the cost of materials and labor, raising the cost of manufacturing rolling stock. As a result, rolling stock prices may rise, limiting demand from rail operators. Moreover, inflation can raise interest rates, making new project financing more difficult for rolling stock manufacturers and suppliers. Understanding these economic factors is critical for companies operating in the rolling stock market to make informed investment and expansion decisions.
Top Market Trends
1. Growing Demands for High-Speed Passenger Transit: High-speed trains are in high demand worldwide, providing faster and more efficient transportation. This propels the rolling stock market forward as companies invest in developing high-speed trains. There is a growing demand for efficient and sustainable urban rail transit systems as cities become more densely populated. This fuels demand for rolling stock like metro trains and light rail vehicles.
2. Rising Global Focus on Energy Efficiency: As rolling stock manufacturers strive to reduce energy consumption and carbon emissions, energy efficiency is becoming increasingly important. This results in the development of new technologies, such as regenerative braking, which can aid in the recovery of energy from braking and reduce energy consumption. Sustainability is a top priority for governments and businesses, and the rolling stock industry is no exception. As a result, there is a growing demand for energy-efficient rolling stock that uses environmentally friendly materials and emits low pollution levels.
3. Expansion of Railway Networks Across the Globe: Expanding railway networks in emerging economies like India and China propels the rolling stock market forward. Governments worldwide invest in railway infrastructure to improve connectivity and support economic growth. This creates a favorable market environment for rolling stock manufacturers, who can anticipate increased demand for trains and related equipment.
4. Integration of Highly Advanced Technologies: Rolling stock manufacturers are increasingly incorporating advanced technologies into their products, such as artificial intelligence, the Internet of Things (IoT), and Big Data analytics, to improve performance, lower maintenance costs, and improve the overall passenger experience. Modern systems like train control, passenger information, and predictive maintenance systems are being integrated into the rolling stock market, undergoing rapid technological advancement. This is increasing demand for new rolling stock equipped with these technologies.
The global Rolling Stock market can be categorized as Type, End Use, and Region. Based on Type, the market can be categorized into Locomotive, Metro, Monorail, Trams, Freight Wagons, Passenger Coaches, and Others. Moreover, based on the End-Use, the market can be split into Passenger Transit and Cargo Train. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Type
Metro Type to Lead with the Largest Market Share attributed to their Reliability and Efficiency
The Metro Type segment accounted for the largest Rolling Stock market revenue share in 2022 due to their reliability, efficiency, and ability to provide comfortable high-speed operation. In the global rolling stock market, the metro-type segment refers to trains or rail vehicles specifically designed for use in urban mass transit systems such as subways, metros, and light rail systems. This segment is a significant and growing component of the rolling stock market, driven by rising demand for efficient and environmentally friendly urban transportation solutions. Investment in metro systems has increased significantly in recent years, particularly in developing nations where the demand for better public transportation infrastructure is being driven by urbanization and population growth. As a result, demand for rolling stock designed specifically for use in metro systems has increased. The freight wagon type will have the highest rate of CAGR over the forecast period, owing to increased demand for goods transportation among various industries. The wagon segment in the global rolling stock market refers to freight rail vehicles transporting goods and materials. Wagons, also known as freight cars, are built to transport various goods, including raw materials, finished goods, and hazardous materials. With a large installed base of rolling stock worldwide, the freight wagon segment in the rolling stock market is significant and mature. In recent years, there has been a trend towards developing more specialized wagons designed for transporting specific types of goods, such as refrigerated wagons for transporting perishable goods or tank wagons for transporting hazardous materials.
Based on the End-Use
Cargo Train to Account for the Largest Market Share Owing to the Rising Demands for Efficient and Cost-Effective Transportation of Goods and Materials
During the forecast period, the cargo train end-use segment will dominate the global Rolling Stock market owing to increasing demand for efficient and cost-effective transportation of goods and composites. Compared to other forms of transportation like trucks and ships, cargo trains have several benefits, including lower transportation costs, lower emissions, and increased safety and security. Cargo trains are commonly used to transport bulk goods such as coal, grain, and ore over long distances. Several factors, including the expansion of international trade, the rising need for raw materials and finished goods, and the requirement for more environmentally friendly transportation options, drive the end-use segment for cargo trains. The passenger transit segment will grow with the fastest-growing CAGR during the forecast period. In the global rolling stock market, the passenger transit end-use segment refers to the rolling stock category designed specifically for rail passenger transportation. Passenger transit trains, such as commuter trains, metro systems, intercity trains, and high-speed trains, are commonly used for short- and long-distance transportation. The passenger transit end-use segment is a significant and mature segment of the global rolling stock market, driven by rising demand for efficient and dependable people transportation. Passenger trains have several advantages over other modes of transportation, such as cars and buses, such as less congestion, lower emissions, and increased safety and security.
Based on Region
Asia Pacific to Lead Global Market Revenue driven by the Growing Trades across the Region
The global Rolling Stock market is expected to be dominated by the region of Asia Pacific in terms of growth and revenue. The Asia Pacific is a significant and rapidly growing rolling stock market, owing to the region's large and growing population, rapid urbanization, and growing demand for efficient and sustainable transportation solutions. Developing high-speed rail networks and urban metro systems is a major driver of rolling stock demand in the region. The Rolling Stock market growth is expected to expand further in the coming years, owing to increased regional investment in rail infrastructure and the adoption of advanced technologies. China is the region's largest market, accounting for a sizable portion of total rolling stock demand. The region's demand for rolling stock has been driven by the country's ambitious infrastructure projects, such as developing high-speed rail networks and urban metro systems. India is another important market for rolling stock in the Asia Pacific region. The country has ambitious plans for rail infrastructure development, including expanding its high-speed rail network, and is heavily investing in rolling stock to support these initiatives. The Indian government has also started several programs to boost the involvement of homegrown businesses in the rolling stock market.
Europe is the second largest region in the rolling stock market. With a long history of railway transportation and a focus on developing advanced technologies and sustainable solutions, Europe has a mature market for rolling stock. The need to modernize existing rail infrastructure and support the development of new transportation systems has created a significant demand for rolling stock in the region. Tier-1 suppliers' increasing share of the rolling stock value chain has resulted in increased collaboration efforts with OEMs on R&D for new vehicles. In addition, countries such as the United Kingdom and Germany have increased their use of light rail systems. Germany, France, Italy, Spain, and the United Kingdom are a few of the important markets in Europe. These countries strongly focus on developing high-speed trains, urban metro systems, and other advanced transportation solutions, driving the region's demand for rolling stock.
The key players in the global Rolling Stock market include - Alstom (France), CAF (Egypt), CRRC Corporation Limited (China), Hitachi Ltd. (Japan), Hyundai Corporation (Korea), IHI Corporation (Tokyo), Kawasaki Heavy Industries Ltd. (Japan), MAPNA Group (Iran), Nippon Sharyo Ltd. (Japan), PESA Bydgoszcz SA (Poland), PPF Group N.V. (Netherlands), Stadler Rail AG (Switzerland), Tango (U.S.), The Greenbrier Companies Inc. (U.S.), The Kinki Sharyo Co. Ltd. (Japan), Trinity Industries Inc. (U.S.) among others.
Recent Market Developments
· December 2022: HS2 has awarded contracts to a joint venture of Hitachi Rail and Alstom (HAH-S) for developing, producing, and maintaining high-speed rolling stock for Phase-1 of the line.
· December 2021: Siemens AG has developed a Digital Train Control System with VGF (Germany). This system is expected to replace the traditional train control system currently used in metro and tram networks. This system is being developed to increase the capacity and efficiency of train routes, particularly in underground sections.
· October 2021: Deutsche Bahn (DB) and Siemens Mobility collaborated to create the world's first automatic train, which is completely automated and controlled by digital technology and requires no human intervention. This advancement is part of the Digital S-Bahn Hamburg project.
· May 2020: Vossloh Group, a European locomotive manufacturer, was acquired by CRRC Zhuzhou Locomotive, a subsidiary of China Railway Rolling Stock Corporation (CRRC). This will assist CRRC in expanding its operations in the European Rolling Stock market.
Segmentation of the Global Rolling Stock Market
- Type (Locomotive, Metro, Monorail, Trams, Freight Wagon, Passenger Coaches, Other Types)
- End Use (Passenger Transit, Cargo Train)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Alstom (France)
- CAF (Egypt)
- CRRC Corporation Limited (China)
- Hitachi Ltd. (Japan)
- Hyundai Corporation (Korea)
- IHI Corporation (Tokyo)
- Kawasaki Heavy Industries Ltd. (Japan)
- MAPNA Group (Iran)
- Nippon Sharyo Ltd. (Japan)
- PESA Bydgoszcz SA (Poland)
- PPF Group N.V. (Netherlands)
- Stadler Rail AG (Switzerland)
- Tango (U.S.)
- The Greenbrier Companies Inc. (U.S.)
- The Kinki Sharyo Co. Ltd. (Japan)
- Trinity Industries Inc. (U.S.)
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