In terms of revenue, the Global Rolling Stock market is expected to USD 92.4 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) 5.8% from 2023 to 2030.
Rolling stock, such as wagons, locomotives, freight, and express trucks, is an integral part of comfortable, reliable, and cost-effective passenger transport and long-distance transport of goods. The demand for rolling stock increased during the forecast period with the increase in public transport, such as local trains, passenger trains, and metro traffic. Increasing the budget and launching various government initiatives for the development of railway infrastructure also proved to be effective parameters for the growth of the total rolling stock.
Key Highlights from the Report
· Based on Product, rapid transit vehicle is projected to have the fastest CAGR as expected. The growing urban population prefers it as their main means of public transport due to its fast speed, affordability, and convenient travel, among others. Also, due to their train type, rapid transit vehicles are considered environmentally friendly because they run on electricity. Thus, the aforementioned information supports the development of rapid transit vehicles.
· In terms of Type, the two main categories of vehicles are electric and diesel. Rapidly accelerating global warming has led to a reduction in carbon dioxide emissions. Compared to a diesel train, the electric rail transport segment produces less carbon dioxide and is more environmentally friendly. As a result, investments in the creation of electric train technology and infrastructure promote the expansion of the market.
. Based on Train Type the market is divided into passenger and freight trains by train type, and the passenger train market is expected to grow. Becoming the global standard for daily commuting. The need for passenger trains grew along with the continuous growth of the population. Its advantages, such as reliability, affordability, and comfortable accommodation for both long-distance and short trips, have increased the demand. Passenger lines, including subways, high-speed trains, and trams, are popular modes of transportation because of their faster service.
. Based on Region, Asia Pacific dominated the Rolling Stock market in 2022. The use of passenger trains for commuting is increasing as a result of the region's population growth. In addition, the reason for the growing trade in the region is the increased investments of the state in the railway infrastructure necessary for the transport of goods. For example, the governments of India and Nepal recently inaugurated the Jaynagar-Kurtha rail link. This cross-border railway aims to increase trade, commerce, and investment between the two countries.
In recent years, the increased preference for rail transport has resulted in significant demand for this rolling stock and the infrastructure that supports it. However, the high cost of trains, rolling stock, and related infrastructure is very capital-intensive and requires significant financial support from local and central authorities. In October 2022, Wabtec Corporation partnered with rolling stock rental specialist Akiem to provide equipment maintenance services for a fleet of locomotives located in Europe. Under the agreement, Akiem's customers will benefit from improved rolling stock availability, reliability, and safety. The five-year contract covers HVAC, pantographs, and brake parts for the company's PRIMA and TRAXX services in Germany and France. Wabtec and Akiem aim to maximize the availability of assets for the operator's customers.
The development of regenerative braking technology facilitates energy conservation and reduces the need for mechanical breaks, which increases the efficiency of the rolling stock. In November 2022, Siemens established a new track factory in Aurangabad, Maharashtra, India. Designed to meet growing demand in India and elsewhere, the new plant can supply more than 200 bogies for a single export order. The Siemens SF30 Combino Plus global design concept was used to create these railcars. The factory has a "flexible" production line that meets the requirements of domestic and international rolling stock. It can manufacture bogies for trams, subways, locomotives, buses, and various electrical equipment. In the world of technological development, the railway system is no exception to innovations such as artificial intelligence, data analysis, and automation. Data analytics is becoming a key part of service maintenance, forcing OEMs to adopt these services as solutions.
The Asia Pacific region dominated the roller market in 2022 with over 40% market share. The growing population of the region encourages the introduction of passenger railways in commuter traffic. In addition, increased trade in the region is also due to increased government investment in railways for the movement of goods. For example, in May 2022, Siemens Mobility partnered with electronic and electrical component manufacturer Mitsubishi Electric Corporation to promote the use of silicon carbide in rail drives. Siemens offers rolling stock, including the latest Mireo Plus B battery. The companies are collaborating to develop Mitsubishi SiC power modules for use on these platforms. European Union railways are under greater pressure to actively strengthen the organization to achieve carbon neutrality across the continent.
The Global Rolling Stock Market is Segmented as follows
- Freight Wagon
- Passenger Coaches
- Other Types
- End Use
- Passenger Transit
- Cargo Train
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Rolling Stock Market is
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.)
The Global Rolling Stock Market Scope can be Tabulated below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|