"Rolling Stock Market by Component, Product Type (Locomotive, Rapid Transit, Wagon, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region", Rolling Stock Market size is projected to grow from USD 53.8 billion in 2022 to USD 64.8 billion by 2027, at a CAGR of 3.8%.
Increasing preference towards railway-based public transport as a means of reducing traffic congestion, rising demand for energy-efficient transport, and increasing demand for comfort and safety. Increasing electrification of railway networks and growth in rail freight transport are major drivers of the Rolling Stock Market.
The recent developments in the Rolling Stock Market have introduced various new products such as hydrogen fuel cell locomotives, battery-powered locomotives, autonomous trains, and solar-powered trains. The new technological advancements are likely to open new opportunities for rolling stock manufacturers globally in the coming years. Apart from this, high gasoline prices, inadequate infrastructure, traffic congestion, and greenhouse gas emissions are the factors that catalyzed the demand for the expansion of railway networks all over the world. Thereby, the demand for new rolling stocks is expected to grow at a steady rate in the coming years globally.
The Rolling Stock Market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia), and others. These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and acquisitions to gain traction in the market.
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By locomotive technology, the conventional locomotive segment is expected to hold the larger share in the global Rolling Stock Market
Diesel and electric locomotives are considered conventional locomotives. Growing urbanization increases the development of additional public transportation to overcome issues related to traffic congestion in urban areas. Railway transport serves as a viable option to meet the demand for an urban commute as well as long-distance travel. Therefore, the trend of electrification of rail lines is expected to boost the demand for electric locomotives. For instance, India is planning to achieve a 100% green railway with net-zero emission by 2030 as the first country in the world, thereby putting more effort into achieving 100% electrification of the rail network by 2023, thus, propelling the electric locomotives market in the country. Moreover, the increasing demand for electric locomotives and the growing electro-diesel market in Europe is expected to boost the demand for conventional locomotives.
Subways/Metros are expected to be the fastest-growing segment in the global Rolling Stock Market
Increasing urbanization and investments in the development of urban transit systems by governments are the key drivers for the growth of rapid transit systems globally. Subways/metros are urban transits used for intracity travel with limited passenger capacity. These trains operate at much greater frequencies and at higher average speeds than light rail/tram systems. This makes them highly efficient, as the system is free from road traffic interference. Metro trains are functional in countries such as India, the US, the UK, Germany, Brazil, South Africa, Australia, and France. China, with the largest metro track, in terms of length, is considered the largest metro market globally. Thereby, the subways/metros are expected to witness the fastest growth in the coming years globally.
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Freight wagons are expected to hold the largest share in Rolling Stock Market during the forecast period
Freight wagons are expected to hold the largest share in Rolling Stock Market during the forecast period. The demand for wagons is expected to rise due to the increase in freight transportation across the globe. High loading capacity, low transportation cost, and shorter journey time are the key factors fueling the demand for freight transportation through railways globally. Cost savings, government funding, high efficiency, and reliability are also some other important factors for the growth of freight transportation. Freight wagons are used to transport cargo such as bulk material, intermodal containers, general freight, or specialized freight in custom-designed cars. The demand for freight wagons is high in countries such as the US, China, and Russia due to the demand for replacements and the strong growth of the manufacturing sector. The availability of custom-made and technologically advanced wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons are driving the market for freight wagons.
Asia Oceania is projected to hold the largest share by 2027.
Asia Oceania is expected to account for the largest market share in terms of volume by 2027. Significant urbanization coupled with significant volumes of goods transported through rail, increased demand for the metro rail network, and dedicated railway freight corridors are the factors driving the demand for rolling stocks in this region. Apart from this, owing to increased production, domestic demand, capacity expansions by rolling stock manufacturers and larger order intake volume, the region dominates this market globally. This increase in production helps to cope with the rising demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. For example, in February 2021, CRRC Corporation Limited won a supply contract of supplying 10 diesel locomotives to KiwiRail of New Zealand, and the company won a supply contract of supplying 100 trams to Bucharest Town Hall of Romania in the same year. Moreover, 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 Market.
