"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, a 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.
The rapid transit segment is estimated to hold the second largest market during the forecast period
The rapid transit segment is estimated to hold the second largest segment by product type during the forecast period. The current limitations of transport infrastructure in the developed as well as emerging economies have fueled the development of new and existing rail lines. Increasing traffic and population in urban areas have boosted the demand for eco-friendly transit options from commuters as well as governments. Urban rail transit is superior to other modes of public transport in terms of cost and efficiency. In metropolises, the expansion of existing urban transit networks has led to the demand for new vehicles. The vehicle fleet is larger in the developed countries of Western Europe, while demand is expected to be higher in emerging economies such as China, Brazil, and India, where new infrastructure projects are being launched. For instance, the Chennai Metro is expanding the network by 5 km, which includes three metro stations. Additionally, Delhi Municipal Corporation has given some lands to Delhi Metro Rail Corporation (DMRC) to facilitate the Mass Rapid Transit System Project phase 4 from Janakpuri to Majlis park. Also, the Ho Chi Minh City Metro Line 2, in Vietnam is expected to complete by 2024. Beijing–Shenyang high-speed Railway in China completed in January 2021. Increasing demand for high-speed rail, urbanization and investments for the development of urban transit systems by governments are the drivers for the growth of rapid transit systems globally. All these factors are expected to augment revenues for the rapid transit segment during the forecast period.
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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 from 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.
Europe is expected to be the second largest region in the Rolling Stock Market in 2027.
Europe is estimated to account for a share of 28.2% of the Rolling Stock Market in 2022. Germany, France, the UK, Spain, and Italy are considered under this region for market analysis. It is a major hub for several renowned OEMs, including Alstom (France), Stadler (Switzerland), Talgo (Spain), Siemens (Germany), and Construcciones y Auxiliar de Ferrocarriles (Spain). The European rail supply industry is the largest in the world.
Most European rails are equipped with high-end technologies, which include wireless radio connections, wireless data transmissions, eco-friendly cars, and features providing comfort. However, the adoption of high-end technology is lower in East European countries compared to West European countries such as the UK, Germany, France, and Spain. This offers rolling stock OEMs with opportunities to increase their presence in Eastern Europe. The EU Railway target to build a 31,000 km high-speed rail track by 2030. Projects such as the European Rail Research Advisory Council (ERRAC), FP7 projects, Horizon 2020, and SHIFT2RAIL are expected to boost the growth of the European Rolling Stock Market.
