Rolling Stock Market Size - By Type (Locomotive {Diesel, Electric, Electro-Diesel}, Metro, High-speed Trains, Tramway, Passenger Railroad Cars), By Application (Passenger Rail Operators, Freight Rail Operators) & Global Forecast, 2023 - 2032

Rolling Stock Market Size

Rolling Stock Market size was valued at USD 53.6 billion in 2022 and is anticipated to grow at a CAGR of over 3.5% between 2023 and 2032, attributed to the aging fleet replacement worldwide. Many existing fleets have surpassed their intended lifespan and require upgrading. These concerns have escalated the need to replace aging rolling stock with modern, safer, and more efficient vehicles.
 

To that end, in January 2023, Amtrak, a US-based passenger railway company, started replacing railcars on 14 overnight routes with new ones. The company has already received proposals for the new railcars, which will operate on a variety of routes, including Auto Train, California Zephyr, and Coast Starlight, from at least ten different builders.
 

In addition, the rolling stock market is experiencing dynamic growth driven by the increasing adoption of advanced technologies such as railway telematics and enhanced railway management systems. These innovations are revolutionizing the industry by providing real-time data insights, predictive maintenance capabilities, and improved operational efficiency. Railway telematics enables continuous monitoring and analysis of rolling stock performance, facilitating proactive maintenance and minimizing downtime.
 

The rolling stock market is capital-intensive, requiring significant investments in manufacturing facilities, research and development, and technology upgrades. This high upfront cost can be a barrier for new entrants and smaller companies looking to enter or expand in the market.
 

Besides, the market is subject to stringent safety, environmental, and technical regulations imposed by various governmental and international bodies. Compliance with these regulations can be complex and time-consuming, leading to delays and additional costs for rolling stock manufacturers. However, passenger preference for rail travel due to its safety, reliability, and reduced travel times compared to road transportation can drive investments in rolling stock, driving the market expansion.
 

COVID-19 Impact

The COVID-19 pandemic significantly disrupted the rolling stock market, causing disturbances in production, supply chains, and demand. Lockdowns and restrictions led to delays in manufacturing and delivery, affecting projects worldwide. For instance, India's rail production was hindered, delaying key projects like the Mumbai-Ahmedabad high-speed rail. Travel restrictions and reduced passenger volumes impacted revenues for operators globally, including the London Underground, leading to financial strains. While some regions experienced decreased demand, others, like China, saw a rebound as their containment efforts allowed for quicker recovery.
 

Rolling Stock Market Trends

The rolling stock industry is witnessing a shift towards electrification and alternative propulsion systems to reduce carbon emissions and enhance energy efficiency. For instance, in October 2022, Indian Railways implemented its EV policy as part of the government's effort to advance e-mobility. The national transporter hopes to increase the use of EVs on its network through this action and to support the construction of EV charging infrastructure at important train stations, office buildings, parking lots, etc. The railways would replace 20% of its fleet with electric vehicles by December 2023, 60% by December 2024, and 100% by the end of 2025, as per the roadmap.
 

That being said, the integration of digital technologies and smart connectivity into rolling stock is becoming a prominent trend. This includes features, such as real-time passenger information systems, onboard Wi-Fi, predictive maintenance using sensors and data analytics, and improved communication between train systems and control centers. This trend aimed to enhance passenger experience, optimize operations, and improve overall safety and efficiency, thus boosting product adoption rate.
 

Rolling Stock Market Analysis

The metro segment accounted for 20% of the rolling stock market share in 2022 and is estimated to reach USD 16.5 billion by 2032. As cities grow, efficient mass transit becomes crucial. For instance, the Delhi Metro in India serves as a model for easing traffic congestion and reducing pollution. Additionally, the need for eco-friendly transport boosts the use of electric or hybrid trains. The Shanghai Metro's extensive network employs electric trains, curbing emissions. These factors highlight how metros powered by rolling stock offer a viable solution for modern cities seeking efficient, sustainable, and congestion-reducing transportation options.
 

The rolling stock market from passenger rail operators segment is forecast to register a CAGR of over 3% through 2032. Rolling stocks are increasingly sought after by passenger rail operators due to their versatility, efficiency, and passenger-centric design. Modern rolling stock offers enhanced amenities and comfort, attracting travelers who seek a seamless and enjoyable commuting experience.
 

For instance, Japan's Shinkansen, renowned for its cutting-edge rolling stock, provides high-speed connectivity, safety features, and luxurious interiors, making rail travel an appealing choice. Besides, Eurostar's cross-channel service demonstrates how rolling stock innovations contribute to efficient and convenient international travel, further expanding the application scope for passenger rail operators.
 

Asia Pacific rolling stock market held more than 45% of the revenue share in 2022, due to increasing investments in modernizing transportation infrastructure and addressing urban congestion. The growing presence of high-speed rail networks is leading to competition among railway companies and operators. At the same time, there is also collaboration on research, technology transfer, and best practices among countries with established high-speed rail systems.
 

High-speed rail offers a convenient and time-efficient mode of travel, which is particularly appealing for short- to medium-distance journeys. This trend is influencing the preferences of travelers and encouraging them to choose rail over other modes of transportation.
 

Rolling Stock Market Share

Major companies in the rolling stock market are:

• Alstom
• CAF
• Stadler Rail AG
• CRRC Corporation Limited
• Hitachi
• Greenbrier Companies
• Hyundai Corporation
• PPF Group N.V.
• IHI Corporation
• Kawasaki Heavy Industries
• MAPNA Group
• Nippon Sharyo,
• PESA Bydgoszcz SA
• Progress Rail
• Siemens AG
• Talgo
• The Kinki Sharyo Co.
• Trinity Industries
• Tatravagonka A.S.
• Poprad
• Wabtec Corporation.
   

Rolling Stock Industry News

• In September 2022, Siemens and Alstom announced that they would merge their rolling stock businesses to create a new company called "Siemens Alstom". The merger is expected to be completed in 2023 and will create a global leader in the market with annual sales of around USD 16.8 billion.
   

This rolling stock market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and volume (Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Locomotive                   
  • Diesel locomotives
  • Electric locomotives   
  • Electro-diesel locomotives     
  • Others
• Metro               
• High-speed trains                      
• Tramway                        
• Passenger railroad cars                           
• Others

Market, By Application

• Passenger rail operators
• Freight rail operators

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Singapore 
• Latin America
  • Brazil
  • Mexico
  • Colombia
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Israel
  • Turkey
  • Kuwait