PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1540317
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1540317
The global rolling stock market, by value, is estimated to be USD 28.6 Billion in 2024 and is projected to reach USD 40.1 Billion by 2030, at a CAGR of 5.8% from 2024 to 2030. Technological trends such as the integration of advanced digital technologies including the Internet of Things, AI (artificial intelligence) and big data analytics for predictive maintenance and operational efficiency are influencing market growth. The development of energy-efficient and environmentally friendly propulsion systems, such as hybrid and battery electric trains, is gaining momentum to meet sustainability goals. Other important factors are improved safety through automated train control and signaling systems supported by real-time monitoring and diagnostic facilities. Further, passenger comfort and convenience are enhanced by developing smart entertainment systems, enhanced interior design, and seamless connectivity. All these innovations have the combined effect of increasing performance and reducing operating costs but also offer a better passenger experience, which will positively impact market growth.
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2024 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | Component, Product Type, Locomotive Technology, Application (Passenger Transportation & Freight transportation) & Region |
Regions covered | Asia Oceania, Europe, North America, Middle East & Africa, and Rest of the World |
"Wagons segments hold the prominent market share in the forecast period."
Freight wagons are in large demand in countries such as the US, China, and Russia, because of the demand for replacements and strong growth of the logistics sector. The market for freight wagons is hiked by the availability of technologically advanced, custom-made wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons. According to Indian Railways, the domestic carrier transported 139.16 million tonnes of cargo in May 2024. This is 3.6% more than the loading of 134.16 MT achieved in May 2023. Also, according to the Association of American Railroads, rail traffic, including containers and trailers, is increase by 5% in 2023 compared to 2022. Thus, demand for freight wagons will grow during the forecast period due to increasing trade activity.
"By, Locomotive technology, Conventional locomotive hold the largest market share in rolling stock market."
Globally, rail electrification trends are expected to increase the demand for electric and electro-diesel locomotives. Countries like China, India, Japan, USA, Germany and other countries ban the production of diesel locomotives. For example, the California Air Resources Board (CARB) approved regulations in April banning the operation of diesel locomotives in California, and the rule went into effect on January 1, 2024. Such regulation will govern the conventional locomotive market. In addition, the continued progress and modernization of railway infrastructure in developing countries creates a need for robust and cost-effective solutions for locomotives. Also, advances in conventional locomotive technology such as improved fuel efficiency, lower emissions and increased power make them an attractive choice for railway operators.
"North America region holds the significant market share in the Wagons segment."
The wagons segment in the North American rolling stock market is growing due to several key factors such as high demand for the movement of goods on this continent due to the dependence of industries like manufacturing, agriculture, and mining on railways for the bulk movement of goods; demand for wagons gets a boost from the e-commerce business and international trade due to the need to handle large volumes and different types of goods. Freight rail in US accounts for around 40% of long-distance ton-miles more than any other mode of transportation. Railway companies invest in infrastructure renovation. In turn, this increases rail network efficiency and boosts capacity. The Federal Highway Administration forecasts that total US freight movements will rise to 25.1 billion tons in 2040. As of April 2024, US Railway Freight Car exports reached USD 57.2 Mn and imports reached USD 33.3 Mn, maintaining the trade balance at USD 24 Mn. Further, There is again a drive toward greener technologies where new regulations encourage more energy-efficient and eco-friendly wagons.
Moreover, Rail telematics is significantly impacting the railcar market in North America by increasing operational efficiency, safety and asset management. Through GPS tracking, real-time data analysis and wireless communication, telematics systems provide accurate location tracking, condition monitoring and predictive vehicle maintenance. The integration of these advanced technologies into railcars is increasing their demand as rail operators seek to leverage these benefits for competitive advantage and operational excellence. All these factors combined drive innovation and growth in the wagons segment of the market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
The rolling stock market comprises major companies such CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US).
The Market Study Covers the Rolling Stock Market By Product Type (locomotives, rapid transit, wagons, coaches, and others), By Locomotive Technology Type (conventional locomotives and turbocharged locomotives), By Application (passenger transportation and freight transportation), By Component (pantographs, axles, wheelsets, traction motors, passenger information systems, air conditioning systems, auxiliary power systems, train control systems, brakes, baffle gears, couplers, and gearboxes), and By Region (North America, Europe, Asia Oceania, Middle East & Africa and the Rest of the World). It also covers the competitive landscape and company profiles of the major rolling stock market ecosystem players.
Key Benefits of the Report
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall rolling stock market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.