PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1856926
 
				PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1856926
The rolling stock market is projected to grow from USD 30.94 billion in 2025 to USD 41.79 billion by 2032, at a CAGR of 4.4%.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2021-2032 | 
| Base Year | 2024 | 
| Forecast Period | 2025-2032 | 
| Units Considered | Value (USD Million/Billion), and Volume (Units) | 
| Segments | By product type, locomotive technology, component, application, and region | 
| Regions covered | Asia Oceania, Europe, North America, the Middle East & Africa, and the Rest of the World | 
The demand for rolling stock is largely driven by new railway projects, rail line expansions, and the need to replace aging trains. Governments and companies aim to make trains more autonomous while reducing human involvement and travel time. Increased investment in electrifying, expanding, and modernizing rail networks is boosting the need for new rolling stock. Additionally, the development of autonomous, battery-powered, and hydrogen fuel cell locomotives is creating new opportunities for industry players.

Metro/Subways are expected to hold a significant market share of the rapid transit rolling stock market during the forecast period.
China, with the largest metro network in the world, is the biggest market for metro systems in terms of track length, supported by a substantial number of trains operating across its extensive rail network. Rapid urbanization and rising traffic congestion are driving the demand for efficient, high-capacity transit solutions such as metros and subways. Governments and private stakeholders are investing in expanding existing networks, developing new lines, and upgrading infrastructure to enhance passenger capacity and service reliability. These systems are increasingly recognized for their role in reducing urban traffic, lowering carbon emissions, and supporting economic growth, which sustains ongoing funding and development in the metro sector. Similarly, in India, expanding urban transit networks are driving metro growth. For instance, in June 2025, Alstom was awarded a USD 158 million (EUR 135 million) contract by Chennai Metro Rail Limited (CMRL) to design, manufacture, supply, test, and commission 96 Metropolis metro cars for Chennai Metro Phase II.
Coaches are expected to lead the passenger transportation rolling stock market during the forecast period.
Coaches are expected to lead the passenger transportation rolling stock market due to their versatility in meeting diverse travel needs, from short-distance commutes to long-distance journeys. The global focus on sustainable and cost-effective transportation further drives coach demand, as they are more energy-efficient than many alternative modes of travel. For instance, Indian Railways produced 4,601 coaches in 2024-2025. Advances in coach design now include enhanced safety features such as anti-collision technology, reinforced structures, fire detection and suppression systems, and improved emergency exits, while passenger comfort is elevated with ergonomically designed seating, climate control, noise reduction, Wi-Fi connectivity, and modern infotainment systems, ensuring a safer and more pleasant travel experience. The scalability of coach operations allows rail operators to adjust capacity according to demand, optimizing efficiency. Furthermore, the ongoing modernization of rail networks worldwide supports the expansion and upgrading of coach fleets to meet contemporary standards and passenger expectations. Aligned with this growth, in August 2024, the Massachusetts Bay Transportation Authority (MBTA) signed an option with Hyundai Rotem for an additional 41 double-deck commuter rail coaches.
"Europe is expected to hold a significant share of the rolling stock market during the forecast period."
Europe is expected to hold a significant share of the rolling stock market due to its extensive, modernized, and highly electrified rail infrastructure. The European Union's focus on sustainability and decarbonization has driven substantial investments in green rail technologies, including battery-electric and hydrogen-powered trains, supporting the EU's goals to reduce carbon emissions and promote clean transportation. Countries such as Germany, France, and the UK are leading in the adoption of high-speed and regional trains, driven by passenger demand and environmental policies. Initiatives such as the European Green Deal and the Digital Rail Agenda have accelerated the modernization of rolling stock, emphasizing automation, digitalization, and cross-border interoperability. Europe's strong manufacturing base, with key players such as Siemens Mobility, Alstom, and Stadler Rail, supports both domestic and export markets, reinforcing the region's leadership in rolling stock production. The ongoing trends of urbanization and sustainable mobility further boost demand for efficient, eco-friendly rail transport. Reflecting this momentum, in June 2024, Alstom signed a USD 377.5 million (€323 million) contract with Polo Logistica FS to supply 70 Traxx Universal locomotives with maintenance services. The locomotives will be manufactured in Italy at Alstom's Vado Ligure site, and maintenance services will be provided across the country. Similarly, in June 2025, Siemens Mobility received a major order from France's Akiem for 50 Vectron Dual Mode locomotives, with the first units scheduled for delivery in the fourth quarter of 2026.
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 is dominated by major players, including CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US). These companies offer a wide range of products, including locomotives, passenger coaches, metro and light rail vehicles, freight wagons, and high-speed trains. They also provide comprehensive services such as maintenance, signaling and control systems, digital solutions, spare parts supply, and long-term service contracts, enabling operators to optimize fleet performance and operational efficiency.
The report covers the rolling stock market in terms of components, product type (locomotive, rapid transit, coach), locomotive technology (conventional, turbocharged, maglev), application (passenger transportation, freight transportation), and region. It also covers the competitive landscape and company profiles of the major players in the rolling stock market ecosystem.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
 
                 
                 
                