The global rolling stock market, by value, is estimated to be 54.6 USD billion in 2023 and is projected to reach 65.6 USD billion by 2028, at a CAGR of 3.8% from 2023 to 2028.
The market for rolling stock is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in railway electirfication.
Smart transportation initiatives have been taken up by governments across developed and developing countries over the last few years. The advent of technologies, such as cloud, IoT, 5G, and AI, has been instrumental in the growth of the smart railways’ ecosystem. The major factors that are expected to further drive the adoption of smart railways include a focus on improving and upgrading the overall rail infrastructure network, heavy investment in the urban and inter-urban segments, regulations to adopt safety measures, and increasing smart city projects from all regions. This is likely to propel the demand for more technologically superior rolling stocks in the coming years globally.
Developed nations such as Germany, France, and the UK are promoting the use of rapid transit systems to reduce traffic congestion. India, China, Egypt, Brazil, and the Gulf countries have increased their investments in the development of metros due to the growing urban population in these countries. Due to such investment demand for rolling stock will we more during the forecast period.
Europe is expected to be the second-largest market during the forecast
Europe is estimated to second larget market of the rolling stock in 2023 in terms of value. Germany, the region is a major hub for several renowned OEMs, including Alstom SA (France), Stadler (Switzerland), Talgo (Spain), Siemens AG (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 opportunities to increase their presence in Eastern Europe. The EU Railway targets to build a 31,000 km high-speed rail track by 2030. Projects such as FP1- MOTIONAL, FP2- R2DATO, and FP3- IAM4RAIL are expected to boost the growth of the European rolling stock market.
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By Locomotive, Electric locomotive segment is expected to be the largest segment in the forecast
The Electric locomotive segment is estimated to lead the global rolling stock market by locomotive type. An electric locomotive obtains power from an overhead wire or a storage battery. There is an increase in the electrification of railway tracks globally, owing to reduced vehicle emissions. Asia Oceania and Europe are increasingly investing in the electrification of railway tracks. As of March 2023, Indian Railways completed electrifying 90% of its network. European countries plan to electrify 70% of their rail network by 2025, which includes the expansion and electrification of the existing track length. Government initiatives like tax breaks and subsidies may help promote the use of electric locomotives. For instance, some nations provide incentives to businesses that finance the development of electric locomotives or other sustainable energy technology. Since they emit no emissions when in use, electric locomotives are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. In February 2022, Alstom SA signed a contract with Belgium’s Société Nationale des Chemins de Fer Belges (SNCB) worth USD 136 million to supply 50 electric Traxx locomotives for passenger transportation. In March 2023, Siemens Mobility Austria GmbH received an order from ÖBB for additional 27 Siemens Desiro ML electric trainsets. With this order, ÖBB is continuing to renew its fleet and investing in modern trains for inner-Alpine transport.
Key Players
The major players in global rolling stock market include CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Stadler Rail AG (Switzerland), and Wabtec Corporation (US). These companies offer extensive products and solutions for the railway industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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