Rolling Stock Market Research Report - Global Forecast till 2032

Rolling Stock Market Research Report Information By Product (Locomotive, Rapid Transit, And Wagon), By Component (Pantograph, Axle, Brakes, Gearboxes, Train Control Systems), By Application (Freight Application And Passenger Application), By Locomotive Technology (Conventional Locomotive, Turbocharged Locomotive, And Electro-Diesel Locomotive) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/AM/6412-CR | 132 Pages | Author: Sejal Akre | April 2023         

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Rolling Stock Market Overview

The Rolling Stock Industry is projected to grow from USD 44.2 Billion in 2023 to USD 64.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.90% during the forecast period (2023 - 2032). Rolling Stock Market Size was valued at USD 42.2 billion in 2022. Increasing passenger transportation to avoid traffic congestion and increasing demand for speedy metro trains are the key market drivers enhancing the market growth.Rolling Stock Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Rolling Stock Market Trends

  • Data analytics and advanced maintenance usage are fueling market growth

Data analytics and sophisticated maintenance usage are driving the rolling stock market CAGR. The service sector is expected to be the most profitable for manufacturers. Remote monitoring, digital solutions, and big data analytics advancements have enabled traditional rolling stock OEMs to successfully adapt to their current business offers and provide targeted and scalable solutions. The growing use of big data analytics has enabled OEMs to take on more jobs in the service industry from owners and train operating corporations. As a result, OEMs can create profit from servicing and maintenance throughout the vehicle's lifecycle in addition to the sale of new vehicles.

Furthermore, end-user preferences for asset availability contribute to this advancement. The use of remote assistance and predictive maintenance solutions enables OEMs to provide expanded service models such as increased reliability in the committed provision of the available rolling stock fleet, which aids this advancement.

In addition, Alstom's HealthHub platform allows improved maintenance through decision-making assistance and effectively monitors fleet availability. As a result, OEMs are anticipated to profit from the service sector expansion, as rail operators lack the scale to build such solutions in-house.

For instance, the Canadian National Railway's USD 3.9 billion capital investment in Saskatchewan is enabling advances in locomotives and rail infrastructure, as well as promoting growth across all commodity divisions. As a result, these variables are anticipated to stimulate the rolling stock market revenue.

Rolling Stock MarketSegment Insights

Rolling Stock Product Insights

The rolling stock market segmentation, based on product includes locomotive, rapid transit, and wagon. In 2022, the rapid transit category will dominate with a 32% share of the rolling stock market. As cities and towns grow in size, long-distance commuting becomes more common. As a result, government authorities are being compelled to initiate public transportation projects for rapid transit vehicles such as metros and passenger trains, resulting in greater investment in rapid transit rolling stock and infrastructure.

Rolling Stock Component Insights

The rolling stock market segmentation, based on components includes pantograph, axle, wheelset, traction motor, auxiliary power system, air conditioning system, passenger information system, position train control, brakes, gearboxes, train control systems. Pantograph had a significant market share. A pantograph is equipment that is put on the roof of an electric train to gather power via an overhead tension line. The wire tension causes it to raise or lower. Typically, a single wire is utilized, with the return current passing through the track. It is a common form of current collector. The electric transmission system for modern electric rail systems consists of an upper, weight-carrying wire (known as a catenary) from which a contact wire is strung. The pantograph is spring-loaded and pushes a contact shoe up against the underside of the contact wire to extract the power required to run the train.

Rolling Stock Application Insights

The freight application and passenger application are the two divisions of the rolling stock market. 58% of the market share for the application type segment is accounted for by freight applications. Because of its capacity to move substantial quantities of goods both domestically and internationally, it is regarded as a crucial link in the supply chain and is frequently preferred over road transportation. Rail freights are helpful for transporting raw materials, large industrial equipment, and fossil fuels including coal, oil, and gas. The quality of freight services is improving with the development of tracking and security technology.

Figure 1: Rolling Stock Market, by Application, 2022 & 2032 (USD billion)Rolling Stock Market, by Application, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Rolling Stock Locomotive Technology Insights

The rolling stock market is divided into four segments depending on locomotive technology: conventional locomotive, turbocharged locomotive, maglev, diesel locomotive, electric locomotive, and electro-diesel locomotive. As countries electrify their railways, diesel locomotives will have a market share of more than 62% in 2022. However, diesel trains will continue to be used in a variety of rolling stock fleets. Because of their ability to transport massive freight trains. Because of their higher torque engines, they are often used in industrial applications. However, as the world becomes more environmentally conscious, diesel train technology is developing toward the development of low-emission engines for diesel locomotives.

Rolling Stock Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. During the forecast period, the North America region is expected to have the largest CAGR. This is partly because increased metro project development and expansion of electrified network train routes will give OEMs with additional opportunities to diversify their revenue streams and expand their presence.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Rolling Stock Market Share By Region 2022 (%) ROLLING STOCK MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s rolling stock market accounts for the second-largest market share due to its high torque power and enhanced safety. Further, the German rolling stock market held the largest market share, and the UK rolling stock market was the fastest-growing market in the European region

The Asia-Pacific Rolling Stock Market Is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing population in the region is invoking the adoption of passenger rails for commuting. Moreover, China’s rolling stock market held the largest market share, and the Indian rolling stock market was the fastest-growing market in the Asia-Pacific region.

Rolling Stock Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the rolling stock market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, rolling stock industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the rolling stock industry to benefit clients and increase the market sector. In recent years, the rolling stock industry has offered some of the most significant advantages to medicine. Major players in the rolling stock market, including Caterpillar (US), CRRC Corporation Limited (China), Hitachi, Ltd. (Japan), HYUNDAI ROTEM COMPANY (South Korea), and others, are attempting to increase market demand by investing in R&D operations.

CRRC Zhuzhou Locomotive Co., Ltd. is a Chinese electric locomotive manufacturer. It is one of CRRC's subsidiaries. CSR Group Zhuzhou Electric Locomotive Co., Ltd. was spun out from the locomotive works; the locomotive works' original legal structure became an intermediary holding company for CSR Group solely. Following the founding of the listed business CSR Corporation Limited, the limited company "CSR Group Zhuzhou Electric Locomotive" joined the group's listed portion, but the intermediate holding company remained unlisted. CSR Zhuzhou Electric Locomotive Co., Ltd. was also given a new name. In May 2020, CRRC Zhuzhou Locomotive, a subsidiary of China Railway Rolling Stock Corporation (CRRC), acquired Vossloh Group- a locomotive manufacturer in Europe. This will help CRRC to expand its business in the European rail market.

Alstom is a French multinational rolling stock manufacturer that works in rail transport industries around the world. It is involved in passenger transportation, signaling, and locomotives, and it manufactures high-speed, suburban, regional, and urban trains, as well as trams. In 1928, the electric engineering section of Société Alsacienne de Constructions Mécaniques (Als) and Compagnie Française Thomson-Houston (thom) merged to form the firm and its name (originally spelled Alsthom). Constructions Électriques de France (1932), shipbuilder Chantiers de l'Atlantique (1976), and portions of ACEC (late 1980s) were later significant acquisitions. In February 2020, Alstom announced the signing of a Memorandum of Understanding (MOU) with Bombardier Inc. and the Caisse de depot et placement du Quebec (CDPQ) for the acquisition of Bombardier Transportation. The cost of acquiring all of Bombardier Transportation's shares is estimated to be roughly EUR 6 billion.

Key Companies in the rolling stock market include

Rolling StockIndustry Developments

In January 2022,  MASU's, a prominent manufacturer of friction products for the rail and automotive industries, was bought by Wabtec Corporation. This acquisition will assist Wabtec Corporation in expanding its installed base and accelerating growth throughout its brake product portfolio.

In May 2021, France's national state-owned railway company, SNCF, and its partners, the Railenium Technology Research Institute, Thales, Spirops, Bosch, and Alstom, have begun testing an autonomous regional train prototype based on a customized Regio 2N regional train for France's rail network.

In May 2019, The Coradia iLint hydrogen German Public transportation system debuted the world's first passenger train powered and trained by hydrogen fuel cells, in addition to adequate sustainability. As a result, non-electrified songs might be consumed without interruption. This launch contributed to ensuring that the transport network's performance base was not jeopardized in any way.

Rolling Stock Market Segmentation

Rolling Stock Product Outlook

  • Locomotive

  • Rapid Transit

  • Wagon

Rolling Stock Component Outlook

  • Pantograph

  • Axle

  • Wheelset

  • Traction Motor

  • Auxiliary Power System

  • Air Conditioning System

  • Passenger Information System

  • Position Train Control

  • Brakes

  • Gearboxes

  • Train Control Systems

Rolling Stock Application Outlook

  • Freight Application

  • Passenger Application

Rolling Stock Locomotive Technology Outlook

  • Conventional Locomotive

  • Turbocharge Locomotive

  • Maglev

  • Diesel Locomotive

  • Electric Locomotive

  • Electro-diesel Locomotive

Rolling Stock Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 42.2 billion
Market Size 2023 USD 44.2 billion
Market Size 2032 USD 64.9 billion
Compound Annual Growth Rate (CAGR) 4.90% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Component, Application, Locomotive Technology, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  ABB (Sweden), Alstom (France), American Industrial Transport, Inc. (US), Bombardier (Canada), CAF (UK), Construcciones y Auxiliar de Ferrocarriles, S.A. (Spain), Caterpillar (US), CRRC Corporation Limited (China), Hitachi, Ltd. (Japan), Hyundai Rotem Company (South Korea), Japan Transport Engineering Company (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), National Steel Car Limited (Canada).
Key Market Opportunities Development in mining sector
Key Market Dynamics The demand for an energy-efficient transport system.

Frequently Asked Questions (FAQ) :

The rolling stock market size was valued at USD 42.2 Billion in 2022

The market is projected to grow at a CAGR of 4.90% during the forecast period, 2023-2032

North America had the largest share of the market

The key players in the market are Japan Transport Engineering Company (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan)

The rapid transit rolling stock category dominated the market in 2022

The Freight application had the largest share of the market

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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