Rolling Stock Market Outlook
According to the report by Expert Market Research (EMR), the global rolling stock market size is projected to grow at a CAGR of 3.8% between 2023 and 2028. Aided by the growing demand for reliable and efficient transport for cargo and passengers, and the expanding applications of rolling stock in various regions, the market is expected to grow significantly by 2028.
Rolling stock refers to any vehicle that operates on a railway track such as locomotives, passenger coaches, freight wagons, and other rail-related vehicles. They play a critical role in public transportation, logistics, and freight transport services. Rolling stocks are appreciated for their superior energy efficiency, large carrying capacity, and reduced carbon footprint, which makes them an integral part of many transport networks worldwide.
The growing demand for efficient and reliable transport is driving the global rolling stock market growth. With the increasing awareness of the environmental benefits of using rail for passenger and freight transport, there has been a significant shift towards expanding and upgrading rail infrastructure, leading to a surge in demand for rolling stock. Moreover, the rapid urbanisation and population in cities have further contributed to the increasing popularity of rolling stock, as it is a crucial element in public transportation networks.
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The market is significantly fuelled by the rising uses of rolling stock in various countries. For instance, significant expenditures in metro and high-speed rail projects along with rising urbanisation in Asia Pacific have increased demand for rolling stock. Also, the demand for new and updated rolling stock has surged as a result of greater attention on improving public transport services in Europe in an effort to minimise traffic congestion and carbon emissions.
Further, the rising demand for electric and hybrid trains due to their low emissions and high energy efficiency has contributed to the rolling stock market development. The transition towards these greener modes of transport, aided by supportive government policies and advancements in electric and hybrid propulsion technology, has led to increased procurement of electric and hybrid rolling stock.
Moreover, the growing demand for automated and connected rolling stock has emerged as a new trend in the market. With the rise of digitalisation and the advent of the Internet of Things (IoT) in transportation, there is an increased focus on developing smart trains equipped with advanced features like real-time monitoring, predictive maintenance, and passenger information systems, which is stimulating the rolling stock market expansion.
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Rolling Stock Market Segmentation
The market can be divided based on type, end use, and region.
Market Breakup by Type
- Locomotives
- Diesel Locomotives
- Electric Locomotives
- Electro-Diesel Locomotives
- Metros
- Monorails
- Trams
- Freight Wagons
- Passenger Coaches
- Others
Market Breakup by End Use
- Passenger Transit
- Cargo Train
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global rolling stock companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Alstom
- Bombardier Transportation
- CRRC Corporation Limited
- Hitachi, Ltd.
- Hyundai Corporation
- Others
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