Rolling Stock Market by Product Type, Application, Component & Region
The Rolling Stock Market size is projected to grow from USD 53.8 billion in 2022 to USD 64.8 billion by 2027, at a CAGR of 3.8%.
The rising demand for energy-efficient & green transportation has increased the electrification rate of railway networks globally. Moreover, growing traffic congestion, increasing population, and rapid urbanization have further increased the demand for efficient intra-city transportation globally. Thereby, the governments of various countries have started planning for new transportation routes for the cities. As a result, various new metro and suburban railway projects are coming up in various countries. This is expected to increase the demand for rolling stocks all over the world in the coming years.
The rolling stock market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia), and others.
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Passenger coaches are expected to witness the fastest growth in the passenger transportation segment of the global rolling stock market during the forecast period
The availability of robust infrastructure for both, urban and intercity transport for mass transit in various countries especially in Asian countries is the major factor driving the adoption of railways for passenger transportation. Globally, there has been an increase in the ridership of passenger trains which is likely to propel the demand for passenger coaches globally. Apart from this, passengers prefer railway transportation to cover remote distances as well, owing to the wide connectivity of railway networks. Therefore, the demand for passenger coaches is growing at a steady pace globally. Urbanization is also another major driver of the growth of passenger transportation by railways. According to the World Health Organization (WHO), 2020, the urban population is projected to account for 60% of the global population by 2030. Hence, increasing urbanization is expected to further boost the market for passenger transportation in the coming years. Therefore, the demand for passenger coaches is likely to grow at the fastest rate in the passenger transportation segment during the forecast period globally.
By application type, the freight transportation segment is expected to be the largest during the forecast period
Cost savings, government funding, high efficiency, and reliability are the major drivers of the growth of freight transportation in this market. Increasing government funding is expected to create a robust infrastructure for freight transportation. Moreover, the increasing need for effective transportation of industrial as well as commercial goods is boosting the growth of the rolling stock market for freight transportation. Rail transportation is more efficient and cost-effective than other modes of transportation. Therefore, various countries are promoting the use of rolling stock for freight transportation. For example, in 2020, France announced doubling freight transportation from 9% 2020 to 18% by 2030. In the fiscal year 2021-22, till August 2021, freight transportation accounted for a share of 79.1%of the total revenue generated by the Indian Railways. Hence, it is expected that the demand for freight transportation is likely to grow at a rapid pace in the coming years globally.
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Asia Oceania is projected to hold the largest share by 2027.
Asia Oceania is expected to account for the largest market share in terms of volume by 2027. Significant urbanization coupled with significant volumes of goods transported through rail, increased demand for the metro rail network, and dedicated railway freight corridors are the factors driving the demand for rolling stocks in this region. Apart from this, owing to increased production, domestic demand, capacity expansions by rolling stock manufacturers and larger order intake volume, the region dominates this market globally. This increase in production helps to cope with the rising demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. For example, in February 2021, CRRC Corporation Limited won a supply contract of supplying 10 diesel locomotives to KiwiRail of New Zealand, and the company won a supply contract of supplying 100 trams to Bucharest Town Hall of Romania in the same year. Moreover, the region comprises some of the fastest-growing economies in the world including China and India, offering opportunities for rolling stock manufacturers. Governments in these countries have recognized the growth potential of the rolling stock market.
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