Rolling Stock Market by Component, Product Type (Locomotives, Rapid Transits, Coaches, & Wagons), Locomotive Technology (Conventional & Turbocharged), Application (Passenger Transportation & Freight transportation) & Region - Global Forecast to 2030
[363 Pages Report] The global rolling stock market size was valued at USD 28.6 billion in 2024 and is expected to reach USD 40.1 billion by 2030, at a CAGR of 5.8% from 2024 to 2030. The rise in urban congestion primarily drives the demand for urban transit trains such as DMU/EMU, metro, and light rail. Authorities worldwide are consistently striving to make urban transport hassle-free. Additionally, as trains become faster and more efficient, long-distance passenger and freight trains are gaining steady prominence. This is supported by new projects aimed at improving the railway network. With the electrification of rail transport for both passenger and freight services, railway operators worldwide are also shifting toward environmentally friendly transport solutions such as electric trains. These trains are free from greenhouse gas emissions and have lower operating costs, higher speeds, and more reliability than diesel trains. Shifting from diesel to electric-powered trains will help meet global environmental goals of reducing greenhouse gas emissions.
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Market Dynamics
Driver: Rising demand for Freight Transportation
A rise in global trade and economic activities necessitates effective and reliable transportation of goods. Rail transport is preferred for bulk goods and long-distance hauls due to its cost-efficiency and reliability, driving the demand for freight wagons and locomotives. Investments in rail infrastructure, such as the expansion of freight corridors, electrification, and the adoption of advanced technologies, have further improved the efficiency and capacity of rail transport. In 2023, the China-Europe freight train made 17,000 trips, transporting 1.9 million TEUs (twenty-foot equivalent). This marked a significant increase of 6% and 18% year-on-year, according to statistics released by the China State Railway Group.
Restraint: Refurbishment of existing rolling stock to prevent new procurement
The market for rolling stock refurbishment is seeing a surge in demand due to the need to increase vehicle capacity and reduce travel costs. Many rail franchises’ current rolling stock capacity is insufficient to meet the growing number of passengers, making refurbishment a viable option to increase capacity and address reliability issues, improve energy efficiency, and update vehicles to meet current requirements. In 2023, Deutsche Bahn AG (Germany) initiated a comprehensive refurbishment program for its ICE 3 high-speed trains. This involved modernizing interiors, upgrading seating, improving Wi-Fi connectivity, and enhancing energy efficiency to extend the trains’ service life and improve the passenger experience. Similarly, Indian Railways launched a large-scale refurbishment program for its ICF coaches, modernizing interiors, installing bio-toilets, improving lighting, and incorporating safety features to enhance passenger services and operational efficiency. However, refurbishing existing rolling stock reduces the need to purchase new vehicles, impeding market growth.
Opportunity: Retrofitting of diesel-electric trains
According to Worldwiderail, diesel locomotives cost between USD 0.5 and 2 million, while electric locomotives cost more than USD 6 million, making retrofitting diesel locomotives with battery systems more viable. Re-manufacturing locomotives can cost nearly 40% less than purchasing new ones. In the US, many General Electric (US) locomotives owned by North American railroads are being rebuilt with cab upgrades and electrical & safety systems. Similarly, Indian Railways has reduced the cost incurred in diesel to electric conversion to as low as USD 0.3 million. The growing market for diesel retrofitting is driving the demand for energy storage systems, such as backups and power supply units. Replacing the diesel motor with an electric drive will also reduce the onboard weight and improve the efficiency of railways. In September 2023, Ireland’s railway network operator, larnród Éireann (Irish Rail), enlisted retrofit company DIGAS to convert one of its freight diesel locomotives to operate with hydrogen as part of a EUR 1.5 million (USD 1.6 million) proof of concept project.
Challenge: High overhaul and maintenance costs
Rolling stock must be periodically overhauled to ensure reliability. However, regular maintenance and overhaul can be costly. The annual maintenance cost of a high-speed trainset is about USD 1 million. In addition to the cost of component replacement, infrastructures such as depots and berthing sites need to be maintained. Rolling stock requires long-term maintenance when the train has reached half its operational life. This includes maintenance of the vehicle’s electrical, mechanical, and hydraulic components. Substantial investments are required for such maintenance, thereby hindering the market growth. In February 2024, Alpha Trains (Luxembourg) signed a minimum 10-year full-service maintenance agreement with Stadler Rail AG (Switzerland) for its recently ordered EURO9000 locomotives. The contract covers preventive, corrective, and heavy maintenance of the vehicles for 10 years from the delivery of the 12 locomotives ordered by the company from Stadler in October 2023.
Market Ecosystem
Electric locomotives to be dominant during forecast period
Electric locomotives hold a prominent share of the locomotive market, subject to low maintenance cost, high efficiency and speed, and zero emission. These locomotives are more efficient and cost-effective than their diesel counterparts. Heavy investments in the electrification of railway networks have further fueled the growth of the electrified railway network, thereby driving the global demand for electric locomotives. In February 2024, Bavaria and Baden-Württemberg announced their plans to electrify MUCH of the Regio S-Bahn Donau-lller network centered on Ulm in southern Germany. The project will support the electrification of main routes on diesel-operated networks, while new stations and passenger service enhancements are also expected. Similarly, in March 2024, Türasas and TCDD Tasimacilik, rolling stock manufacturers in Türkiye, signed a contract to supply 95 E5000 electric locomotives. The switch from diesel to electric or new orders for hybrid locomotives will significantly drive the market.
Asia Oceania to be largest market for rolling stock between 2024 and 2030
Asia Oceania is the largest market for rolling stocks, driven by increased production volume, high domestic demand, and capacity expansions by rolling stock manufacturers. The region comprises some of the fastest-growing economies in the world, including China and India, offering lucrative opportunities for rolling stock manufacturers. Governments in these countries have also recognized the growth potential of the rolling stock market. For instance, in May 2024, the Korean rolling stock manufacturer Woojin Industrial Systems was awarded a USD 210 million contract by the Los Angeles County Metropolitan Transportation Authority (LACMTA) to upgrade 74 metro cars built in 1999 by Ansaldo Breda of Italy. The rapid expansion of stations and route length is also expected to boost the demand for metro systems in the future. Similarly, in January 2023, Siemens AG (Germany) signed a USD 3.25 billion contract to supply and service freight trains in India. The contract includes delivering 1,200 electric locomotives and servicing for 35 years under the agreement.
Key Market Players
The rolling stock market is dominated by major players such as CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US). These companies offer extensive products and solutions for the railway industry. They also have strong distribution networks globally and invest heavily in R&D to develop new products.
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This research report categorizes the rolling stock market based on Product Type, Locomotive Technology, Component, Application, and Region.
Based on the Product type:
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Locomotives
- Diesel Locomotives
- Electric Locomotives
- Electro-Diesel Locomotives
-
Rapid Transit
- Diesel Multiple Unit (DMU)
- Electric Multiple Unit (EMU)
- Light Rails/Trams
- Subways/Metros
- Monorails
- Coaches
- Wagons
- Others
Based on the Locomotive Technology:
- Conventional Locomotives
- Turbocharged Locomotives
- Maglev
Based on the Component:
- Train Control Systems
- Pantographs
- Axles
- Wheelsets
- Traction Motors
- Passenger Information Systems
- Brakes
- Air Conditioning Systems
- Auxiliary Power Systems
- Gearboxes
- Baffle Gear
- Coupler
Based on the Application:
- Passenger Transportation
- Freight Transportation
Based on the region:
-
Asia Oceania
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
-
North America
- US
- Mexico
- Canada
-
Europe
- Germany
- France
- Spain
- Italy
- UK
- Switzerland
- Austria
- Sweden
-
Middle East and Africa
- South Africa
- UAE
- Egypt
- Iran
-
Rest of the World
- Brazil
- Russia
- Argentina
Recent Developments
- In July 2024, Alstom SA (France) launched new Innovia APM 300R trains, which entered into service at the Denver International Airport. The new trains will carry travelers between the Terminal and Concourses A, B, and C.
- In June 2024, Vale (Brazil) and Wabtec Corporation (US) announced a master service agreement (MSA) to increase the efficiency and operations of the Evolution Series (EVO) locomotive fleet on the Estrada de Ferro Carajás (EFC).
- In June 2024, CRRC Sifang Co., Ltd., a subsidiary of CRRC Corporation Limited (China), developed a new urban smart fast rail train for the International Metro Transit Exhibition & Forum, Beijing-Nanjing (MetroTrans) in Nanjing. The 30-meter-long train consists of three structurally independent modules and features a maximum capacity of 280 passengers, a maximum running speed of 70 km/h, and an energy consumption of 3–4 kWh/km.
- In May 2024, CRRC Zhuzhou Electric Locomotive (CRRC Zelc) and CRRC Shandong, subsidiaries of CRRC Corporation Limited (China), signed agreements with Acemil of Hungary to cooperate in the field of rolling stock production, which will see new production facilities established in Hungary.
- In May 2024, Siemens Mobility, a Siemens AG (Germany) business unit, announced investing approximately USD 161.54 million to expand its service depot in Dortmund-Eving to 87,550 square meters to meet the growing demand for rail services in Dortmund.
Frequently Asked Questions (FAQ):
What is the current size and CAGR of the rolling stock market?
The current size of the rolling stock market is estimated at USD 28.61 billion in 2024, with a CAGR of 5.8%.
Which countries are covered in the European region for the rolling stock market?
The countries covered in the report are France, Germany, the UK, Spain, and Italy.
Who are the key players in the rolling stock market?
CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US) are among the key players operating in the rolling stock market.
What are the key factors driving the growth of the rolling stock market?
The market growth is influenced by several key factors, such as the shifting preference for railway-based public transport to alleviate traffic congestion, the growing demand for safe and energy-efficient passenger and freight transportation, and the rising electrification of railway networks.
What are the technology developments in the rolling stock market?
The rolling stock market is experiencing significant advancements, including the integration of smart technologies such as predictive maintenance systems, real-time data analytics, and IoT connectivity. Electrification is gaining momentum, driven by environmental concerns and regulatory pressures, with the development of battery and hydrogen fuel cell technologies that offer cleaner alternatives to traditional diesel engines. Improved safety features, autonomous train operation, and energy-efficient designs are also vital, along with the use of lightweight materials to improve fuel efficiency and reduce operating costs. .
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The study involved four major activities in estimating the current size of the rolling stock market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study included rolling stock industry organizations [American Railway Association (ARA), Brazilian Association of the Railroad Suppliers (ABIFER), China Railway Society (CRS), China Academy of Railway Sciences (CARS), Gulf Cooperation Council (GCC), Indian Railway Conference Association (IRCA), Indian Railway Institute of Electrical Engineering (IRIEEN), International Union of Railways (UIC), Japan Association of Rolling Stock Industries (JARI), Mexican Association of Railway], corporate filings [such as annual reports, investor presentations, and financial statements], and trade, business, whitepapers, and databases, and articles from recognized associations and government publishing sources. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by primary research.
Primary Research
Extensive primary research was conducted after acquiring an understanding of the rolling stock market through secondary research. Several primary interviews were conducted with market experts from both the demand (railway operators, system integrators, country-level government associations, and trade associations) and supply (OEMs and component manufacturers) sides across major regions, namely, North America, Europe, Asia Oceania, the Middle East & Africa, and the Rest of the World. Approximately 40% and 60% of primary interviews were conducted from the demand and supply sides, respectively. The primary data was collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were considered to provide a holistic viewpoint in this report.
Brief sessions with highly experienced independent consultants were conducted to reinforce findings from primaries after interacting with industry experts. This, along with the in-house subject matter experts’ opinions, led to the findings, as described in the remainder of this report.
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations. The primary sources from the demand side included end users, such as Chief Information Officers (CIOs), consultants, service professionals, technicians and technologists, and managers at public and investor-owned utilities.
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Market Size Estimation
Multiple approaches were adopted for estimating and forecasting the rolling stock market. The first approach involved estimating the market size by summation of revenue generated through the sale of rolling stock. The top-down and bottom-up approaches were used to estimate and validate the size of the global market and to estimate the size of various other dependent submarkets in the overall rolling stock market. The research methodology used to estimate the market size includes the following details. The key players in the market were identified through secondary research, and their market shares in respective regions were determined through primary and secondary research. The entire procedure included studying the annual and financial reports of top market players and extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Bottom-Up Approach: Rolling Stock Market
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Top-Down Approach: Rolling Stock Market
Data Triangulation
After arriving at the overall market size through the above-mentioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Market Definition
Rolling stock refers to railway vehicles. They are powered as well as unpowered vehicles such as locomotives, railroad cars, coaches, and wagons. Rolling stock is used for freight and passenger transport and plays a vital role in the transport infrastructure of a city or country. Rapid urbanization and industrialization and the increasing use of public transport to reduce traffic congestion are the key factors driving the growth of the rolling stock market.
Key Stakeholders
- Senior Management
- Finance/Procurement Department
- R&D Department
- End User/Operator
Report Objectives
- To segment and forecast the rolling stock market in terms of volume (thousand units) and value (USD Million)
- To define, describe, and forecast the market based on product type, locomotive technology, application, components, and region
- To analyze regional markets for growth trends, prospects, and their contribution to the overall market
- To define, describe, and forecast the size of the rolling stock market with respect to growth trends and prospects and determine the contribution of the segments to the total market
- To segment the market and forecast its size, by volume and value, based on region (Asia Oceania, Europe, North America, the Middle East & Africa (MEA), and the Rest of the World (RoW)
- To segment and forecast the market size, by volume and value, based on product type (locomotives, rapid transit, wagons, coaches, and others)
- To segment and forecast the market size, by volume and value, based on locomotive technology (conventional locomotives and turbocharged locomotives), with qualitative insights on Maglev
- To segment and forecast the market size, by volume and value, based on application (passenger transportation and freight transportation)
- To provide qualitative insights on the market based on component (pantographs, axles, wheelsets, traction motors, passenger information systems, air conditioning systems, auxiliary power systems, train control systems, brakes, baffle gears, couplers, and gearboxes)
- To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
- To strategically analyze markets with respect to individual growth trends, prospects, and contribution to the total market
- To analyze opportunities for stakeholders and the competitive landscape for market leaders
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To study the following with respect to the market -
- Supply chain analysis
- Ecosystem analysis
- Technology analysis
- HS code
- Case study analysis
- Patent analysis
- Regulatory landscape
- Key stakeholders and buying criteria
- Funding by Application
- Key conferences and events
- To strategically profile key players and comprehensively analyze their market share and core competencies
- To analyze the impact of the AI on the market
- To track and analyze competitive developments such as deals (mergers & acquisitions, partnerships, collaborations), new product developments, and other activities carried out by key industry participants
Available Customizations
With the given market data, MarketsandMarkets offers customizations in line with the company’s specific needs.
- Rolling stock market, by technology type at the country level (For countries covered in the report)
- Rolling stock market, by product type at the country level (For countries covered in the report)
Company Information
- Profiling of additional market players (Up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Rolling Stock Market
what is the market size for rolling stock market and also want to more details about forecast year 2022 to 2027.