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. In the near future, demand for rolling stock is expected to increase due to favourable investment made for railway industry.
The increasing urban population is expected to require the governments to increase urban transportation facilities such as metros, light rails, monorails, and subways. This is expected to drive the demand for new rail vehicles, including locomotives, multiple units, wagons, and coaches. Governments across the globe have increased investments in rail system infrastructure to cater to the transportation needs of the rising population. These investments offer opportunities for rolling stock manufacturers to expand their revenue streams and geographical presence.
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The rolling stock market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Stadler Rail AG (Switzerland), and Wabtec Corporation (US). These companies adopted new product launches, supply contract, and other strategies to gain traction in the rolling stock market.
CRRC Corporation Limited is a key player in the rolling stock market. It specializes in the R&D, design, manufacture, sale, refurbishment, and lease of transportation vehicles. This is expected to play a crucial role in reshaping the global railway transportation system or mainly in China, during the forecast period. By creating goods that satisfy the requirements of international clients, CRRC is extending its reach beyond its local market. It makes a concerted effort to export its goods to new markets. As of December 2021, the company had delivered 1,292 new MUs, 744 new locomotives, 1,019 new passenger carriages, 33,700 new freight wagons, and 8,045 urban rail transit vehicles (including subway vehicles, tramcars, monorail vehicles, and medium and low-speed maglev trains) of the general assembly on an annual basis. This helps the company to offer a wide range of products and solutions for the railway industry. The company’s product portfolio for the rail industry includes high-speed Multiple Units (MUs), high-powered electric locomotives, transit vehicles, heavy haul freight trains, and passenger carriages. Being a leading rolling stock manufacturer from China, the company also competes with various established players in the high-speed train segment of the rolling stock market, such as Alstom SA (France) and Siemens AG (Germany).
Alstom SA has the potential to become a leader in the rolling stock market. In the recent past, the company has developed various new products and solutions for the railway industry. These new product developments include the development and trial of battery-operated trains in Germany, a cybersecurity solution, and a new trainset. The company manufactures rail transport equipment, systems, services, and signaling for urban, suburban, regional, and mainline passenger transportation, as well as freight transportation, through its transport business segment. The company has acquired Bombardier Transportation, which further enhanced its capabilities and offerings in the rolling stock market. In March 2023, Alstom signed a contract with the Port Authority of New York and New Jersey and Newark Liberty International Airport to provide operations and maintenance services for its Innovia monorail system, known as AirTrain Newark, for the next seven years, until January 2030.
Siemens AG is a specialist in the development and supply of trains, infrastructure, automation and electrification solutions, turnkey systems, as well as related services for passenger and freight transportation globally. The company offers high-speed trains, commuter trains, passenger coaches, metros, people movers, LRVs, locomotives, bogies, traction systems, and rail-related services. To cater to various needs of the global railway industry, the company launched new products and solutions in the recent past that includes a digital train control systems, automatic trains, auxiliary converters, Piccadilly line trains, and Nightjet trains. Apart from this, the company launched Mireo Plus H in May 2022. The Mireo Plus H is a second-generation hydrogen train, based on a hybrid technology consisting of a fuel cell drive system and a lithium-ion battery pack.
The Swiss-based Stadler Rail AG (Stradler) creates, produces, and maintains railroad vehicles for both passenger and freight transportation. Regional and commuter trains, light rail vehicles, trams, intercity trains, and high-speed trains are just a few of the railroad vehicles that Stadler manufactures. Its vehicles are made to be comfy, environmentally friendly, and energy efficient. With a strong emphasis on innovation, Stadler has created a number of cutting-edge innovations for its rail vehicles. As of December 2022, the company has a presence in 23 countries. In March 2023, Stadler and Trenitalia signed a framework agreement for the supply of up to 50 EUROLIGHT Dual locomotives with a first call-off order for 13 units. The agreement also includes the full-service maintenance of the locomotives for a period of 10 years.
Wabtec Corporation is a key player in the global rolling stock market. The company has a strong foothold in the North American market and is a leading manufacturer and provider of technology-based products and services for freight rails, passenger transits, and select industrial markets worldwide. The company is known for supplying locomotives with advanced safety features, high productivity, and less maintenance cost. In March 2023, Wabtec Corporation received a contract worth around USD 38.3 million from logistics solutions company VLI for the delivery of nine Evolution Series locomotives. Wabtec Corporation has operations in more than 100 nations and serves a wide range of clients, including railroads, transit systems, and industrial businesses. Through its products and services, the company is committed to sustainability and working to lessen the negative effects of rail travel on the environment. The company is currently working on technologies like Driver Assist, Smart Cruise Control with PTC, supervised ATO/Single person, and autonomous operations.
Rolling Stock Market by Component Product Type (Locomotive, Rapid Transit, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region - Global Forecast to 2028
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