CHICAGO, March 10, 2022 /PRNewswire/ — According to new market research report “rolling stock market by Component, Product Type (Locomotive, Rapid Transit, Railcar and Coach), Locomotive Technology (Conventional, Turbocharged and Maglev), Application (Passenger and Freight) and Region – Global Forecast to 2027″ , published by MarketsandMarkets™, the Rolling Stock Market the size should go from $53.8 billion in 2022 at $64.8 billion by 2027, at a CAGR of 3.8%.
Browse the in-depth table of contents at “Rolling Stock Market”
304 – Tables
70 – Numbers
356 – Pages
The rolling stock market is expected to grow at a CAGR of 3.8% during the forecast period. The growing demand for energy-efficient and green transportation has increased the rate of electrification of rail networks around the world. Moreover, growing traffic congestion, increasing population and rapid urbanization have further increased the demand for efficient intra-city transport globally. Thus, the governments of various countries have started to plan new transport routes of the cities. As a result, various new metro and suburban railway projects are springing up in various countries. This is expected to increase the demand for rolling stock worldwide in the years to come.
In addition, the development of hydrogen fuel cell locomotives, battery electric locomotives, solar powered trains, automated shuttles are expected to provide new opportunities for rolling stock manufacturers globally. In addition, the demand for rolling stock depends on factors such as replacement of old rolling stock, new rail projects, and expansion of rail routes. Further, in the rolling stock market, various government and industry players are focusing on increasing the level of autonomy of trains and thereby reducing human interference as well as travel cost and time, which is also expected to increase the demand for rolling stock in the global market during the forecast period.
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Subways/subways are expected to be the fastest growing segment of the global rolling stock market
Increasing urbanization and investments for the development of urban transport systems by governments are the main drivers for the growth of rapid transit systems globally. Subways/subways are urban public transport used for intra-city travel with limited passenger capacity. These trains operate at much higher frequencies and at higher average speeds than light rail/tram systems. This makes them very efficient, as the system is free from interference with road traffic. Subways are functional in countries such as Indiathe United States, the United Kingdom, Germany, Brazil, South Africa, Australiaand France. China, with the longest metro track, in terms of length, is considered the largest metro market in the world. Thus, metros are expected to experience the fastest growth in the coming years globally.
Passenger coaches are expected to witness the fastest growing passenger transportation segment of the global rolling stock market over the forecast period
The availability of robust infrastructure for urban and intercity transportation for mass transit in various countries, especially in Asian countries, is the main factor driving the adoption of railways for passenger transportation. Globally, there has been an increase in passenger train ridership, which is likely to propel the demand for passenger coaches globally. Apart from this, passengers prefer rail transport to cover remote distances as well, due to the wide connectivity of rail networks. Hence, the demand for passenger coaches is increasing at a rapid rate globally. Urbanization is also another important driver for the growth of rail passenger transport. According to the World Health Organization (WHO), in 2020, the urban population is expected to account for 60% of the global population by 2030. Hence, increasing urbanization is expected to further drive the passenger transportation market in the coming years. future. Hence, the demand for passenger coaches is likely to grow at the fastest rate in the passenger transportation segment during the forecast period globally.
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Freight railcars are expected to hold the largest rolling stock market share over the forecast period
Freight railcars are expected to hold the largest rolling stock market share over the forecast period. The demand for wagons is expected to increase due to the increase in freight transportation across the world. High loading capacity, low transportation cost and shorter travel time are the major factors fueling the demand for freight transportation by rail globally. Cost savings, government funding, high efficiency and reliability are also other important factors for the growth of freight transportation. Freight railcars are used to transport commodities such as bulk materials, intermodal containers, general freight, or specialized freight in custom-designed railcars. The demand for freight railcars is high in countries like the United States, Chinaand Russia due to replacement demand and strong growth in the manufacturing sector. The availability of tailor-made and technologically advanced railcars, such as chemical and pressure tank cars and low-bed car carriers and container carriers, is driving the freight railcar market.
Asia-Oceania is expected to hold the largest share by 2027
Asia-Oceania is expected to be the largest market for rolling stock over the forecast period due to increased production, domestic demand and expanding capacity of rolling stock manufacturers. This increase in production makes it possible to meet the growing demand for rail transport and the concerns related to standards and regulations in terms of energy efficiency. In addition to domestic markets, there is an increase in demand from international markets. For example, in February 2021CRRC Corporation Limited has been awarded a contract to supply 10 diesel locomotives to KiwiRail of New Zealand. In the same year, the company won a contract to supply 100 trams to Bucharest City Hall from Romania. Apart from this, the region includes some of the fastest growing economies in the world including China and India, offering opportunities for rolling stock manufacturers. The governments of these countries have recognized the growth potential of the rolling stock market. The presence of well-known rolling stock manufacturers such as Hyundai Rotem Company, Kawasaki Heavy Engineering Ltd, CRRC Corporation Limited, Chittaranjan Locomotive Works (CLW) has further increased the demand for rolling stock in this region.
the rolling stock market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (USA), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding(Russia), and others. These companies have adopted strategies of new product development, expansions, collaborations, partnerships and acquisitions to gain traction in the market.
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