Chicago, July 31, 2023 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™.
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382 – Pages
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| Report Attributes | Details |
| Market size value in 2023: | USD 54.6 billion |
| Projected to reach 2028: | USD 65.6 billion |
| CAGR: | 3.8% |
| Base Year Considered: | 2022 |
| Forecast Period: | 2023-2028 |
| Largest Market: | Asia Oceania |
| Region Covered: | Asia Oceania, Europe, North America, Middle East & Africa and Rest of the World |
| Segments Covered: | By Component Product Type (Locomotive, Rapid Transit, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region |
| Companies Covered: | CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Stadler Rail AG (Switzerland), and Wabtec Corporation (US) |
The market for rolling stock is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in railway electirfication.
Smart transportation initiatives have been taken up by governments across developed and developing countries over the last few years. The advent of technologies, such as cloud, IoT, 5G, and AI, has been instrumental in the growth of the smart railways’ ecosystem. The major factors that are expected to further drive the adoption of smart railways include a focus on improving and upgrading the overall rail infrastructure network, heavy investment in the urban and inter-urban segments, regulations to adopt safety measures, and increasing smart city projects from all regions. This is likely to propel the demand for more technologically superior rolling stocks in the coming years globally.
Developed nations such as Germany, France, and the UK are promoting the use of rapid transit systems to reduce traffic congestion. India, China, Egypt, Brazil, and the Gulf countries have increased their investments in the development of metros due to the growing urban population in these countries. Due to such investment demand for rolling stock will we more during the forecast period.
Increasing electrification of railway networks
Rising concerns regarding a greener environment have increased the demand for non-polluting and energy-efficient transport systems globally. Additionally, the oil-importing countries are also planning to reduce their oil dependency, thereby looking for an alternative energy source. As a result, most countries prefer electricity as a source of energy for various rolling stocks. This resulted in the increasing electrification of railway networks all over the world. Therefore, the demand for electric locomotives and EMUs is rising at a rapid pace globally. Countries are also replacing their old diesel locomotives and DMUs with electric locomotives and EMUs, respectively.
By Locomotive, Electric locomotive segment is expected to be the largest segment in the forecast
The Electric locomotive segment is estimated to lead the global rolling stock industry by locomotive type. An electric locomotive obtains power from an overhead wire or a storage battery. There is an increase in the electrification of railway tracks globally, owing to reduced vehicle emissions. Asia Oceania and Europe are increasingly investing in the electrification of railway tracks. As of March 2023, Indian Railways completed electrifying 90% of its network. European countries plan to electrify 70% of their rail network by 2025, which includes the expansion and electrification of the existing track length. Government initiatives like tax breaks and subsidies may help promote the use of electric locomotives. For instance, some nations provide incentives to businesses that finance the development of electric locomotives or other sustainable energy technology. Since they emit no emissions when in use, electric locomotives are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. In February 2022, Alstom SA signed a contract with Belgium’s Société Nationale des Chemins de Fer Belges (SNCB) worth USD 136 million to supply 50 electric Traxx locomotives for passenger transportation. In March 2023, Siemens Mobility Austria GmbH received an order from ÖBB for additional 27 Siemens Desiro ML electric trainsets. With this order, ÖBB is continuing to renew its fleet and investing in modern trains for inner-Alpine transport.
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Asia Pacific to be the fastest growing market for automotive engineering services during the forecast period”
Asia Pacific is estimated to be the fastest-growing market. The growth of the Asia Pacific automotive engineering services market can be attributed to favorable government regulations and the high adoption of electric passenger cars and commercial vehicles. The region has the presence of top outsourcers, such as Great Wall Motor, Tata Motors, Daimler, Volvo, and Groupe PSA. Japan is estimated to be the largest market during the forecast period. Japan plays a vital role in the development of advanced electronic technology in Asia Pacific. With advancements in technologies such as smart components, ADAS and safety solutions, autonomous driving and connectivity solutions, EV powertrains and batteries, and fuel cell technology, the automotive engineering services market in Japan is expected to grow. India is expected to be the fastest-growing market during the forecast period due to the presence of automotive service providers such as Tech Mahindra, L&T Technology Services, and HCL Technologies. These companies offer services such as body engineering, hybrid & electric mobility, infotainment & connectivity, and powertrain engineering to OEMs globally. With the increase in electric passenger and commercial vehicle sales in Asia Pacific, the demand for automotive engineering services, such as simulation, battery development & management, charger testing, and motor controls, is expected to grow.
Key Market Players
The rolling stock companies are CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Stadler Rail AG (Switzerland), and Wabtec Corporation (US) among others.
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