Rolling Stock Market Size, Share, Opportunities, And Trends By Type (Locomotives, High Speed Trains, Rapid Transit Trains, Coaches, Others), By Propulsion (Diesel, Electric), By Application (Passenger Transport, Feight Transport), And By Geography - Forecasts From 2025 To 2030

Rolling Stock Market Size

The rolling stock market is projected to grow at a CAGR of 3.49%, from US$73.093 billion in 2025 to US$86.761 billion in 2030.

Rolling stock refers to all the types of vehicles operating in the rail transport industry, including locomotives, coaches, and wagons, among others.

The factors that drive the rolling stock market growth in the next five years are the burgeoning investments by the governments of various countries around the globe in the expansion of railway fleets and the expansion of railway networks to connect remote areas with urban areas.

This, in turn, is anticipated to propel the demand for rolling stock and drive market growth significantly throughout the forecast period.

The demand for public transport is increasing significantly, especially rail transport, due to lower costs and the wide presence of rail networks in almost every country worldwide. According to the International Energy Agency, freight activity and the number of passengers are expected to double by the year 2050. This will further drive the demand for energy lead to increased carbon emissions, and further impact the environment.

Electric rail systems are witnessing growing investments that are expected to make positive impacts on the growth of the market by further projecting the reduction of environmental impact. The environment continued to attract the attention of governments in various countries and, thus, drew an increased investment trend in electric rail systems intended to reduce carbon emissions. For instance, the government of India is planning to electrify the entire railway network of the country by the year 2025 to save energy worth US$1.5 billion.

However, the primary factor that inhibits the market growth is the long life span of these rolling stocks, as high initial costs further lead to overhaul and refurbishment of current stock, which is anticipated to be a prime factor to moderately impact the market growth in the coming year.

Rolling Stock Market Drivers:

• The expected increase in rolling stock market growth will be driven by rising investments in the railway sector.

The rolling stock will expand during the forecast period basically due to increasing investment in railway services of many developing and developed countries around the globe, which manifests itself in an infrastructure expansion, fleet expansion, and rail network extension. All these factors are collectively resulting in increased demands for various types of rolling stock and further market growth acceleration. Also, the railway sector in many countries is considered one of the most important revenue generation sectors, which is also a prime factor for the growing investments for tapping the potential revenue growth opportunities by the government.

The infrastructure investments in rail transport in the various developing economies in the expansion of new railway networks and enhancement of current in developing economies play a significant role in boosting market growth. According to IBEF reports, Indian Railways loaded 1434.03 MT of freight from April to February in FY24, which is an increase of 66.51 MT, and earned revenue of around US$ 778 million compared to the last financial year.

Also, the government schemes for the penetration of bullet trains in the country are anticipated to provide an impetus for the market to surge in the next five years. For instance, in June 2022, Indian Railways launched the 'Bharat Guarav' scheme in the Southern Railway. The objective of this launch is to portray the country's rich cultural heritage and historical places. This train would be operated by the private operator, South Star Rail. All these factors are anticipated to propel the rolling stock market growth during the next five years.

• The growing concern for sustainability and the environment is predicted to boost the rolling stock market growth.

The rolling stock market is observing growth from the shift towards electric and hybrid components principally brought about by the requirement of emission abatement and energy efficiency. Development has seen an increase in the global push to reduce carbon footprints, mostly due to the value-added features of propulsion systems, regenerative braking technologies, and lightweight materials that aim to reduce energy consumption and operational costs.

Furthermore, manufacturing is attributing in the more eco-conscious direction by concentrating on sustainable and recycled materials and greener workflows to minimize litter and reduce noise pollution. Concerning this, investments have been made in research and development on revolutionary green solutions as modern rolling stock designs are now capable of benefiting communities within railway lines to a higher extent.

Rolling Stock Market Geographical Outlook:

• North America region to hold significant shares of the rolling stock market.

In geographical terms, the rolling stock market can be segmented as follows: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Geographically, North America is expected to boost market share with optimal infrastructure and technology. Most emerging key players in the rolling stock market attribute this performance to the region. Increasing construction of metro project development, electrification expansion within train routes, freight growth, and sustainable transport emphasis are driving the region to continue being the frontrunner in the rolling stock market. In addition, a strong economy and extensive rail networks ensure that a wide number of freight cars and locomotives are required. Investment by government and businesses in electric and hybrid rolling stock will fuel the emerging demand in this region.

The Asia Pacific region is anticipated to occupy a significant share of the global market. The growth could be attributed to the presence of one of the largest and most well-established rail networks in countries like China, India, and Japan. Additionally, the growing investments in India in electric trains, metros, and bullet trains are further supplementing the market growth in the APAC region during the next five years. The North American region is anticipated to show notable growth throughout the forecast period owing to the well-established state-of-the-art railway infrastructure and key market players in the region.

Rolling Stock Market Key Developments:

• September 2024- A joint Russian-Indian venture established its new electric train manufacturing facility in the country with progress for a contract with Indian Railways that is reportedly estimated to be worth up to ?54,000 crore ($6.5 billion) for the manufacturing and maintenance of Vande Bharat electric trains.
• August 2024- BEML Ltd., India's top-most rolling stock manufacturer, entered into an MoU with Malaysia's largest rolling stock manufacturer, SMH Rail. This collaboration aims to strengthen bilateral relations and joint efforts toward the global demand for advanced rail and metro rolling stock while focusing on marketing, supply, and servicing of rail and metro rolling stock products, particularly for Malaysia, Southeast Asia, and Africa.

Rolling Stock Market Scope:

Report Metric	Details
Rolling Stock Market Size in 2025	US$73.093 billion
Rolling Stock Market Size in 2030	US$86.761 billion
Growth Rate	CAGR of 3.49%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Billion
Segmentation	Type Propulsion Application Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in the Rolling Stock Market	CRRC Corporation Limited Alstom HYUNDAI ROTEM COMPANY Wabtec Corporation Mitsubishi Electric Corporation
Customization Scope	Free report customization with purchase

 

The Rolling Stock Market is analyzed into the following segments:

• By Type
  • Locomotives
  • High-Speed Trains
  • Rapid Transit Trains
  • Coaches
  • Others
• By Propulsion
  • Diesel
  • Electric
• By Application
  • Passenger Transport
  • Freight Transport
• By Geography
  • North America
    • USA
    • Canada              
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Others

---

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. ROLLING STOCK MARKET BY TYPE

5.1. Introduction

5.2. Locomotives

5.3. High-Speed Trains

5.4. Rapid Transit Trains

5.5. Coaches

5.6. Others

6. ROLLING STOCK MARKET BY PROPULSION

6.1. Introduction

6.2. Diesel

6.3. Electric

7. ROLLING STOCK MARKET BY APPLICATION 

7.1. Introduction

7.2. Passenger Transport

7.3. Freight Transport

8. ROLLING STOCK MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Type

8.2.2. By Propulsion

8.2.3. By Application

8.2.4. By Country

8.2.4.1. USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. By Type

8.3.2. By Propulsion

8.3.3. By Application

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. By Type

8.4.2. By Propulsion

8.4.3. By Application

8.4.4. By Country

8.4.4.1. UK

8.4.4.2. Germany

8.4.4.3. France

8.4.4.4. Spain

8.4.4.5. Others

8.5. Middle East and Africa

8.5.1. By Type

8.5.2. By Propulsion

8.5.3. By Application

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. Israel

8.5.4.3. Others

8.6. Asia Pacific

8.6.1. By Type

8.6.2. By Propulsion

8.6.3. By Application

8.6.4. By Country

8.6.4.1. China

8.6.4.2. Japan

8.6.4.3. South Korea

8.6.4.4. India

8.6.4.5. Indonesia

8.6.4.6. Thailand

8.6.4.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. CRRC Corporation Limited

10.2. Alstom

10.3. HYUNDAI ROTEM COMPANY

10.4. Wabtec Corporation

10.5. Mitsubishi Electric Corporation

10.6. Kawasaki Heavy Industries, Ltd.

10.7. Hitachi, Ltd.

10.8. The Greenbrier Companies

10.9. Siemens

10.10. Niigata Transys Co., Ltd.

CRRC Corporation Limited

Alstom

HYUNDAI ROTEM COMPANY

Wabtec Corporation

Mitsubishi Electric Corporation

Kawasaki Heavy Industries, Ltd.

Hitachi, Ltd.

The Greenbrier Companies

Siemens

Niigata Transys Co., Ltd.