Rolling Stock Market worth $64.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 10, 2022 /PRNewswire/ -- According to the new market research report "Rolling Stock Market by Component, Product Type (Locomotive, Rapid Transit, Wagon, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region - Global Forecast to 2027", published by MarketsandMarkets™, the Rolling Stock Market size is projected to grow from USD 53.8 billion in 2022 to USD 64.8 billion by 2027, at a CAGR of 3.8%.
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The Rolling Stock Market is expected to grow at a CAGR of 3.8% during the forecast period. Rising demand for energy-efficient & green transportation has increased the electrification rate of railway networks globally. Moreover, growing traffic congestion, increasing population, rapid urbanization has further increased the demand for efficient intra-city transportation globally. Thereby, the governments of various countries have started planning for new transportation routes of the cities. As a result, various new metro and suburban railway projects are coming up in various countries. This is expected to increase the demand for rolling stocks all over the world in the coming years.
Moreover, development of hydrogen fuel cell locomotive, battery-electric locomotives, solar-powered trains, automated people movers are expected to provide new opportunities for the manufacturers of rolling stocks globally. Also, the demand for rolling stocks is dependent on factors such as the replacement of old rolling stocks, new railway projects, and the expansion of railway routes. Furthermore, in the Rolling Stock Market, various government and industry players are focusing on increasing the autonomy level of trains and thereby reducing human interference and the cost and travel time, which is also expected to enhance the demand for rolling stocks in the global market during the forecast period.
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Subways/Metros are expected to be the fastest-growing segment in the global Rolling Stock Market
Increasing urbanization and investments for the development of urban transit systems by governments are the key drivers for the growth of rapid transit systems globally. Subways/metros are urban transits used for intracity travel with limited passenger capacity. These trains operate at much greater frequencies and at higher average speeds than light rail/tram systems. This makes them highly efficient, as the system is free from road traffic interference. Metro trains are functional in countries such as India, the US, the UK, Germany, Brazil, South Africa, Australia, and France. China, with the largest metro track, in terms of length, is considered the largest metro market globally. Thereby, the subways/metros are expected to witness the fastest growth in the coming years globally.
Passenger coaches are expected to witness the fastest growth in the passenger transportation segment of global Rolling Stock Market during the forecast period
The availability of robust infrastructure for both, urban and intercity transport for mass transit in various countries especially in Asian countries is the major factor driving the adoption of railways for passenger transportation. Globally, there has been an increase in the ridership of passenger trains which is likely to propel the demand for passenger coaches globally. Apart from this, passengers prefer railway transportation to cover remote distances as well, owing to the wide connectivity of railway networks. Therefore, the demand for passenger coaches is growing at a steady pace globally. Urbanization is also another major driver for the growth of passenger transportation by railways. According to the World Health Organization (WHO), in 2020, the urban population is projected to account for 60% of the global population by 2030. Hence, increasing urbanization is expected to further boost the market for passenger transportation in the coming years. Therefore, the demand for passenger coaches is likely grow at a fastest rate in passenger transportation segment during the forecast period globally.
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Freight wagons are expected to hold largest share in Rolling Stock Market during forecast period
Freight wagons are expected to hold the largest share in Rolling Stock Market from during the forecast period. The demand for wagons is expected to rise due to the increase in freight transportation across the globe. High loading capacity, low transportation cost, and shorter journey time are the key factors fueling the demand for freight transportation through railways globally. Cost savings, government funding, high efficiency, and reliability are also some other important factors for the growth of freight transportation. Freight wagons are used to transport cargo such as bulk material, intermodal containers, general freight, or specialized freight in custom-designed cars. The demand for freight wagons is high in countries such as the US, China, and Russia due to the demand for replacements and the strong growth of the manufacturing sector. The availability of custom-made and technologically advanced wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons are driving the market for freight wagons.
Asia Oceania is expected to hold the largest share by 2027
Asia Oceania is projected to be the largest market for rolling stocks during the forecast period owing to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. This increase in production helps cope with the surging demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. For instance, in February 2021, CRRC Corporation Limited won a supply contract to supply 10 diesel locomotives to KiwiRail of New Zealand. In the same year, the company won a supply contract of supplying 100 trams to Bucharest Town Hall of Romania. Apart from this, the region comprises some of the fastest-growing economies in the world, including China and India, offering opportunities for rolling stock manufacturers. Governments in these countries have recognized the growth potential of the Rolling Stock Market. The presence of reputed 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 stocks 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 (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (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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