Rolling Stock Market Size, Share, and Trends 2024 to 2033

Rolling Stock Market (By Type: Locomotive, Metro, High-speed Trains, Tramway, Passenger Railroad Cars, Others; By Application: Passenger Rail Operators, Freight Rail Operators) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4528
  • Category : ICT

The global rolling stock market size was USD 64.19 billion in 2023, calculated at USD 68.25 billion in 2024 and is expected to reach around USD 118.47 billion by 2033, expanding at a CAGR of 6.32% from 2024 to 2033. The increased budgetary allocation is a major driver of the rolling stock market.

Rolling Stock Market Size 2024 to 2033

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Rolling Stock Market Key Takeaways

  • Asia Pacific dominated the market with the largest revenue share of 44% in 2023.
  • North America is expected to host the fastest-growing market during the forecast period.
  • By type, the metro segment has held a major revenue share of 22% in 2023.
  • By application, the passenger rail operators segment has contributed more than 59% of revenue share in 2023.
  • By application, the freight rail operators segment is expected to grow at the highest CAGR in the market during the forecast period.

Asia Pacific Rolling Stock Market Size and Growth 2024 to 2033

The Asia Pacific rolling stock market size was exhibited at USD 28.24 billion in 2023 and is projected to be worth around USD 52.72 billion by 2033, poised to grow at a CAGR of 6.44% from 2024 to 2033.

Asia Pacific Rolling Stock Market Size 2024 to 2033

Asia Pacific held the largest share of the rolling stock market in 2023. Significant urbanization has been occurring in several Asia Pacific nations, especially China and India. The need for effective, high-capacity public transportation systems, such as trains and metro systems, has grown as a result. These nations' rapid economic progress has made large expenditures in infrastructure projects, including the creation and extension of rail networks, possible.

To improve their transportation infrastructure, governments in Asia Pacific have introduced a number of programs and regulations. For instance, significant rail projects are part of China's Belt and Road Initiative, which aims to increase connectivity throughout the area. Many nations in the area have made investments in high-speed rail projects, including China's CRH, Japan's Shinkansen, and the upcoming high-speed train connection between Kuala and Banglore.

Rolling Stock Market Share, By Region, 2023 (%)

North America is expected to host the fastest-growing rolling stock market during the forecast period. The governments of the United States, Mexico, and Canada have been investing heavily in modernizing and growing their rail networks. The American Jobs Plan, for example, provides significant financing for rail infrastructure modernization.

In the United States, there are high-speed rail projects that are either underway or proposed, such as the California High-Speed Rail project and possible lines in Texas and the Northeast, which support market expansion. The expansion is anticipated to be driven by the use of cutting-edge technology, including electrification, automated systems, and energy-efficient trains. These developments raise the attraction and efficiency of rail transportation. Increased procurement is a result of the need to replace outdated rolling stock with more contemporary, effective, and ecologically friendly options.

Market Overview

The rolling stock market refers to the vehicles that travel on a railroad track, which are referred to as rolling stock. It includes all-wheeled vehicles, powered and un-powered, that are utilized on railroads. They are run by electricity from third rails that have been electrified or from overhead wires. Diesel engines are commonly employed in situations where electricity wires are not accessible.

Historically, steam power was largely utilized by historic railroads. Long-distance passenger transportation is provided by coaches and carriages, which are frequently furnished with seats, bathrooms, and occasionally sleeping quarters. The multiple units, often known as electric multiple units (EMUs) or diesel multiple units (DMUs), are self-propelled carriages that are frequently utilized for regional and suburban services. The metro Cars are made especially for metropolitan metro systems, which frequently operate in high-frequency, high-capacity settings.

The rolling stock market is fragmented with multiple small-scale and large-scale players, such as ABB, Alstom, American Industrial Transport, Inc., Bombardier, CAF, Construcciones y Auxiliar de Ferrocarriles, S.A., Caterpillar, CRRC Corporation Limited, Hitachi, Ltd., Hyundai Rotem Company, Japan Transport Engineering Company, Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, National Steel Car Limited.

Rolling Stock Market Growth Factors

  • The rising preference for railway transportation can boost the rolling stock market.
  • The growing trend of switching from diesel to electric and electro-diesel locomotives can grow the rolling stock market.

Rolling Stock Market Scope

Report Coverage Details
Market Size by 2033 USD 118.47 Billion
Market Size in 2023 USD 64.19 Billion
Market Size in 2024 USD 68.25 Billion
Market Growth Rate from 2024 to 2033 CAGR of 6.32%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Type, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Rolling Stock Market Dynamics


Increase in the need for a safe, effective, and secure transportation system

The increase in the need for a safe, effective, and secure transportation system can boost the rolling stock market. Therefore, a major factor in the expansion of the global market is the growing requirement for a safe, secure, and effective transportation system. Since trains are thought to be the most affordable and safest form of transportation, demand for railroads has increased.

The World Health Organization (WHO) fact sheet states that among those between the ages of 15 and 29, traffic injuries are the primary cause of mortality, translating to 1.25 million road accident-related deaths annually. Furthermore, low- and middle-income nations account for 90% of global road deaths while possessing around 54% of the world's vehicle fleet.


Increasing the maintenance of the current rolling stock

The increasing the maintenance of current rolling stock may slowdown the rolling stock market. These days, end users are gravitating toward the availability of resources to advance society. However, rolling stock restoration projects offer a great way to finish overhauling the present fleet. Therefore, rail operators are not buying new cars. It may impede the rolling stock market's growth in the next years.


Increase in funding allocated for railway development

By devoting a larger budget, emerging nations like China, India, and others are concentrating on building their railway infrastructure. In the same vein, other nations across the world are consistently raising their budgets for rail in order to implement cutting-edge technologies and upgrade their infrastructure.

  • The UK government spent more than $6.28 billion (£5.3 billion) in 2019 and 2020 on upgraded and new rail equipment.
  • In India, the railways were allotted a budget of approximately $15.06 billion (₹1.10 lakh crore) for the financial year 2021–2022, with a total capital expenditure outlay of $30.80 billion (₹2.15 lakh crore). This indicates a 33% increase in total capital expenditure for 2021–2022, over $22.4 billion (₹1.61 lakh crore) for 2020–21.

Type Insights

The metro segment held a significant share of the rolling stock market in 2023. Global urbanization is accelerating, particularly in emerging nations, which has increased the need for effective urban transportation networks. In highly populated cities, metros are necessary to provide dependable mass transit and to ease traffic congestion. The metros are a great option for high-capacity public transportation because of their high population concentrations in metropolitan regions. As part of larger urban infrastructure projects, governments are making significant investments in the growth and development of metro networks.

The objectives of these initiatives are to solve transportation-related issues and enhance urban mobility. The funding and support for metro developments have risen as a result of policies that favor public transportation over private automobiles as a means of reducing pollution and traffic. By reducing the number of private automobiles on the road, metros are viewed as a sustainable form of transportation that helps minimize carbon emissions. Creating environmentally friendly urban transportation networks is becoming more and more important.

The metros fit in nicely with these sustainability objectives since they are less polluting and use less energy. The metro systems are now more appealing and effective thanks to developments in automation, intelligent signaling systems, and energy-efficient design. The attraction of metro systems has risen due to enhanced safety measures, real-time information systems, and greater passenger comfort.

Application Insights

The passenger rail operators segment dominated the rolling stock market in 2023. In many regions of the world, the rate of urbanization is increasing, which has increased demand for effective urban public transportation systems, such as light rail, subway, and train systems. In order to move large numbers of people effectively, there is an increased demand for high-capacity transportation options due to growing populations, especially in metropolitan regions.

Governments all throughout the world have been making significant investments in public transportation infrastructure in an effort to improve urban mobility, cut carbon emissions, and ease traffic congestion. This covers financing for both brand-new passenger rail initiatives and the updating of already existing train networks. In order to achieve more general environmental and sustainability goals, several governments have put rules in place to encourage the use of public transit rather than private automobiles.

Rolling Stock Market Share, By Application, 2023 (%)

The freight rail operators segment is expected to grow at the highest CAGR in the rolling stock market during the forecast period. International trade is still expanding, which has raised the need for dependable and effective freight transportation. For huge volumes of commodities across long distances, rail freight is frequently more economical and ecologically benign than other means of transportation. Strong rail freight infrastructure is becoming more and more necessary to facilitate the effective flow of products as global supply chains become longer and more complicated.

The amount of items that require transportation has expanded dramatically due to the growth of e-commerce. When transferring massive amounts of cargo between regions and from distribution hubs to metropolitan areas, rail freight is an effective option. In order to manage the large amounts of commodities connected with e-commerce, investments in freight rail have been driven by the necessity for effective distribution networks and logistics.

Rolling Stock Companies

Rolling Stock Market Companies

  • Alstom Transport
  • CRRC Corporation Limited
  • GE Transportation
  • Hitachi Rail System
  • Hyundai Rotem
  • Kawasaki Heavy Industries, Ltd.
  • Siemens Mobility
  • Stadler Rail AG
  • The Greenbrier Co.
  • Trinity Rail

Recent Developments

  • In March 2024, Caltrain retired 32 diesel passenger cars ahead of the launch of its new electric fleet. Caltrain’s new electric trains will replace the retired diesel units, which are nearly 40 years old. These old units have now been shipped to Sonoma, California, to be stored in Petaluma with Sonoma-Marin Area Rail Transit (SMART) until a buyer is found.
  • In February 2024, German rolling stock manufacturer Siemens Mobility founded a leasing subsidiary to allow for short notice and flexible use of its Mireo Smart trains in Europe. The Smart Train Lease (STL) subsidiary will offer the battery, hydrogen, and electric versions of the multiple-unit trains for rental at short notice, with the service initially beginning in Germany ahead of a planned expansion through Europe “in the medium term.”
  • In April 2023, The Smart Rolling Stock Maintenance Research Facility (SRSMRF) inside the University’s Institute of Railway Research (IRR) was part of a £1.8 million project to investigate how cutting-edge technology and data analysis can improve the efficiency and reliability of how the UK’s railway rolling stock is maintained.
  • In February 2023, Stadler Rail AG collaborated with Utah State University and ASPIRE Engineering Research Centre to build a battery-powered passenger train based on the FLIRT Akku concept. Within the scope of the project are the creation, construction, and testing of a two-car multi-unit powered by a FLIRT Akku battery.
  • In January 2022, MASU, a top producer of friction products for the rail and automobile industries, was purchased by Wabtec Corporation. Wabtec Corporation will be able to increase its installed base and accelerate the expansion of its braking product line thanks to this purchase.

Segment Covered in the Report

By Type

  • Locomotive
    • Diesel
    • Electric
    • Electro-diesel
    • Others
  • Metro
  • High-speed Trains
  • Tramway
  • Passenger Railroad Cars
  • Others

By Application

  • Passenger Rail Operators
  • Freight Rail Operators

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global rolling stock market size is expected to increase USD 118.47 billion by 2033 from USD 64.19 billion in 2023.

The rolling stock market is anticipated to grow at a CAGR of over 6.32% between 2024 and 2033

The major players operating in the rolling stock market are Alstom Transport, CRRC Corporation Limited, GE Transportation, Hitachi Rail System, Hyundai Rotem, Kawasaki Heavy Industries, Ltd., Siemens Mobility, Stadler Rail AG, The Greenbrier Co., Trinity Rail, and Others.

The driving factors of the rolling stock market are the increase in the need for a safe, effective, and secure transportation system and rising preference for railway transportation.

Asia Pacific region will lead the global rolling stock market during the forecast period 2024 to 2033.

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