Rolling Stock Market Projected to reach $64.8 billion by 2027

The 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", 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 have 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.

Market Dynamics:

Driver: Increasing preference towards railway-based public transport as a means of reducing traffic congestion

According to census report 2021, the US median household income level increased by 1.8% in 2021 compared to 2020. The slow growth in median household income level is due to COVID-19. Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe. However, road congestion and travel time in urban areas increased due to the insufficient road network infrastructure. In 2021, the average time spent driving in traffic congestion in major urban areas across the globe was 113.4 hours, and 21% was during peak traffic time. Thus, urban planners and local governments are merging rapid transit networks and tramways with the existing city infrastructure. Commuters are also seeking eco-friendly, reliable, and cost-effective means of transportation. 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 investments for the development of metros due to the growing urban population in these countries. For example, in 2021, 823.5 km metro rail in India was under construction in more than fifteen cities. In 2020, China planned an investment of USD 4.8 billion for 16 metro lines for a total length of 304.6 km and five railway projects for 132.1 km. Apart from this, in 2021, the Chinese government announced to invest USD 154.88 billion for expanding its railway network by 22,000km by 2025.

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Opportunity: Big data applications in rail industry

Passengers are increasingly seeking an enhanced travel experience, which includes onboard internet and entertainment, smart ticketing, automated fare collection, and door-to-door services. Players in the transport industry are currently exploring ways to use big data retrieved from passengers' smart devices to potentially improve business models of urban rail networks and the quality of services. The major objective of using big data and big data analytics is to create real-time predictive algorithms, scalable data structures, enable big data communications, and the application of visualization techniques.

By locomotive technology, conventional locomotive segment is expected to hold the larger share in the global rolling stock market

Diesel, and electric locomotives are considered conventional locomotives. The Asia Oceania region is the leading producer of rolling stock across the globe and is expected to retain this position during the forecast period for conventional locomotives. Developments in rail transport in Asia Oceania are expected to meet the increasing need for the modernization of the passenger transport system. In addition, increasing demand for electric locomotives globally and the growing electro-diesel market in Europe are expected to boost the demand for conventional locomotives.

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This release was published on openPR.