Rolling Stock Market Size worth USD 65.6 billion by 2028

The global 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. 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 electrification.

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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.

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.

For instance, in 2021, South Korea announced its plan to completely phase out all diesel-hauled passenger trains in the country and replace them with new electric bullet trains by 2029. In March 2022, the Germany-based industry association VDV announced that the German rail network will be further electrified in the coming years. This could, however, be done at a faster pace by doing away with a preliminary environmental impact assessment and the planning approval requirement. In Germany, currently, around 60% of the railway lines are electrified. The VDV advocates a degree of electrification of 75% of the network. This will provide the necessary boost to the rolling stock industry. Currently, the electrification of railway networks is higher in Russia, Japan, and South Korea. India also has a well-electrified rail network. Currently, three zones of Indian railways have achieved 100% electrification: Kolkata Metro, West Central Railway, and East Coast Railway.

Big data applications in rail industry

An improved travel experience, including onboard internet and entertainment, smart tickets, automated fare collection, and door-to-door services, is something that passengers are increasingly looking for. Currently, players in the transportation sector are looking into how to leverage big data collected from passengers' smart devices to perhaps enhance the economic models of urban rail networks and the caliber of services. Real-time prediction algorithms, scalable data structures, big data communications, and the use of visualization tools are the main goals of using big data and big data analytics.

Application of big data analytics can assist in understanding organizational, technological, and operational problems associated with railway transportation, as well as its effects on the economy. Big data analytics delivers data on the Traffic Management System (TMS), TMS decision-making, remaining life, maintenance-related service, and energy resources. Additionally, it enables rail operators to forecast ridership numbers and improve their product lineup. Big data makes it possible to better analyze the state and prognosticative behavior of rolling stock. Therefore, big data and intelligent rail systems can lower maintenance costs, minimize raks, and increase safety in the railway industry. The Central Organization for Modernization of Workshops (COFMOW), Indian Railways, awarded a contract to Wabtec Corporation in 2022 for its online monitoring of rolling stock (OMRS) project. This makes it possible to find problems with wheels, brakes, bearings, axes, and other parts for all maintenance, speeding up turnaround and improving safety.

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The Asia Oceania market is projected to hold the largest share by 2028

The Asia Oceania region is the largest market for rolling stocks due to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. 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 value. According to official data of Indian Railways, USD 23.5 billion (Rs. 191,162 crores) of revenue has been earned so far in the current fiscal year (FY23), China is also planning to invest USD 155 billion in expanding the railway network in the Yangtze River Delta (YRD) region under its 14th five-year plan period (2021-25). Japan is a technology leader in the market. The country is continuously investing in the development of innovative technologies in rolling stock. Previously, the rolling stock industry in South Korea was dependent on technologies developed by France and Japan. However, companies such as Hyundai Rotem are bringing technological developments in the country's market.

Key Market Players

The global rolling stock market is dominated by major players such CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Stadler Rail AG (Switzerland), and Wabtec Corporation (US).

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