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Rolling Stock Market Size, Growth, Industry Trends | Emergen Research
Rolling Stock
The global Rolling Stock market is expected to grow significantly, reaching USD 116.2 billion by 2033, up from USD 65.4 billion in 2024. This reflects a steady compound annual growth rate (CAGR) of 6.2% during the forecast period. The growth is primarily driven by rapid urbanization, increasing population, and the global push for cleaner and more efficient transportation systems.
As cities continue to expand, especially in developing nations, there is a growing need for reliable public transportation infrastructure. Urban areas face increasing traffic congestion and air pollution, and rolling stock-such as metro trains and light rail systems-offers an effective solution. These systems reduce the use of personal vehicles, helping to cut emissions and improve city mobility.
India, for example, has significantly expanded its metro network, now ranking third globally with 1,000 kilometers of operational track. Metro services have grown from five states and cities in 2014 to 11 states and 23 cities today, with daily ridership expected to reach over 10 million by 2025. In Ahmedabad, a new metro system was inaugurated in 2022, featuring both North-South and East-West corridors aimed at easing traffic and pollution.
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Clean Energy and Efficiency Drive Market Growth
A major factor propelling the rolling stock market is the growing emphasis on low-emission and energy-efficient transportation. Electric and hybrid trains are gaining popularity worldwide as countries strive to reduce carbon emissions. Battery-powered trains are also emerging as a cleaner solution, especially in regions where electrification is still limited.
India continues to lead by example, with Indian Railways achieving 95% electrification of its broad-gauge network as of December 2023. The 2024-25 budget allocates ₹6,500 crore to complete full electrification, supporting India's vision of building the world's largest green railway network. These efforts play a critical role in reducing reliance on imported fossil fuels and lowering carbon footprints.
Challenges: High Maintenance and Operational Costs
Despite these advances, the industry faces challenges, particularly the high costs associated with maintaining modern trains. High-speed and electric trains require regular inspections and specialized upkeep. Maintenance expenses, including spare parts and workforce, can reach up to USD 1 million per train each year. For urban rail systems, spare parts alone make up nearly 14% of total costs. These financial pressures could slow market expansion if not managed effectively.
Passenger Segment Holds Largest Share, Freight Poised for Fastest Growth
In terms of application, passenger transportation continues to dominate the market in 2024. Governments and rail authorities are investing heavily in modernizing rail services to meet growing passenger demands. Indian Railways, for instance, has allocated over USD 22 billion in 2024-2025 to boost capacity, improve safety, and introduce more efficient trains, including 136 new Vande Bharat trains. These improvements support India's commitment to achieving net-zero emissions in rail transport by 2030.
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Competitive Terrain:
The global Rolling Stock industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market.
Some major companies included in the Rolling Stock market report are:
CRRC Corporation Limited
Siemens Mobility
Alstom SA
Bombardier Inc.
Hitachi Rail
Stadler Rail AG
AnsaldoBreda
Kawasaki Heavy Industries
Toshiba Corporation
General Electric (GE) Transportation
The report further divides the Rolling Stock market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Rolling Stock market.
Rolling Stock Market Segmentation Analysis
By Component Outlook (Revenue, USD Billion; 2020-2033)
Train Control Systems
Pantographs
Axles
Wheelsets
Traction Motors
Passenger Information Systems
Brakes
Others
By Technology Outlook (Revenue, USD Billion; 2020-2033)
Conventional Locomotive
Turbocharged Locomotives
Maglev
By Product Type Outlook (Revenue, USD Billion; 2020-2033)
Locomotives
Rapid transit
Coaches
Wagons
Others
By Application Outlook (Revenue, USD Billion; 2020-2033)
Passenger Transportation
Freight Transportation
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Regional Outlook:
North America (the U.S., Canada, Mexico)
Europe (the U.K., Germany, France, Italy)
Asia Pacific (India, China, Japan, Korea)
Latin America (Brazil, Argentina, Ecuador, Chile)
Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
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Eric Lee
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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