Global Rolling Stock & Component Market Research Report: Forecast (2024-2030)

Market Definition

Rolling stock is a generic term for all the powered or unpowered vehicles that move on railway tracks. These vehicles are wheeled and include all types of vehicles such as locomotives, wagons, coaches, etc. The components that are used for the production of these vehicles are known as rolling stock components. It includes the car body, car body fittings, power system, propulsion, braking system, communication system, etc.

Market Insights & Analysis: Global Rolling Stock & Component Market (2024-30):

The Global Rolling Stock & Component Market size is estimated to grow at a CAGR of around 6.98% during the forecast period, i.e., 2024-30. The market growth has been driven by the rising preference of consumers toward the adoption of railways for transportation purposes. This is primarily influenced by increasing urbanization, and a growing workforce population, coupled with amplifying traffic congestion across urban cities in recent years. Hence, to avoid traffic congestion across urban cities, consumers have been preferring to use railway networks for transportation purposes. Consequently, as demand for the railway network is growing in urban cities across the globe, its development has also intensified. Therefore, this has been consequently driving the demand for rolling stocks & their components across the globe in recent years.

Furthermore, in recent years, several governments have been focusing on high-speed rail projects as well. This is primarily focused on reducing the travel time for consumers and amplifying the efficiency of railways. These high-speed railway infrastructures are mostly recognized in nations such as India, Canada, the US, etc. The governments across these nations have announced their investment plans for the development of high-speed railway infrastructure. For instance,

• In 2024, the US government announced progress in its high-speed rail project, i.e., the Brightline West project, which will connect Los Angeles to Las Vegas, and would have a speed of around 200 mph. This project is under construction and is projected to be completed by 2028.

Hence, with the significant rise in the number of high-speed rail projects, the demand for rolling stocks and their components would also increase in the coming years.

Global Rolling Stock & Component Market Driver:

Increasing Investment in Railway Infrastructure to Boost the Demand for Global Rolling Stock & Component Market – Governments across developing countries have been making substantial investments in railway infrastructure development in their countries. This is primarily aimed at the modernization of the existing railway infrastructure, including advanced signal systems. Also, governments are focussing on the replacement of aged infrastructure, including railcars, wagons, etc., to uplift the safety of railway infrastructure. Hence, the rising investment in railway infrastructure upgrades acted as a major market driver, owing to which, the demand for rolling stock & its components has also increased during the past years.

In addition to this, governments across countries like India, China, and Canada, among others, are also focussing on the expansion of their railway tracks. This expansion is primarily aimed to expand the reach of railways in remote areas as well as to enhance rail transport connectivity in their respective countries. In addition, the expansion of new tracks would also focus on the modernization of existing rail infrastructure, to develop railway tracks that can accommodate advanced and high-speed locomotives, wagons, etc. For instance,

• In 2023, The Federal Railroad Administration (FRA) of the US allocated an investment of USD1.4 billion, aimed at the expansion of the regional rail corridor, aimed for both passenger & freight rail

Hence, with increasing investments in railway infrastructure development, the demand for rolling stock & its components would also escalate in the coming years.

Global Rolling Stock & Component Market Challenge:

Increasing Adoption of Refurbished Rolling Stock & its Components to Hamper the Market Growth – Globally, the increasing inclination of the railway sector toward the adoption of refurbished rolling stock components has emerged as a major challenge for market growth. This is primarily because the development of refurbished components has been hampering fresh sales, ultimately affecting the revenue growth of the Global rolling stock market across the globe. The development of refurbished components has gained traction in recent years, primarily to reduce wastage, owing to the rising adoption of circular economy across the globe. Hence, the railway sector has been focusing on methods for re-utilizing the aging and discarded rolling stock components, which has been escalating the refurbishing procedure. Also, as these refurbished components are comparatively cheaper than fresh ones, they have been largely preferred by the railway sector to reduce their upfront investment cost. Hence, these refurbished components have been posing immense challenges to the market growth of the global rolling stocks & their component in the historical years and are estimated to continue in the forecast years.

Global Rolling Stock & Component Market Trend:

Gradual Inclination Toward Electric Railway Transport Across the Globe – Over the historical years, there has been a gradual inclination of railway departments across the globe towards the electrification of railway infrastructure. This is primarily aimed at reducing carbon emissions in the railway sector, to achieve net zero targets. Hence, as the demand for clean, and sustainable transportation is growing, it has accelerated the development of electrified rail infrastructure. Also, as electric rail systems are highly efficient, their development has emerged as a substantial market trend in recent years. Thus, with the increasing adoption of electric rail infrastructure, the demand for rolling stocks & their components has also increased across the globe.

Moreover, the electrification of railway infrastructure also allows the integration of advanced signaling solutions, predictive maintenance solutions, etc. These components play a major role in amplifying the efficiency of rail infrastructure, through reducing its maintenance cost and increasing long-term savings. Hence, this would further escalate the adoption of an electrified railway transport network, which would result in uplifting the demand for advanced rolling stock & its components in the coming years.  

Global Rolling Stock & Component Market (2024-30): Segmentation Analysis

The Global Rolling Stock & Component Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024-2030 at the global levels. Based on the analysis, the market has been further classified as:

Based on Component Type:

• Propulsion Systems
• Train Control Systems
• Braking Systems
• Train Interior Systems
• Electrical Systems
• Traction and Transmission Systems
• Others (Bearings, Fuel systems, etc.)

Among these, Train Control Systems have been gaining a prominent share in the Global Rolling Stock & Component Market. This is primarily because the train control system is an indispensable part of the railway infrastructure, and it also the railway department to maintain the effectiveness and efficiency of their railway sector. Also, with the growing demand for railways for commuting, the need for robust train control systems has amplified in the historical years, to manage the higher frequency and capacity of trains on rail networks. Also, as countries across the globe are focussing on the advancement and automation of their railway infrastructure, train control systems would play an important role in achieving it. These train control systems can be integrated with solutions like AI, IoT, etc., to enhance the capability of control systems to manage accidents and enhance the operation. Hence, as the development of advanced rail infrastructure escalates, it would also upscale the demand for train control systems in the forthcoming years.

Based on Application:

• Passenger Transportation
• Freight Transportation

Out of these applications, freight transportation has gained substantial market share in recent years. This is because the adoption of railways for freight transport has increased, especially for the transportation of goods within the country. Railways are one of the most efficient and cost-effective transport solutions for heavy goods within the country. Also, in recent years, there has been a substantial expansion in manufacturing activities across the globe in countries such as Canada, India, China, etc. This expansion in production has also necessitated the demand for transportation solutions of goods within the country to reach consumers. Hence, this has led to increased investment in the development of railway infrastructure for freight transportation. Consequently, during the development of new tracks and systems for freight transportation, the demand for rolling stocks like railway carriages and their components is also amplified.  

Global Rolling Stock & Component Market (2024-30): Regional Projection

Geographically, the Global Rolling Stock & Component Market expands across:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Asia-Pacific has been experiencing consistent growth in the Global Rolling Stock & Component Market. This is primarily due to the presence of nations like India, Japan, etc., which have highly dense railway infrastructure networks. These countries have also been constantly focusing on the expansion and modernization of their railway infrastructure, leading to amplifying investments. Governments across Asia-Pacific countries are also focusing on the development of the intra-city railway infrastructure, in order to meet the rising demand for commuting among the consumers. This is primarily to prevent the high-level traffic congestion on the roads. Hence, as the development of intra-city railway infrastructure like the metro is increasing, the demand for rolling stock and their components would also enhance in the forecast years.

Global Rolling Stock & Component Market Recent Development:

• 2024: CRRC Corporation Limited has signed an agreement with Acemil, with an aim to open new production facilities in Hungary for rolling stock production.
• 2024: Alstom SA announced its plans to supply DB Regio AD with 18 modern Coradia Max electric multiple-unit trains. This will include 9 three-car and 9 five-car trains, which will start operating on the railway line between Hamburg & Rostock.

Gain a Competitive Edge with Our Global Rolling Stock & Component Market Report

• Global Rolling Stock & Component Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Rolling Stock & Component Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.