Vertical: AutoBase Year: 2018
Market Size (2018)
$59.29B
Projected (2025)
$82.68B
CAGR (2017–2025)
4.8%
Key Players
12+
Rolling stock are wheeled vehicles used by a railroad or motor carrier. In the rail transport industry, it refers to any vehicles that move on a railway. It usually includes both powered and unpowered vehicles, such as locomotives, railroad cars, coaches, and wagons. Rolling stock has a huge effect on the service level of the rail system, as its service level is directly proportional to the safety and comfort of the passengers.
The global rolling stock market is estimated to register 4.98% CAGR during the forecast period, 2019–2025. In 2018, the global market was led by Europe with a 35.89% share, followed by Asia-Pacific and North America with shares of 28.76% and 23.69%, respectively.
The global rolling stock market has been segmented based on product, type, train type, and region. On the basis of product, the wagon segment held the largest market share of 51.94% in 2018 and was valued at USD 30,791.25 million; it is projected to exhibit a CAGR of 4.83% during the forecast period. On the basis of type, the diesel segment held the largest market share of 57.21% in 2018 and was valued at USD 33,915.37 million; it is projected to exhibit a CAGR of 3.29% during the forecast period. On the basis of train type, the rail freight segment held the largest market share of 53.27% in 2018 and was valued at USD 31,582.62 million; it is projected to exhibit a CAGR of 4.77% during the forecast period.
The Rolling Stock Market market is projected to grow at a CAGR of 4.8% from 2017 to 2025.
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View Subscription PlansRolling stock facilitates easy and efficient transportation with several benefits including cost-effectiveness, reliability, and comfort. Thus, the demand for rolling stock has been on a steady rise over the past few years, and this trend will continue over the forecast period.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global rolling stock market is characterized by the presence of many global and regional players. The market is at a stage of moderate growth and expanding its presence in the railway industry in developing and underdeveloped regions. The market is witnessing an increase in competition, owing to massive investments by companies in the development of rolling stock and train electrification. The key factors driving the market are increasing passenger traffic, and government initiatives for using public transport. The high cost of rolling stock compared to other public transport options forms one of the major factors, leading the manufacturers to invest in collaboration and partnerships to decrease the additional raw material cost of the product by direct purchase of materials for decreasing overall railway industry cost. Providing economical, fuel-efficient and high-quality rolling stock to create demand for the product, is one of the important parameters for the manufacturers.
Bombardier, Hitachi, Ltd, Alstom SA, CRRC Corporation Limited, Stadler Rail AG, and Siemens are some major players in the global rolling stock market. Other players include Construcciones y Auxiliar de Ferrocarriles, S.A, Transmashholding, Hyundai Rotem Company, General Electric, Kawasaki Heavy Industries, Ltd., and Caterpillar. The above-mentioned companies of all the industry participants, are the major players in the development of the global rolling stock market. These players have strengthened their presence in the global market owing to product development with focus on research and development. They are further expected to focus on partnerships to cater to the increased demand of rolling stock during the forecast period. The competitive environment in the market is likely to intensify further due to the increase in the number of partnerships and collaborations to reduce the cost of rolling stock.
Competitors
Key Region/ Country Presence
Industry Experience
Siemens
Europe and Americas
171 years
CRRC Corporation Limited (CRRC)
China
3 years
Bombardier
Europe and Asia-Pacific
76 years
Alstom
Europe and Americas
90 year
Hitachi, Ltd
Asia-pacific and North America
98 years
GE Transportation (General Electric)
US and Europe
111 years
Hyundai Rotem Company
-
41 years
Transmashholding
-
16 years
Company Name
Collaboration/ Partnership/ Joint Venture
Mergers & Acquisitions
New Product Development
Expansions & Investments
Total
Siemens
-
-
CRRC Corporation Limited (CRRC)
-
-
Bombardier
-
-
Alstom
-
Hitachi, Ltd
-
-
-
GE Transportation (General Electric)
-
Transmashholding
-
Total
Market estimates by geography (2025)
InsightAsia Pacific leads with $27.50B by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $13.69B | $15.29B | $17.56B | 3.2% | 21% |
| Europe | $20.64B | $23.47B | $27.42B | 3.6% | 33% |
| Asia Pacific | $16.02B | $20.70B | $27.50B | 7.0% | 33% |
| Rest of the World | $6.58B | $8.08B | $10.19B | 5.6% | 12% |
| Total | $56.94B | $67.54B | $82.68B | 4.8% | 100% |
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View Subscription PlansTotal Market Size
$82.68B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| diesel | $42.34B | 3.2% | 51% |
| electric | $40.34B | 6.7% | 49% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Rolling Stock Market covering market dynamics, competitive landscape, and strategic outlook.
The Rolling Stock Market market is projected to reach $82.68B by 2025, growing at 4.8% CAGR. The diesel segment holds the largest share.
The rolling stock market is a dynamic market and is expected to witness moderate growth during the forecast period. The demand for rolling stock is poised to be driven by an increase in the demand for energy efficient transport and growing adoption of public transport. However, the growth of the market can be hindered by the high capital investment required to establish a presence in the competitive global market.
The transport sector accounts for more than half of the global energy demand and around 25% of the global CO2 emissions from fuel combustion. Thus, change in the mode of transportation is fundamental to achieving energy efficiency, globally. The energy efficiency in transport is described in terms of fuel consumption of coal, diesel, and gasoline, among others, which is measured in terms of meter per Joule (m/j), whilst the energy consumption in transport is measured in terms of Joules per meter (J/m). Actual energy consumption depends on gradients, speeds, and loading and stopping patterns. The growing income and population in emerging nations, increasing long-distance travel, and growing focus of different governing bodies to reduce pollution caused due to fuel, are set to drive the demand for energy efficient transportation. The mode of transportation includes road, rail, and air. The best way of energy efficient transportation is rail, which is economical and energy efficient compared to other modes of transportation. Currently, railways are one of the modes of transport that are mostly electrified. This dependence on electricity makes railways the most energy diverse mode of transport. The regions with the highest share of electric train development and adoption are Europe and Asia-Pacific.
The International Union of Railways specified that trains are 2 to 5 times more energy efficient than road, inland shipping, and aviation. Rail is one of the world’s oldest transportation methods and continues to be one of the most energy-efficient ways to move freight and passengers. Freight rail is 11.5 times more energy efficient than trucks, and a single intermodal freight train can take up to 280 trucks or 1,100 cars off the highway. Hence, the demand for passenger rail is increasing. Furthermore, rail travel provides an efficient alternative for travelers, who want to reach their destinations without a delay and in a faster, less-polluting, safer and more efficient manner. The improvement of energy efficiency is one of the main objectives of railway companies. This is because the increase in energy efficiency leads to reduced financial costs and offers several environmental, economic, and social benefits.
Passenger transportation by railways requires lower energy than transportation by car or plane, which is why rail passenger services represented only 1% of the energy demand in passenger transportation. Passenger rail is particularly well suited for transporting a large number of passengers, while freight rail is an efficient way of transporting goods in bulk over large distances. The vast majority of rail transport is powered by diesel fuel or electricity. Electric rail systems are typically 15-40% more efficient than diesel passenger rail systems. Some regions already have well developed electric rail networks. For instance, in Europe, 80% of passenger and freight rail systems are electric-powered rails. Electric trains have several advantages over their diesel equivalents. For instance, electric trains require around 15% less energy input than diesel trains, their electric motors are also lighter and more compact than diesel engines, and they are more reliable and cheaper to maintain.
The International Energy Agency estimates global averages for carbon intensity of passenger rail to be between 30 and 60 gCO2eq/pkm (compared with 200 - 270 gCO2eq/pkm for air transport), and carbon intensity of freight rail to be 15 - 40 gCO2eq/tkm (compared with 190 - 300 gCO2eq/tkm for long distance trucking). Due to these reasons, the passenger and freight rail systems helps reduce the carbon footprint of the transportation sector.
Megatrends such as the increasing urbanization of the global population and the growing impact of climate change are creating the need for carbon-efficient rail systems. Furthermore, the increasing number of innovations in energy efficiency across the rail industry and growing consumers preference for rail transport from emerging nations are expected to shift the demand for energy-efficient transport systems from moderate to high over the forecast period.
The industrial and mining sectors are growing rapidly, due to the rapid introduction of new technologies, beneficial government regulations, and shifts in customer structure and preferences in emerging markets. Industrial and mining sectors include material handling equipment and industrial machinery for the extraction of valuable minerals or other geological materials from the earth. The geological materials that are extracted are sent to their destination through different modes of logistics. They are mostly transported by locomotive trains, due to their high load carrying capacity, long-distance travel, and cost-efficiency.
The industrial and mining activities are increasing in developed and developing regions, due to the growing industrial infrastructure, increasing manufacturing facilities, and growing commodity transportation train network. The goods transported by rail help boost local economic development. Various countries transport large amounts of mining by-products, such as iron ore and coal, as well as petroleum and chemicals. The future development of rail freight will accelerate and reach 2.4% p.a. in the period between 2020 and 2025, letting the absolute load carrying capacity rise to 263 billion ton/Km (t-km) by 2025. For instance, in South Africa, road transport is the most preferred means of transport, however, railways have a 26% participation in the transport matrix.
The growing infrastructure in countries in Asia-Pacific, especially in China, has resulted in an above-average economic growth and a significant increase in demand for commodities such as iron ore, copper and coal. The majority of the commodities are produced in China and are transported through the locomotive trains across the country. Favorable government initiatives such as fiscal incentives and coal mining policies are further aiding in industry growth. Increasing consumption of metal and mineral commodities and rise in the demand for mineral fertilizers drive the growth of industrial and mining activities in countries, such as India, UAE, Brazil, and China, where large substantial investments will be made in coal activities and oil and gas production by 2022.
Therefore, the increase in industrial and mining activity might offer opportunities for the global rolling stock market during the forecast period.
Railways are made up of complex mechanical and electrical systems. They comprise hundreds of thousands of moving parts, which make their development and maintenance complex and capital-intensive. The rolling stock system is a complex system that requires regular maintenance for improved seasonal performance and operation. The rolling stock manufacturing process costly and time-consuming and includes a lot of risks, since a lot of things can go wrong if the system is not designed properly. The cost of research and product development for rolling stock is much greater than other components used in rail systems. Due to the scale of railways as a mode of mass transit over long distances, the critical safety requirements and technical standards that are set to regulate railway operations effectively, and the need to deliver a suitably long-life, a significant amount of investment is required. The rolling stock system comprises multiple, smaller systems including bogies and wheels. The increase in the number of components in rolling stock systems can increase the overall maintenance cost of the rail system.
Rolling stock is the most maintenance intensive part of the railway system and is the most vulnerable if maintenance is neglected. The cost of maintaining rolling stock is high, owing to the daily cleaning and servicing to regular light and intermittent heavy maintenance activities. Reliability is the key to the successful operation of a railway system, and maintenance is the number one priority to ensure safety and reliability. Special facilities are required to carry out rolling stock inspections including a properly constructed building, which is capable of accommodating a whole train.
Additionally, the presence of various equipment linked with advanced technology such as software solutions and growing electrification in rolling stock system of railways, may increase the overall internal heat and maintenance cost of the rolling stock. Maintaining the ideal internal rail temperature is essential. In severe weather conditions, maintaining the proper internal climate of the rail can influence the safety of the passengers. Thus, the necessity of timely maintenance of the rail and its systems, with proper equipment upgrades, requires a significant amount of investment and acts as one of the major restraints of the global rolling stock market.
However, the growing development and increasing adoption of advanced technology including rolling stock passenger information system (PIS) help keep the maintenance costs of the rolling stock and other rail components in check. For instance, the rolling stock management system, introduced by Toshiba, collectively controls and analyzes the information by running the inspection and breakdown records for each item of the rolling stock. It also supports drawing up inspecting plans for rolling stock, which helps to reduce the overall rail maintenance cost. Thus, the impact of the high capital investment on the global rolling stock market is expected to shift from high to moderate over the forecast period.
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Profiles of 107 companies operating in the Rolling Stock Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Company Headquarters: Bussnang, Switzerland Founded: 1942 Workforce: ~8,500 Company Working: Stadler Rail AG is one of the leading providers of solutions in rail vehicle construction. It offers trains that are economical, based on state-of-the-art technology, and ensure maximum comfort for passengers. It offers high-speed and intercity trains, suburban and regional transport trains, light rail vehicles and trams deliver ground-breaking performance, reliability and safety. Its product portfolio includes modular vehicle concepts, tailor-made vehicles and a full range of services, and mainly operates through rolling stock and services & components. The modular vehicle concepts offer intercity, regional trains, city transport, locomotives, and customized solutions. The tailor-made division includes passenger trains, rack-and-pinion rail vehicles, and locomotives. The company mainly functions in Europe and the Americas.
Company Headquarters: Russia Founded: 2002 Workforce: ~20,000 Company Working: Transmashholding is the one of the key Russian companies in the transport engineering industry and is the leading in railway engineering in actual volume of production. The company is one of the largest suppliers of rolling stock for the world's biggest transportation company, JSC Russian Railways. It offers diesel-locomotive shunters, main-line and electric industrial locomotives, locomotive and marine diesels, electric train cars, passenger and freight cars, car castings, rail buses, electric multiple units, metro cars, trams, and other products. It is also engaged in providing repair and maintenance services. The company offers various products, such as electric locomotives, diesel locomotives, passenger cars, rail buses, electric multiple unit, metro cars, trams, freight cars, diesel engines, and components.
Company Headquarters: Beijing, South Korea Founded: 1977 Workforce: ~ 35,000 Company Working: Hyundai Rotem Company is engaged in manufacturing and marketing railway vehicles, defense systems, and plants and machinery in South Korea, internationally. The company primarily operates through 3 business division that include Railway Systems, Defense Systems, and Plant & Machinery. The railway systems segment supplies numerous railway vehicles, including EMUs, high speed trains, LRVs, DMUs, locomotives, and passenger coaches and freight trains, both, domestically and globally. The division has localized the core electrical equipment of railway vehicles, including train control management systems (TCMS), propulsion systems, traction motors, and auxiliary power units. The company has expanded its business to integrated railway systems business, which include signalling, communications, electricity, PSD system and aftermarket rail services, such as rolling stock Maintenance, Modernization and Parts & Repairs. Hyundai Rotem Company is an operating subsidiary of Hyundai Motor Group, commonly known as Hyundai Motors, a South Korean multinational automotive manufacturer. Moreover, the company has three volunteer services group, including one under the railway systems division.
Company Headquarters: Montreal, Canada Founded: 1942 Workforce: ~68,000 Company Working: Bombardier is one of the global leaders in the transportation industry, creating innovative and game-changing planes and trains. The company operates through four business segments, namely business aircraft, commercial aircraft, aerostructures and engineering services, and transportation. The transportation segment offers a wide range of innovative and efficient solutions in the rail industry. It covers a variety of rail solutions, ranging from global mobility solutions to a variety of trains and sub-systems, services, system integration and signalling. In addition, the company is a global mobility solution provider leading the way with the railway industry’s broadest portfolio, with 63 production and engineering sites in 27 countries. Furthermore, the company delivers rail transportation solutions that include Urban (metros, trams and light rail vehicles, commuter trains, automated people mover, monorails, e-mobility), Mainline (high-speed trains, locomotives, regional and intercity trains), Equipment (equipment for urban vehicles, equipment for mainline vehicles), and Signalling and infrastructure (mass transit signalling , communications-based train control (CBTC), European rail traffic management system (ERMTS), and mainline signalling). The company has a wide network of service centers in four regions and generates its revenue from 75 production and engineering sites in 28 countries, across the globe.
Company Headquarters: Beijing, China Founded: 2015 Workforce: ~ 180,000 Company Working: CRRC Corporation Limited (CRRC) is a Chinese publicly traded rolling stock manufacturer. The company is one of the largest suppliers of rail transit equipment equipped with leading technologies. It operates through four= business segments, namely railway equipment, rapid transit vehicles and urban infrastructure, new businesses, and modern service. In addition, its other business covers the R&D, design, manufacture, repair, sale, lease and technical services for rolling stock, urban rail transit vehicles, engineering machinery, environmental protection equipment, industrial investment and management, asset management, import and export. The company’s product and services division caters to the demand for rolling stock, components, and other products. The rolling stock segment further offers electric locomotives, diesel locomotives, high-speed trains, electric multiple unit (EMU), diesel multiple unit (DMU), metro cars, light rail vehicles (LRVs), coaches, wagons, and track machinery. CRRC operates through 46 wholly-owned & majority-owned subsidiaries, in more than one hundred countries, across the globe. The company is focused on supplying offer energy-efficient, eco-friendly, cost-efficient, intelligent, fast, and, comfort products and services.
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
