June 10, 2022 05:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.

Chicago, June 10, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Rolling Stock Market by Component, Product Type (Locomotive, Rapid Transit, Wagon, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region", 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%.

Factors such as increasing demand for energy-efficient transport, rising electrification of railway networks, and growth in rolling stock order are expected to bolster the revenue growth of the Rolling Stock Market. Development of Hydrogen fuel cell locomotives, in conjunction with development of solar-powered trains will create new opportunities for this market.

The Rolling Stock Market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia), and others.

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Rapid transit segment is estimated to hold the second largest market during the forecast period

Rapid transit segment is estimated to hold the second largest segment by product type during the forecast period. The current limitations of transport infrastructure in the developed as well as emerging economies have fueled the development of new and existing rail lines. Increasing traffic and population in urban areas have boosted the demand for eco-friendly transit options from commuters as well as governments. Urban rail transit is superior to other modes of public transport in terms of cost and efficiency. In metropolises, the expansion of existing urban transit networks has led to the demand for new vehicles. The vehicle fleet is larger in the developed countries of Western Europe, while demand is expected to be higher in emerging economies such as China, Brazil, and India, where new infrastructure projects are being launched. For instance, Chennai metro is expanding the network for 5 km, which includes three metro stations. Additionally, Delhi Municipal Corporation has given some lands to Delhi Metro Rail Corporation (DMRC) to facilitate the Mass Rapid Transit System Project phase 4 from Janakpuri to Majlis park. Also, the Ho Chi Minh City Metro Line 2, in Vietnam is expected to complete by 2024. Beijing–Shenyang high-speed Railway in China completed in January 2021. Increasing demand for high-speed rail, urbanization, and investments for the development of urban transit systems by governments are the drivers for the growth of rapid transit systems globally. All these factors are expected to augment revenues for the rapid transit segment during the forecast period.

Passenger segment is expected to have noticeable share in the Rolling Stock Market during the forecast period

Passenger segment is expected to be the significant market share, by application, during the forecast period. Japan, India, China, and European countries are major markets for rolling stock in passenger transportation. In Japan, rolling stock is the major means of passenger transport. The availability of robust infrastructure for both, urban and intercity transport for mass transit in Japan is the major factor driving the adoption of railways for passenger transportation. Globally, there has been an increase in the ridership of passenger trains, including those in Japan. However, railways witnessed a significant decrease in passengers across the globe due to the COVID-19 pandemic. For example, in Europe, the number of passengers traveling by railways dropped by 50% in 2020 compared to 2019. Additionally, India witnessed a drop of 4% in passenger ridership in 2020 compared to 2019. However, China State Railway Group Co. expects around 3 billion passengers in 2022, which would be a 20% growth in passenger travel over 2021. China is also planning to construct 3,300 km of railway in 2022. Therefore, the rise in passenger travel is expected to drive the Rolling Stock Market.

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Europe is expected to be second largest region in the Rolling Stock Market in 2027.

Europe is estimated to account for a share of 28.2% of the Rolling Stock Market in 2022. Germany, France, the UK, Spain, and Italy are considered under this region for market analysis. It is a major hub for several renowned OEMs, including Alstom (France), Stadler (Switzerland), Talgo (Spain), Siemens (Germany), and Construcciones y Auxiliar de Ferrocarriles (Spain). The European rail supply industry is the largest in the world.

Most European rails are equipped with high-end technologies, which include wireless radio connections, wireless data transmissions, eco-friendly cars, and features providing comfort. However, the adoption of high-end technology is lower in East European countries compared to West European countries such as the UK, Germany, France, and Spain. This offers rolling stock OEMs with opportunities to increase their presence in Eastern Europe. The EU Railway target to build a 31,000 km high-speed rail track by 2030. Projects such as the European Rail Research Advisory Council (ERRAC), FP7 projects, Horizon 2020, and SHIFT2RAIL are expected to boost the growth of the European Rolling Stock Market.

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