The global Rolling Stock Market is estimated to be USD 51.6 billion in 2020 and is projected to reach USD 64.3 billion by 2025, growing at a CAGR of 4.5% from 2020 to 2025.
Increasing urbanization and an increase in demand for passenger and freight transportation have led to the growth of the rolling stock market across the globe. The growing requirement for public transport as a means of mass transportation and increasing demand from developing countries are expected to offer lucrative opportunities for the industrial counterweights market during the forecast period.
There has been a rapid increase in the number of technological advancements in the rolling stock market. This can be primarily attributed to the growing demand for features that ensure the convenience and safety of passengers. Similarly, rolling stock is being innovated, and new vehicle concepts are developed for non-electrified railway lines to reduce carbon emissions further. For example, rolling stock manufacturers are experimenting with emission-free trains equipped with fuel cell drives.
The key players considered in the analysis of the rolling stock market are CRRC (China), Alstom (France), Siemens (Germany), Bombardier (Canada), General Electric (US), Hyundai Rotem (South Korea), Kawasaki Heavy Industries (Japan), and Stadler (Switzerland).
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Electro-diesel locomotive is estimated to be the fastest-growing segment, by type, of the rolling stock market. This can be attributed to the globally increasing electrification of rail tracks. As electric traction for the railways is proved to be the most energy-efficient operation, the electrification of rail tracks is expected to expand exponentially in the coming years. Thus, the development of the rail industry and the expansion of electrified rail tracks would act as a catalyst to the growth of the rolling stock market. Europe is projected to lead the electro-diesel locomotives market. The European and the Asia Oceania regions are focusing on the development of electrified tracks. However, 100% electrification of railways is time- as well as capital-intensive. By the time the electrification of tracks completes, there is expected to be high demand for electro-diesel locomotives, especially in the European region.
The conventional locomotives market is projected to grow at the highest CAGR from 2020 to 2025 and holds the largest market share of the rolling stock market. The primary advantage of the turbocharged locomotives is that it gives more power with no increase in fuel costs. Countries such as China, Japan, Germany, UK, France, and Canada are rigorously focusing on improving rail transport to reduce the increasing strain on roadways and airways. Thus, increased investments have been made by the governments for the development of electric railway infrastructure, which will boost the market for conventional electric and electro-diesel locomotives. The report segments the rolling stock market, by product type into locomotives, rapid transit, wagons, coaches and others. The wagon segment is projected to have the highest market share in the forecast period. Locomotives are used to haul passenger and freight wagons for mainline transportation. The rising demand for freight transportation has boosted the global demand for locomotives. Passenger coaches are used for passenger transportation. A number of coaches can be assembled with trains with the help of couplers.
The rolling stock market, by application, is segmented into passenger transportation and freight transportation. By application, freight transportation segmentation is projected to have the highest market share in the forecast period. The increasing need for the effective transportation of industrial as well as commercial goods is boosting the growth of the rolling stock market for freight transportation. In 2020, Spain announced doubling freight transportation from 9% 2020 to 18% by 2030.
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The freight wagons market is estimated to be the fastest-growing segment, by application, in the rolling stock market. This can be attributed to the custom-made and technologically advanced wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons. The demand for freight wagons is high in the US, China, and Russia because of replacement demand and the growth of the manufacturing sector in these countries. The increased mining activities in emerging economies are expected to impact the market for freight transportation positively. For instance, In 2019–2020, more than 1,210 million tons of freight was transported in India through the railways. The growth of freight transportation is expected to propel the growth of freight wagons and locomotives consequently.
The rolling stock market is projected to grow at the fastest rate in emerging economies such as Egypt, UAE, India, and China. The Middle East & Africa region is estimated to be the fastest-growing market for rolling stock followed by Asia Oceania. The demand for rail vehicles in this region is triggered by the growing population of urban areas, where the existing transportation infrastructure is insufficient. The expansion of this network is expected to drive the demand for new vehicles. Many companies such as CRRC, Bombardier, and Alstom are expanding their presence and product offerings in a high growth potential market to gain traction in the rolling stock market.
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