Rolling Stock Market - Forecasts from 2025 to 2030

The rolling stock market is projected to grow at a CAGR of 3.49%, from US$73.093 billion in 2025 to US$86.761 billion in 2030.
Rolling stock encompasses all types of vehicles used in the rail transport industry, including locomotives, coaches, and wagons. The growth of the rolling stock market over the next five years is primarily driven by significant investments from governments worldwide aimed at expanding railway fleets and networks to connect remote areas with urban centers. This trend is expected to significantly boost demand for rolling stock throughout the forecast period.The increasing demand for public transportation, particularly rail transport, is also a key factor contributing to market growth. Rail transport offers lower costs and a widespread network presence in nearly every country. According to the International Energy Agency, both freight activity and passenger numbers are projected to double by 2050, which will further increase energy demand and potentially lead to higher carbon emissions, impacting the environment.Investments in electric rail systems are on the rise, which is anticipated to positively affect market growth by reducing environmental impact. Governments are increasingly focusing on sustainability, leading to more investments in electric rail systems designed to lower carbon emissions. For example, India plans to electrify its entire railway network by 2025, aiming to save approximately $1.5 billion in energy costs.However, a significant challenge to market growth is the long lifespan of rolling stock, which results in high initial costs and necessitates the refurbishment and overhaul of existing equipment. This factor is expected to moderately influence market growth in the coming years.
Key Drivers of the Rolling Stock Market

Increased Investment in Railway Infrastructure: The anticipated expansion of the rolling stock market is largely attributed to rising investments in railway services across both developing and developed countries. This investment manifests as infrastructure development, fleet expansion, and rail network extensions, collectively driving demand for various types of rolling stock. Additionally, many governments view the railway sector as a crucial revenue-generating area, further incentivizing investment to tap into potential revenue growth opportunities.

Infrastructure Development in Emerging Economies: In developing economies, investments in new railway networks and enhancements to existing infrastructure play a vital role in boosting market growth. For instance, Indian Railways reported loading 1,434.03 million tons of freight from April to February in FY24—an increase of 66.51 million tons—yielding around $778 million in revenue compared to the previous financial year.

Government Initiatives for Bullet Train Projects: Government initiatives aimed at introducing bullet trains are expected to stimulate market growth over the next five years. A notable example is India's 'Bharat Gaurav' scheme launched in June 2022, which aims to showcase the country's cultural heritage through train travel operated by private entities like South Star Rail.
Geographical Outlook

North America: In terms of geography, North America is poised to hold a significant share of the rolling stock market due to its robust infrastructure and technological advancements. The region's performance is bolstered by increased construction of metro projects, electrification of train routes, freight growth, and an emphasis on sustainable transportation solutions. A strong economy and extensive rail networks ensure a consistent demand for freight cars and locomotives. Investments from both government and private sectors in electric and hybrid rolling stock will further drive demand in this region.

Asia Pacific: The Asia Pacific region is also expected to capture a substantial share of the global market due to its extensive rail networks in countries like China, India, and Japan. Growing investments in electric trains, metros, and bullet trains are anticipated to support market growth in this region over the next five years. North America is expected to demonstrate notable growth during this period thanks to its well-established railway infrastructure and key market players.
In summary, the rolling stock market is set for significant growth driven by increased investments in railway infrastructure and government initiatives aimed at modernizing rail networks globally.

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Report Coverage:

Historical data & forecasts from 2022 to 2030

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Market Segmentation:
The rolling stock market is segmented and analyzed as below:

By Type

Locomotives
High-Speed Trains
Rapid Transit Trains
Coaches
Others

By Propulsion

Diesel
Electric

By Application

Passenger Transport
Freight Transport

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Indonesia
Thailand
Others