Global Rolling Stock Market Analysis: Trends, Drivers, and Forecasts
Rolling stock refers to any vehicle that can move on rail-road which is used in the railway transportation industry. Rolling stock includes powered vehicles like locomotives and unpowered vehicles like freight wagons, passenger coaches, and others.
Autonomous rolling stocks are a present rising trend in the market. Automated trains or driverless trains do not need a driver for operating the train which operates automatically from the control station. If any obstacle occurs, immediately a message is sent to an operational control center to make attention to the train and stop it.
According to the latest report, the global rolling stock market size is estimated to grow at USD 64.9 Billion with a significant CAGR of 4.90% during the forecast period 2023 to 2032.
Growing population worldwide leads to a rise in the number of passengers traveling across the globe, directly accelerating the demand for the rolling stock market. A rise in allocating the budget for the development of railways, increasing demand for secure, safer, & efficient transport, and rise in use of public transport services for reducing traffic congestions is escalating the market growth. Increasing demand for faster transportation services and the requirement of expensive investment for rolling stock are the major driving factors for the growth of the market. To reduce energy consumption, the highly advanced solution is developed by the rolling stock manufacturers which are propelling the growth of the market. However, the railroads are used for various purposes like transportation of goods, animals, and most common passengers which enhances the growth of the market.
The rolling stock market opportunities are growing initiatives for improving the rail infrastructure and services like faster, safer, and comfort for customers is boosting the market growth. Moreover, the rise in R & D of autonomous trains and growing industrial & mining activity are creating opportunities for the expansion of the rolling stock market.
Market Segmentation
The rolling stock market is analyzed into four segments such as product, component, application, and locomotive technology.
Product Segmentation: The rolling stock based on the product is classified into the locomotive, rapid transit vehicles, and wagon.
Component Segmentation: The rolling stock market by component is categorized into various forms such as pantograph, wheelset, auxiliary power systems, axle, traction motor, air conditioning system, passenger information system, position train control, gearboxes, brakes, train control systems.
Application Segmentation: The rolling stock market application is bifurcated into freight application and passenger application.
Locomotive Technology Segmentation: Based on locomotive technology, the rolling stock market is segmented into various forms like a conventional locomotive, turbocharge locomotive, maglev, diesel locomotive, electric locomotive, and electro-diesel locomotive.
Regional Analysis
Based on the region, the global rolling stone market is divided into five major regions like Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Out of these regions, Europe is holding the largest market share due to the presence of a vast rolling stock industry and strict emission regulations. Furthermore, the government initiatives to invest in the growth of the rolling stock market are boosting the market growth in this region. The Middle East & Africa also hold a significant share due to a steep rise in the development of the market.
The rolling stock market players are Hitachi Ltd, GE Transportation, Kawasaki Heavy Industries Rolling Stock Company, and others.
Industry News
As per the latest updates, the rolling stock market is expected to grow at a significant position in the market due to its wide applications, the introduction of new rail vehicles, investments, expansions, acquisitions, and new product launches. The famous company Siemens Mobility launched the latest development in intelligent traffic systems technology in October 2019 which helps in rising the market growth.
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