Rolling Stock Market: Increasing Adoption Of Rolling Stock Due To Reduce In Traffic, Cost Efficient And Reliability Are The Factors Propelling The Market Growth | Grand View Research, Inc.
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With the continued increase in passenger movement across the globe, particularly in densely populated economies such as China, Japan, and Western European economies, there has been a huge focus on developing the rail infrastructure in a highly efficient manner. As such, the rolling stock market has witnessed very positive growth in recent years across the globe.
The global rolling stock market size is projected to reach USD 75,118.9 million by the year 2025, advancing at a CAGR of 4.2% over the forecast period, as per a report by Grand View Research, Inc. The major drivers influencing the adoption of rolling stock among end-users such as passenger, goods, and animal transportation include reduced traffic, cost efficiency, and reliability. Major benefits offered by rolling stock includes minimal breakdowns and accidents, when compared to other means of transport, which are driving their demand in the industry. Additionally, there has been an explosive growth in the global railways network, with the introduction of advanced offerings such as high-speed and maglev trains, which has led to positive developments in the rolling stock market.
Rolling stock is a generic term in the railroad sector, which includes locomotives, flat cars, and freight cars, among other vehicles utilizing steel wheels on railroad tracks. It is commonly used for transportation of goods, such as passengers, agricultural products, conventional fuels, construction materials, heavy machinery, and so on. The rail infrastructure of countries such as India is operated by governments, whereas, in developed countries such as the U.S. and Germany, the infrastructure is operated by either private entities or governments. Various companies around the globe such as CRRC Corporation Limited, Bombardier Transportation, and Trinity Rail, among others, are implementing the turbocharger technology in locomotives used for public transport applications. This has further boosted the market growth. Western European economies, along with advanced nations such as China, Japan, and the US, have dense railway networks to cater to the large population base, which has subsequently increased the demand for rolling stock in these regions.
The rolling stock market is broadly segmented on the basis of product (locomotive, rapid transit vehicle, and wagon); type (diesel or electric); and train type (rail freight or passenger rail). Rapid transit vehicles utilize electricity for operation and consume one-fifth of the energy per passenger kilometer, in comparison to road-based transport systems. Government as well as private initiatives to improve railway infrastructure for optimal convenience in transportation are expected to aid the industry advancement. Major players such as CRRC Corporation Limited, Bombardier Transportation, Alstom Transport, GE Transportation, Trinity Rail Group, LLC, Siemens Mobility, Stadler Rail AG, Hitachi Rail Systems, The Greenbrier Co, and Hyundai Rotem are striving for innovative offerings and geographical expansion in order to dominate the market.
Rolling Stock Market Report Highlights
1 The increase in urban population has led to greater demand for rapid and efficient transport infrastructure in cities and metropolitan areas, which acts as a major driver for the rolling stock market
2 The ease of transport of a wide variety of resources, such as humans, bulky goods, animals, and agricultural products over large distances, without restraints such as traffic and weather changes, have aided in the increased adoption of rail networks, thus driving the market for rolling stock
3 The high-speed rail (HSR) network in China is projected to reach over 38,000 km by 2025, and 45,000 km in a further period of time, which is expected to increase the demand for rolling stock in the country
4 The rail wagon segment accounted for the largest revenue share in 2018, owing to the increased import and export of a number of products in major industries such as automotive, oil & gas, and mining, among others.
5 The Middle East and Africa, and South American regions are predicted to witness remarkable growth in the rolling stock market over the forecast period, as the exponential growth in the oil & gas and mining industries have necessitated the introduction of rolling stock
6 In terms of rolling stock type, the electric vehicle segment is expected to show substantial growth over the coming years, as electric trains are eco-friendly and emit 20-30% less carbon monoxide when compared to diesel trains
7 Both passenger and freight trains have witnessed vast improvements in functioning in recent years, aided by the implementation of GPS tracking systems along with smart technologies
8 Asia Pacific is witnessing substantial growth in the rolling stock market in recent years, with economies such as India and China accounting for a significant demand of rolling stock due to the high population and dense railway networks
9 Key industry players are focusing on geographic expansions to garner market share; for example, in November 2020, CRRC began serving Mexico with the introduction of a light rail train on Line 1, Line 2 and Line 3 of the Monterrey Light Rail
10In December 2020, Bombardier announced that it would be supplying 205 new rail cars for the SkyTrain network in Vancouver, as part of a deal with TransLink. This development is planned to support the region’s green transportation strategy
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Rolling Stock Market Segmentation
Grand View Research has segmented the rolling stock market report based on product, type, train type, and region:
Rolling Stock Product Outlook (Revenue, USD Million, 2014 – 2025)
· Locomotive
· Rapid Transit Vehicle
· Wagon
Rolling Stock Type Outlook (Revenue, USD Million, 2014 – 2025)
· Diesel
· Electric
Rolling Stock Train Type Outlook (Revenue, USD Million, 2014 – 2025)
· Rail Freight
· Passenger Rail
Rolling Stock Regional Outlook (Revenue, USD Million, 2014 – 2025)
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o Russia
· Asia Pacific
o China
o Japan
o India
· South America
o Brazil
· Middle East & Africa
List of Key Players of Rolling Stock Market
• CRRC Corporation Limited
• Bombardier Transportation
• Alstom Transport
• GE Transportation
• Trinity Rail Group
• LLC
• Siemens Mobility
• Stadler Rail AG
• Hitachi Rail Systems
• The Greenbrier Co
• Hyundai Rotem.
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Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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Source: Rolling Stock Market: Increasing Adoption Of Rolling Stock Due To Reduce In Traffic, Cost Efficient And Reliability Are The Factors Propelling The Market Growth | Grand View Research, Inc.
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