Rolling Stock Market Report 2026

The rolling stock market size has grown strongly in recent years. It will grow from $64.82 billion in 2025 to $69.5 billion in 2026 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to expansion of railway infrastructure, growth of urban transit systems, modernization of aging rail fleets, rising demand for passenger mobility, availability of advanced rail technologies.

The rolling stock market size is expected to see strong growth in the next few years. It will grow to $92.21 billion in 2030 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing investments in sustainable rail transport, rising demand for energy-efficient locomotives, expansion of smart rail systems, growing adoption of predictive onboard systems, increasing cross-border rail connectivity. Major trends in the forecast period include increasing electrification of rail vehicles, rising adoption of smart rolling stock components, expansion of high-speed rail networks, growing use of lightweight materials, enhanced focus on passenger safety and comfort.

The growing demand for energy-efficient transport systems is expected to drive the growth of the rolling stock market in the coming years. Energy-efficient transportation systems enable the movement of people and goods while conserving time, costs, and energy resources. Rolling stock is used in railway systems and contributes to lower energy consumption; consequently, increasing demand for energy-efficient transportation solutions is boosting the demand for rolling stock. For instance, in December 2024, according to Eurostat, a Luxembourg-based statistical office of the European Union, renewable energy represented 10.8% of the transport sector’s energy consumption in the EU in 2023, rising from 9.6% in 2022. Therefore, the demand for energy-efficient transport systems is driving the growth of the rolling stock market.

Major companies operating in the rolling stock market are concentrating on the development of advanced diesel-battery-electric hybrid locomotives to address the growing need for sustainable transportation solutions. Diesel-battery-electric hybrid locomotives are railway vehicles that integrate a conventional diesel engine with electric battery systems, enabling improved energy efficiency and reduced emissions. The diesel engine supports long-distance operations and high-power requirements, while the battery supplies energy for short-distance travel and regenerative braking in low-emission zones. For instance, in October 2023, Progress Rail, a US-based transit corporation, launched the EMD GT38H, which features a Caterpillar 3512 diesel engine combined with a generator and a lithium-ion battery bank. The locomotive delivers a starting tractive effort of 495 kN and a continuous tractive effort of 402 kN, with a maximum speed of 60 km/h and a battery capacity of 550 kWh, enabling regenerative and external battery charging. Rumo estimates fuel savings of up to 45%, along with significant reductions in particulate matter, NOx emissions, and noise levels. These locomotives are designed to operate in challenging terrains, making them suitable for Rumo’s narrow-gauge South Network.

In March 2024, Jupiter Wagons Limited, an India-based railway company, acquired Bonatrans India Private Limited for Rs 271 crore ($0.032 billion). This acquisition positions Jupiter Wagons as the first rolling stock manufacturer in India to establish its own wheel plant, reducing dependence on imports and improving supply chain efficiency. The acquisition is expected to support Bonatrans’ expansion in the Indian freight transportation market while strengthening Jupiter Wagons’ leadership position in wagon manufacturing. Bonatrans India Private Limited is an India-based manufacturer of rolling stock wheelsets.

Major companies operating in the rolling stock market report include Alstom Holdings SA, Bombardier Inc., Construcciones y Auxiliar de Ferrocarriles SA, CRRC Corporation Ltd., GE Transportation, Hitachi Ltd., Hyundai Rotem Company, Kawasaki Heavy Industries Ltd., Siemens AG, Stadler Rail AG, Transmash Holding, Electro-Motive Diesel Ltd., Skoda Transportation AS, Talgo SA, Trinity Industries Inc., Wabtec Corporation, Ansaldo STS, PESA Bydgoszcz SA, Newag SA, MAPNA Group, Nippon Sharyo Ltd., Caterpillar, IHI Corporation, Tatravagonka A. S., Texmaco Rail & Engineering Ltd., Alna Sharyo Co. Ltd., Pesa Group.

Asia-Pacific was the largest region in the rolling stock market in 2025. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the rolling stock market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rolling stock market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The rolling stock market consists of sales of powered locomotives, unpowered freight wagons, and passenger coaches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.