This Rolling Stock report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The rolling stock market size has grown strongly in recent years. It will grow from $61.79 billion in 2024 to $65.64 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased demand for mass transportation, increased demand for intermodal transportation, development of rail transportation system, need for efficient and reliable transportation.
The rolling stock market size is expected to see strong growth in the next few years. It will grow to $87.98 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growth of urbanization, rising population density, increasing use of automation and digitalization in rolling stock, sustainable energy integration, increased connectivity and IoT integration. Major trends in the forecast period include electrification of rail networks, adoption of maglev technology, focus on energy efficiency, integration of artificial intelligence, modular and customized rolling stock.
The rolling stock market is anticipated to experience growth, driven by the increasing demand for energy-efficient transport systems. The pursuit of efficient transportation solutions, which save time, money, and energy, is contributing to the rise in demand for rolling stocks used in trains. These rolling stocks play a significant role in reducing energy consumption, aligning with the growing demand for energy efficiency in transport systems. An example of this trend is evident in India, where the Council On Energy, Environment And Water predicts that by 2030, one-third of four-wheelers and half of two-wheelers sold would be electric, with figures climbing to 75% and 90% by 2050, highlighting the emphasis on energy-efficient transport systems and boosting the rolling stock market.
The rolling stock market is poised for growth due to the increase in urbanization and population. Urbanization, marked by the concentration of population in urban areas, is driving the demand for efficient and eco-friendly transportation modes, such as rolling stock. These trains and rail vehicles offer a sustainable and space-saving solution for mass transit, particularly in rapidly growing urban areas facing challenges like traffic congestion and pollution. The World Bank reports that over 50% of the global population lives in urban areas in 2022, and this figure is expected to increase to 6 billion by 2045, underscoring the crucial role of rolling stock in addressing urban transportation needs.
Major companies in the rolling stock market are concentrating on developing advanced diesel-battery-electric hybrid locomotives to fulfill the demand for sustainable transportation solutions. Diesel-battery-electric hybrid locomotives are railway vehicles that integrate a conventional diesel engine with electric battery power, enabling more efficient energy utilization and lower emissions. The diesel engine caters to long hauls and high-power requirements, while the battery supplies energy for short distances and regenerative braking in low-emission areas. For example, in October 2023, Progress Rail, a US-based transit corporation, launched the EMD GT38H. This model is equipped with a Caterpillar 3512 diesel engine coupled with a generator and a lithium-ion battery bank, delivering 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, it supports both regenerative and external battery charging. Rumo anticipates fuel savings of up to 45% along with considerable reductions in particulate matter, NOx emissions, and noise. These locomotives are engineered for challenging terrains, making them well-suited for Rumo's narrow-gauge South Network.
Major companies in the rolling stock market are actively pursuing strategic partnerships and collaborations to fortify their market positions. In a notable example from September 2022, Sweden-based bearing and seal manufacturing company AB SKF and Germany-based Televic GSP, a provider of innovative railway passenger information and communication systems, strategically collaborated. This partnership aims to enhance rolling stock reliability and reduce maintenance costs through next-generation condition monitoring and data analysis. The collaboration also seeks to drive development and innovation in advancing condition-based maintenance capabilities for rolling stock operators.
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 establishes Jupiter Wagons as the first rolling stock manufacturer in India to own a wheel plant, thereby reducing dependence on imports and improving supply chain efficiency. It will also support Bonatrans' growth in the Indian freight transportation market and strengthen Jupiter Wagons' leadership in wagon manufacturing. Bonatrans India Private Limited is an India-based manufacturer of rolling stock wheelsets.
Major companies operating in the rolling stock market 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., Virgin Hyperloop, Transpod Inc., Texmaco Rail & Engineering Ltd., Alna Sharyo Co. Ltd., Pesa Group.
Asia-Pacific was the largest region in the rolling stock market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the rolling stock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rolling stock market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Rolling stock refers to wheeled vehicles owned and utilized by a railroad or motor carrier, designed to optimize passenger capacity, enhance safety and security, and improve overall operational efficiency.
The primary product categories in the rolling stock market include locomotives, rapid transit vehicles, and wagons. Locomotive rolling stock can be powered by diesel oil or electricity. In the case of diesel-powered locomotives, an internal combustion engine burns heavy diesel oil to generate energy for the locomotion. Different locomotive technologies encompass conventional locomotives, turbocharged locomotives, and maglev (magnetic levitation) trains. Various components are involved in locomotive systems, such as pantographs, axles, wheelsets, traction motors, auxiliary power systems, among others. The end-users of rolling stock include both passenger transit and cargo trains.
The rolling stock market research report is one of a series of new reports that provides rolling stock market statistics, including rolling stock industry global market size, regional shares, competitors with share, detailed rolling stock market segments, market trends and opportunities, and any further data you may need to thrive in the rolling stock industry. This rolling stock market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 3-5 business days.
The rolling stock market size has grown strongly in recent years. It will grow from $61.79 billion in 2024 to $65.64 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased demand for mass transportation, increased demand for intermodal transportation, development of rail transportation system, need for efficient and reliable transportation.
The rolling stock market size is expected to see strong growth in the next few years. It will grow to $87.98 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growth of urbanization, rising population density, increasing use of automation and digitalization in rolling stock, sustainable energy integration, increased connectivity and IoT integration. Major trends in the forecast period include electrification of rail networks, adoption of maglev technology, focus on energy efficiency, integration of artificial intelligence, modular and customized rolling stock.
The rolling stock market is anticipated to experience growth, driven by the increasing demand for energy-efficient transport systems. The pursuit of efficient transportation solutions, which save time, money, and energy, is contributing to the rise in demand for rolling stocks used in trains. These rolling stocks play a significant role in reducing energy consumption, aligning with the growing demand for energy efficiency in transport systems. An example of this trend is evident in India, where the Council On Energy, Environment And Water predicts that by 2030, one-third of four-wheelers and half of two-wheelers sold would be electric, with figures climbing to 75% and 90% by 2050, highlighting the emphasis on energy-efficient transport systems and boosting the rolling stock market.
The rolling stock market is poised for growth due to the increase in urbanization and population. Urbanization, marked by the concentration of population in urban areas, is driving the demand for efficient and eco-friendly transportation modes, such as rolling stock. These trains and rail vehicles offer a sustainable and space-saving solution for mass transit, particularly in rapidly growing urban areas facing challenges like traffic congestion and pollution. The World Bank reports that over 50% of the global population lives in urban areas in 2022, and this figure is expected to increase to 6 billion by 2045, underscoring the crucial role of rolling stock in addressing urban transportation needs.
Major companies in the rolling stock market are concentrating on developing advanced diesel-battery-electric hybrid locomotives to fulfill the demand for sustainable transportation solutions. Diesel-battery-electric hybrid locomotives are railway vehicles that integrate a conventional diesel engine with electric battery power, enabling more efficient energy utilization and lower emissions. The diesel engine caters to long hauls and high-power requirements, while the battery supplies energy for short distances and regenerative braking in low-emission areas. For example, in October 2023, Progress Rail, a US-based transit corporation, launched the EMD GT38H. This model is equipped with a Caterpillar 3512 diesel engine coupled with a generator and a lithium-ion battery bank, delivering 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, it supports both regenerative and external battery charging. Rumo anticipates fuel savings of up to 45% along with considerable reductions in particulate matter, NOx emissions, and noise. These locomotives are engineered for challenging terrains, making them well-suited for Rumo's narrow-gauge South Network.
Major companies in the rolling stock market are actively pursuing strategic partnerships and collaborations to fortify their market positions. In a notable example from September 2022, Sweden-based bearing and seal manufacturing company AB SKF and Germany-based Televic GSP, a provider of innovative railway passenger information and communication systems, strategically collaborated. This partnership aims to enhance rolling stock reliability and reduce maintenance costs through next-generation condition monitoring and data analysis. The collaboration also seeks to drive development and innovation in advancing condition-based maintenance capabilities for rolling stock operators.
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 establishes Jupiter Wagons as the first rolling stock manufacturer in India to own a wheel plant, thereby reducing dependence on imports and improving supply chain efficiency. It will also support Bonatrans' growth in the Indian freight transportation market and strengthen Jupiter Wagons' leadership in wagon manufacturing. Bonatrans India Private Limited is an India-based manufacturer of rolling stock wheelsets.
Major companies operating in the rolling stock market 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., Virgin Hyperloop, Transpod Inc., Texmaco Rail & Engineering Ltd., Alna Sharyo Co. Ltd., Pesa Group.
Asia-Pacific was the largest region in the rolling stock market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the rolling stock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rolling stock market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Rolling stock refers to wheeled vehicles owned and utilized by a railroad or motor carrier, designed to optimize passenger capacity, enhance safety and security, and improve overall operational efficiency.
The primary product categories in the rolling stock market include locomotives, rapid transit vehicles, and wagons. Locomotive rolling stock can be powered by diesel oil or electricity. In the case of diesel-powered locomotives, an internal combustion engine burns heavy diesel oil to generate energy for the locomotion. Different locomotive technologies encompass conventional locomotives, turbocharged locomotives, and maglev (magnetic levitation) trains. Various components are involved in locomotive systems, such as pantographs, axles, wheelsets, traction motors, auxiliary power systems, among others. The end-users of rolling stock include both passenger transit and cargo trains.
The rolling stock market research report is one of a series of new reports that provides rolling stock market statistics, including rolling stock industry global market size, regional shares, competitors with share, detailed rolling stock market segments, market trends and opportunities, and any further data you may need to thrive in the rolling stock industry. This rolling stock market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 3-5 business days.
Table of Contents
1. Executive Summary2. Rolling Stock Market Characteristics3. Rolling Stock Market Trends and Strategies4. Rolling Stock Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Rolling Stock Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Rolling Stock Market34. Recent Developments in the Rolling Stock Market
5. Global Rolling Stock Growth Analysis and Strategic Analysis Framework
6. Rolling Stock Market Segmentation
7. Rolling Stock Market Regional and Country Analysis
8. Asia-Pacific Rolling Stock Market
9. China Rolling Stock Market
10. India Rolling Stock Market
11. Japan Rolling Stock Market
12. Australia Rolling Stock Market
13. Indonesia Rolling Stock Market
14. South Korea Rolling Stock Market
15. Western Europe Rolling Stock Market
16. UK Rolling Stock Market
17. Germany Rolling Stock Market
18. France Rolling Stock Market
19. Italy Rolling Stock Market
20. Spain Rolling Stock Market
21. Eastern Europe Rolling Stock Market
22. Russia Rolling Stock Market
23. North America Rolling Stock Market
24. USA Rolling Stock Market
25. Canada Rolling Stock Market
26. South America Rolling Stock Market
27. Brazil Rolling Stock Market
28. Middle East Rolling Stock Market
29. Africa Rolling Stock Market
30. Rolling Stock Market Competitive Landscape and Company Profiles
31. Rolling Stock Market Other Major and Innovative Companies
35. Rolling Stock Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Rolling Stock Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on rolling stock market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for rolling stock? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rolling stock market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Product: Locomotive; Rapid Transit Vehicle; Wagon2) by Locomotive Technology: Conventional Locomotive; Turbocharge Locomotive; Maglev; Diesel Locomotive; Electric Locomotive; Electro-Diesel Locomotive
3) by Component: Pantograph; Axle; Wheelset; Traction Motor; Auxiliary Power System; Other Components
4) by End User: Passenger Transit; Cargo Train
Subsegments:
1) by Locomotive: Diesel Locomotive; Electric Locomotive; Hybrid Locomotive2) by Rapid Transit Vehicle: Light Rail Vehicle (LRV); Metro or Heavy Rail; Monorail
3) by Wagon: Freight Wagon; Tank Wagon; Hopper Wagon; Flat Wagon
Key Companies Mentioned: Alstom Holdings SA; Bombardier Inc.; Construcciones y Auxiliar de Ferrocarriles SA; CRRC Corporation Ltd.; GE Transportation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this 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.
- Virgin Hyperloop
- Transpod Inc.
- Texmaco Rail & Engineering Ltd.
- Alna Sharyo Co. Ltd.
- Pesa Group
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 65.64 Billion |
| Forecasted Market Value ( USD | $ 87.98 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
