Railway Rolling Stock Market Report 2026

The railway rolling stock market size has grown strongly in recent years. It will grow from $56.24 billion in 2025 to $59.59 billion in 2026 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to expansion of national rail networks, growth of urban mass transit systems, rising demand for passenger mobility, increasing freight rail utilization, long-term public investment in rail infrastructure.

The railway rolling stock market size is expected to see strong growth in the next few years. It will grow to $73.37 billion in 2030 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to increasing electrification of railway networks, rising investments in high-speed rail corridors, expansion of urban metro and light rail systems, growing demand for energy-efficient rolling stock, increasing adoption of predictive maintenance technologies. Major trends in the forecast period include increasing deployment of electric and hybrid rolling stock, rising adoption of lightweight railcar materials, growing integration of smart train control systems, expansion of high-speed and metro rail projects, enhanced focus on passenger comfort and safety.

The increasing electrification of rail networks is expected to drive the growth of the railway rolling stock market in the coming years. Rail network electrification involves converting railway lines and locomotives to operate using electric power instead of diesel or other fuel sources. This shift toward electrification is largely driven by the need to reduce greenhouse gas emissions and improve overall operational efficiency. Railway rolling stock plays a critical role in this transition by integrating electric traction systems and related components required for electric train operations. For instance, in 2023, according to Deutsche Bahn, a Germany-based rail operator, the proportion of electrified track infrastructure across its network increased to 62.3%, up from 61.7% in 2022. Therefore, the growing electrification of rail networks is contributing to the expansion of the railway rolling stock market.

Major companies operating in the railway rolling stock market are increasingly focusing on the development of smart railway and digitalization technologies, such as smart train lease solutions, to optimize leasing processes and improve train asset management. Smart train lease technology incorporates advanced Internet of Things (IoT) capabilities and data analytics to support optimized maintenance planning, enhance operational efficiency, and improve the passenger experience. For example, in February 2024, Siemens Mobility GmbH, a Germany-based railway company, introduced smart train lease technology for rolling stock. This solution leverages advanced digital tools to deliver optimized leasing models aimed at improving efficiency, reducing costs, and strengthening asset management for rail operators. The smart train lease concept enables real-time monitoring and predictive maintenance, ensuring trains remain in optimal operating condition while minimizing downtime and maintenance expenses.

In March 2024, Jupiter Wagons Limited, an India-based manufacturer of rail wagons, passenger coaches, and railway components, acquired Bonatrans India Pvt. Ltd. for ₹271 crore ($32.48 million). Through this acquisition, Jupiter Wagons aims to enhance self-reliance and operational efficiency by securing in-house wheel manufacturing capabilities, reducing dependence on imports, and expanding its market presence through Bonatrans India’s production capacity. Bonatrans India Pvt. Ltd. is an India-based manufacturer specializing in railway rolling stock wheelsets and axles.

Major companies operating in the railway rolling stock market report include Hitachi Ltd, General Electric Company, Mitsubishi Electric Corporation, CRRC Corporation Limited, ABB Ltd., Alstom S.A., Thales Group, Kawasaki Heavy Industries Ltd, Wabtec Corporation, Knorr-Bremse AG, Bombardier Transportation, Toshiba Infrastructure Systems & Solutions Corporation, Stadler Rail AG, Construcciones y Auxiliar de Ferrocarriles SA, The Greenbrier Companies Inc, Hyundai Rotem Company, Trinity Industries Inc., CSR Corporation Limited, Vossloh AG, Amsted Rail Company Inc, Škoda Transportation as, PESA Bydgoszcz SA, Siemens Mobility GmbH, Nippon Sharyo Ltd, Patentes Talgo SL, Talgo SA, FreightCar America Inc.

Asia-Pacific was the largest region in the railway rolling stock market in 2025. The regions covered in the railway 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 railway rolling stock market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The railway rolling stock market consists of sales of passenger coaches, freight wagons, multiple units (self-propelled trains), and specialized vehicles used in railway transportation. 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.

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