Railway Rolling Stock Market Report 2025

This Railway Rolling Stock market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The railway rolling stock market size has grown strongly in recent years. It will grow from $53.46 billion in 2024 to $56.93 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increasing urbanization, growing demand for efficient transportation, the expansion of railway networks, government initiatives and funding, increasing freight transportation needs, and the and the growing tourism sector.

The railway rolling stock market size is expected to see strong growth in the next few years. It will grow to $72.38 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing investment in smart transportation systems, a growing focus on sustainable and green transportation solutions, the expansion of high-speed rail projects, the rising adoption of autonomous and digital technologies, increasing demand for modernized and refurbished rolling stock, and a and a growing urban population. Major trends in the forecast period include increasing integration of IoT and big data analytics, a growing shift towards electric and hybrid locomotives, rising use of predictive maintenance technologies, the expansion of autonomous and driverless train systems, and an and an increasing focus on passenger experience and amenities.

The increasing electrification of rail networks is expected to drive the expansion of the railway rolling stock market in the coming years. Electrification involves converting locomotives and railway lines to use electric power instead of diesel or other fuel sources. This shift is primarily driven by efforts to reduce greenhouse gas emissions and enhance operational efficiency. Railway rolling stock plays a critical role in this electrification process, as it incorporates electric traction systems and other necessary equipment to enable the transition to electric trains. For example, according to Eurostat, a Europe-based intergovernmental statistical organization, the number of electric-powered railcars in France increased to 7,113 in February 2024, up from 7,081 in 2021 and 6,908 in 2020. Similarly, Sweden saw its electric railcar count rise to 2,889 in 2022, marking a growth rate of 25.99% compared to 2,291 in 2021. These figures underscore the accelerating trend towards electrification across European rail networks. In conclusion, the ongoing electrification of rail networks is poised to significantly bolster the railway rolling stock market, driven by its environmental benefits and efficiency improvements in rail transportation systems.

Leading companies in the railway rolling stock market are increasingly focusing on advancing smart railways and digitalization technologies, including innovations such as smart train lease technology. This technology aims to streamline the leasing process and enhance the management of train assets through the integration of advanced IoT and data analytics capabilities. For example, in February 2024, Siemens Mobility GmbH, a prominent railway company based in Germany, introduced smart train lease technology tailored for rolling stock. This initiative utilizes cutting-edge technology to deliver optimized leasing solutions, with the goal of boosting operational efficiency, lowering costs, and improving asset management for rail operators. The smart train lease concept represents a significant advancement in rail leasing practices by leveraging state-of-the-art digital tools and analytics. These digital tools enable real-time monitoring and predictive maintenance, ensuring trains remain in optimal condition and minimizing downtime and maintenance expenses. This approach not only enhances operational reliability but also enhances the overall passenger experience by ensuring smoother and more efficient rail services.

In March 2024, Jupiter Wagons Limited, an Indian company specializing in rail wagons, passenger coaches, and railway components, completed the acquisition of Bonatrans India Pvt. Ltd. for ₹271 crore ($32.48 million). This strategic move is intended to bolster Jupiter Wagons' self-sufficiency and operational efficiency by gaining control over its own wheel manufacturing capabilities. The acquisition aims to reduce dependency on imports and strengthen Jupiter Wagons' market presence through Bonatrans India's established production capacity. Bonatrans India Pvt. Ltd., based in India, specializes in manufacturing railway rolling stock wheelsets and axles, aligning well with Jupiter Wagons' goal to enhance its product offerings and expand its footprint in the railway industry. This acquisition underscores Jupiter Wagons' commitment to strengthening its position in the market by integrating critical manufacturing capabilities locally.

Major companies operating in the railway rolling stock market are 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, Tech Mahindra Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Stadler Rail AG, Construcciones y Auxiliar de Ferrocarriles SA, The Greenbrier Companies Inc, Hyundai Rotem Company, SYSTRA Group, 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 2024. The regions covered in the railway rolling stock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the railway rolling stock market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Railway rolling stock vehicles encompass all vehicles that operate on railways, encompassing both powered and unpowered units crucial for efficiently transporting passengers and goods within railway systems worldwide. These vehicles are diverse in design and purpose, serving to ensure passenger comfort and facilitate freight logistics across global railway networks.

The primary categories of railway rolling stock are categorized into Type I, Type II, Type III, and Type IV. Type I denotes a classification of rail rolling stock distinguished by specific technical attributes or operational criteria, recognized for their durability and reliability in rail operations. Various wheel types such as monoblock, resilient, rubber-tired, and steel-tired wheels, alongside axle types such as hollow and solid axles, are integral to these vehicles. They find application in diverse rail environments including high-speed trains, light rail vehicles, locomotives, metros, regional and commuter trains, as well as specialized vehicles tailored for specific purposes.

The railway rolling stock market research report is one of a series of new reports that provides railway rolling stock market statistics, including railway rolling stock industry global market size, regional shares, competitors with an railway rolling stock market share, detailed railway rolling stock market segments, market trends and opportunities, and any further data you may need to thrive in the railway rolling stock industry. This railway 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 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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