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Increasing electrification of railway networks and growth in rail freight transport are major drivers of the global Rolling Stock Market.
NORTHBROOK, ILLINOIS, UNITED STATES, May 5, 2022 /EINPresswire.com/ -- The global Rolling Stock Market is estimated to be $53.8 billion in 2022 and is projected to reach $64.8 billion by 2027, growing at a CAGR of 3.8% from 2022 to 2027.
The recent developments in the rolling stock market have introduced various new products such as hydrogen fuel cell locomotives, battery-powered locomotives, autonomous trains, and solar-powered trains. The new technological advancements are likely to open new opportunities for rolling stock manufacturers globally in the coming years. Apart from this, high gasoline prices, inadequate infrastructure, traffic congestion, and greenhouse gas emissions are the factors that catalyzed the demand for the expansion of railway networks all over the world. Thereby, the demand for new rolling stocks is expected to grow at a steady rate in the coming years globally.
The rolling stock market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia), and others.
Browse 304 market data Tables and 70 Figures spread through 356 Pages and in-depth TOC on "Rolling Stock Market"
By locomotive technology, the conventional locomotive segment is expected to hold the larger share in the global rolling stock market
Diesel and electric locomotives are considered conventional locomotives. Growing urbanization increases the development of additional public transportation to overcome issues related to traffic congestion in urban areas. Railway transport serves as a viable option to meet the demand for an urban commute as well as long-distance travel. Therefore, the trend of electrification of rail lines is expected to boost the demand for electric locomotives. For instance, India is planning to achieve a 100% green railway with net-zero emission by 2030 as the first country in the world, thereby putting more effort into achieving 100% electrification of the rail network by 2023, thus, propelling the electric locomotives market in the country. Moreover, the increasing demand for electric locomotives and the growing electro-diesel market in Europe is expected to boost the demand for conventional locomotives.
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Subways/Metros are expected to be the fastest-growing segment in the global rolling stock market
Increasing urbanization and investments in the development of urban transit systems by governments are the key drivers for the growth of rapid transit systems globally. Subways/metros are urban transits used for intracity travel with limited passenger capacity. These trains operate at much greater frequencies and at higher average speeds than light rail/tram systems. This makes them highly efficient, as the system is free from road traffic interference. Metro trains are functional in countries such as India, the US, the UK, Germany, Brazil, South Africa, Australia, and France. China, with the largest metro track, in terms of length, is considered the largest metro market globally. Thereby, the subways/metros are expected to witness the fastest growth in the coming years globally.
By product type, the wagon segment is expected to be the largest in the rolling stock market during the forecast period
The high convenience and safety of railways, cost-effectiveness, and low emissions compared to other transport modes for bulk and mass freight transportation are boosting the market for freight transportation globally. Freight wagons are used to transport cargo such as bulk material, intermodal containers, general freight, or specialized freight in custom-designed cars. The demand for freight wagons is high in countries such as the US, China, and Russia due to the demand for replacements and the strong growth of the manufacturing sector. The availability of custom-made and technologically advanced wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons are driving the market for freight wagons. This would fuel the demand for wagons during the forecast period.
Asia Oceania is expected to hold the largest share by 2027
Asia Oceania is projected to be the largest market for rolling stocks during the forecast period owing to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. This increase in production helps cope with the surging demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. For instance, in February 2021, CRRC Corporation Limited won a supply contract to supply 10 diesel locomotives to KiwiRail of New Zealand. In the same year, the company won a supply contract of supplying 100 trams to Bucharest Town Hall of Romania. Apart from this, the region comprises some of the fastest-growing economies in the world, including China and India, offering opportunities for rolling stock manufacturers. Governments in these countries have recognized the growth potential of the rolling stock market. The presence of reputed rolling stock manufacturers such as Hyundai Rotem Company, Kawasaki Heavy Engineering Ltd, CRRC Corporation Limited, and Chittaranjan Locomotive Works(CLW) has further increased the demand for rolling stocks in this region.
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1. In January 2022, Alstom SA developed a battery train and started a trial of passenger operation in Germany in collaboration with Deutsche Bahn. 2. In January 2022, Alstom SA received a supply contract for supplying 17 modern high-capacity Coradia Stream electric multiple units to DB Regio for the Main-Weser network in Germany. This contract consists of 13 four-car and four five-car trainsets. 3. In January 2022, Alstom SA received an order of supplying 200 Coradia Nordic trains to Norske Tog AS. The first batch of order delivery will consist of 30 trains with an order value of USD 430 million. Each trainset of Coradia Nordic consists of six single-deck coaches for a total capacity of 778 passengers and will be equipped with the latest ETCS signalling system. 4. In January 2022, Wabtec Corporation acquired MASU (India). This acquisition helped the company improve its product offering in the railway friction business segment. 5. In January 2022, Transmashholding signed a supply contract with Argentina’s Transport Authorities (Argentina) to supply 70 passenger electric trains. The contract also includes maintenance service of the trains. 6. In January 2022, Transmashholding signed a supply contract with Central Exurban Passenger Company (Russia) to supply 77 EMU cars. 7. In December 2021, Alstom SA and Hitachi rail formed a 50:50 joint venture company i.e., Hitachi-Alstom High Speed (HAH-S). This joint venture company has signed a contract to build and maintain High Speed Two (HS2) trains in Britain. This contract consists of supplying total of 54 high-speed trains and a 12-year train maintenance contract. 8. In December 2021, Siemens AG signed a framework agreement for the supply of 20 Vectron locomotives to Akiem (France). 9. In December 2021, Stadler Rail AG acquired German Verkehrstechnik GmbH (BBR) (Germany) to improve its expertise in railway technologies i.e., signalling technology and digitalization. 10. In December 2021, CRRC Corporation Limited developed an autonomous metro train for Shenzhen Metro Line 16. It is a fully automatic train, which can perform automatic recovery during event failure situations without human intervention. This train is equipped with GOA4 level technology, has a total of 6 Type-A cars, and operates at a maximum speed of 80 km/hour. 11. In December 2021, CRRC Datong and State Power Investment Corporation (SPIC) jointly developed China’s first hydrogen fuel cell hybrid locomotive. This locomotive is now operational on Jinzhou-Baiyinhua Railway in Inner Mongolia Autonomous Region. This locomotive can operate for a maximum of 24.5 hours with a full load of hydrogen at a maximum speed of 80 km/hour. The maximum traction load of this locomotive is up to 5,000 tons. 12. In December 2021, Siemens AG developed Digital Train Control System in collaboration with VGF (Germany). This system is expected to replace the conventional train control system used in the metro and tram networks. This system is developed to increase the capacity and efficiency of train routes, especially in the underground sections. 13. In October 2021, Deutsche Bahn (DB) and Siemens Mobility developed the world’s first automatic train, which is fully automated and controlled by digital technology and needs no human interference. This development is the part of Digital S-Bahn Hamburg project. 14. In November 2021, Siemens AG received a supply order for 31 battery-operated trains from Niederbarnimer Eisenbahn (NEB).
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