According to a recent report published by Allied Market Research, titled, “Rolling Stock Market by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global Rolling Stock Market was valued at $51.31 billion in 2021, and is projected to reach $73.27 billion by 2031, registering a CAGR of 3.7% from 2022 to 2031.

Europe dominates the market, in terms of revenue, followed by Asia-Pacific, North America, and LAMEA. Germany dominated the global rolling stock market share in 2021. However, China is expected to grow at a significant rate during the forecast period, owing to series of initiatives taken by private companies, local governments, and federal officials to promote the adoption of rolling stock.

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Rolling stocks are employed in the railway transportation industry, which includes all vehicles that can travel by rail. Powered locomotives & unpowered freight wagons, passenger coaches, and other vehicles are all part of the rolling stock industry. It plays an integral role in facilitating comfortable, reliable, and cost-effective transportation for the passengers and transporting goods, across long distances. It can also be easily customized as per the exact requirements of the end user and provides a larger carrying capacity in comparison to other forms of transportation. Presently, rolling stock industry is experiencing extensive transformation as the demand for rail transport has increased substantially. Also, the advancement in both powered & unpowered vehicles such as railcars, wagons, coaches, locomotives, as well as vehicles used for support services coupled with facilitation of easy transportation have propelled the adoption of these by end-users for transportation of goods & passenger services. For instance, in October 2019, CRRC Corporation Limited launched the first localized ETS2 meter-gauge D-series high-speed train with business class in Malaysia. The new train’s features 180-degree rotatable business class seats, special seats for passengers with disabilities and safety belts, power outlets, video and audio entertainment, remote ordering, service calls and dynamic maps.        

In addition, the rolling stock market has witnessed significant growth in recent years, owing to the reliable infrastructure equipment with high level of safety and greater adoption of new integrated solutions. Coupled with these expansion strategies have also been contributing to the growth. Furthermore, the companies operating in the rolling stock market have adopted partnerships, acquisitions, and product launches to increase their market share and expand their geographical presence. For instance, December 2021, Alstom expanded its new industrial base in Morocco, with the investment of $11.25 million to build a new production line & develop capability in country to manufacture on board transformers. It is the second production line at Alstom’s facility in Fez, which produces harnesses and electrical cabinets for rail and take up about 13,000sq.m of the facility and will be operational in 2023. 

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Also, the adoption of hydrogen fuel cell locomotives & battery-operated trains owing to the need for green transportation, creating cost-effective solution for trains and better performance of railway locomotives. In January 2022, Alstom launched a battery train in collaboration with Deutsche BAHN AG. Therefore, with the growing popularity of hydrogen fuel cell locomotives and battery-operated trains, the demand for rolling stock market is expected to grow in the coming years globally.

Factors such as increase in allocation of the budget for development of railways, rise in demand for secure, safer, & efficient transport, and increase in use of public transport services as a solution to minimize traffic congestions drive the growth of the rolling stock market. However, high capital requirement and refurbishment of existing rolling stock are anticipated to hamper the growth of the rolling stock market. Further, increase in development & testing of autonomous train, improvement in railway infrastructure, particularly in developing countries, and rise in industrial & mining activity are expected to create numerous opportunities for rolling stock market expansion.

COVID-19 Impact Analysis: 

The rapid spread of coronavirus pandemic has brought unprecedented challenges and threatens the normal life of human beings and global public health. The government authorities across the world have taken strong measures to stop the spread of this new disease, such as national-wide lockdown and isolation of people at high-risk areas due to high infectivity and destructiveness of COVID-19, and the suddenness of its outbreak. Owing to this pandemic, many businesses are halted and are waiting for the market conditions to improve. Following the directions of the World Health Organization (WHO) for minimizing the spread of the virus, governments of various countries have set up lockdown and trade restrictions, which has disrupted the exports, especially from China, causing large scale manufacturing interruptions across Europe, and the closure of assembly plants in the U.S. The situation has put intense pressure on the rolling stock industry. The railway department has shut down all the passenger train services and has limited its freight transport services with a reduction in demand for commodities and disturbed supply chain. Along with disruptions in initial supply and manufacturing processes, the industry is also experiencing a setback with an uncertain recovery timeline due to decreased demand. Therefore, the reduced production of rolling stock due to temporary shutdown of manufacturing plants is expected to negatively impact the growth of the rolling stock market. 

However, as the lockdown was lifted throughout the world, easing trade and travel restrictions. The demand for rolling stock experienced recovery as the operations of manufacturing companies and factories got resumed, initiating the continuation of railway projects around the world. The leading market players are taking various measures to deal with the negative effects of the outbreak of COVID-19. For instance, CRRC (China) is using the current market scenario to further strengthen its position by making strategic future-oriented investments and following a strict cost management program. The company is expected to offer new products that are expected to help receive supply contracts, which is expected to strengthen its position in the market.

Further, government authorities, and operators are expected to accelerate and resume metro projects and expansion of the rail network after pandemic, which is anticipated to positively affect the growth of the rolling stock market in post pandemic situation.

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KEY FINDINGS OF THE STUDY

• By type, the metros segment dominated the global rolling stock market in 2020, in terms of growth rate.
• On the basis of end-use, the passenger transit segment is anticipated to exhibit a remarkable growth during the forecast period.
• By region, Asia-Pacific is projected to hold majority of market share during the forecast period.

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The major companies profiled in the rolling stock market share include Alstom, Construcciones Y Auxiliar De Ferrocarriles, S.A (CAF), CRRC Corporation Limited, Hitachi, Ltd., Hyundai Corporation, IHI Corporation, Kawasaki Heavy Industries, Ltd., MAPNA Group, Nippon Sharyo, Ltd., Pesa Bydgoszcz SA, PPF Group N.V., Progress Rail, Siemens AG, Stadler Rail AG, Talgo, Tatravagonka A.S. Poprad, The Greenbrier Companies, Inc., The Kinki Sharyo Co., Ltd., Trinity Industries, Inc., and Wabtec Corporation.