GVR Report cover Rolling Stock Market Size, Share & Trends Report

Rolling Stock Market Size, Share & Trends Analysis Report By Product (Locomotive, Rapid Transit Vehicle, Wagon), By Type, By Train Type, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-322-5
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The rolling stock market was valued at USD 59,280.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. Rolling stock such as wagons, locomotives, frights, and rapid transit vehicles plays an integral role in facilitating comfortable, reliable, and cost-effective transportation for the passengers and transporting goods, across long distances. The rolling stock demand has witnessed growth during the forecast period owing to the increasing adoption of public transport such as local trains, passenger trains, and metros.

U.S. Rolling stock market, by type, 2020 -2030 (USD Million)

Increasing budget allocation and launching various initiatives by the government for the development of railway infrastructure is also proving to be an effective parameter for the overall market growth. Environmental concerns such as growing carbon emission and high oil prices have invoked a need for environment-friendly railways, causing government and major players such as Alstom and CRRC Corporation Limited to pivot towards the electricity-based rolling stock.

Many countries such as India and South Korea among others are moving towards complete electrification of their railway system. Moreover, the emergence of hydrogen fuel and battery-based rolling stock, along with the implementation of data analytics and digitalization in the railways, is also driving the growth of the rolling stock market. 

The shockwaves of COVID-19 were felt throughout the globe. Following the guidelines, issued by the World Health Organization (WHO), many countries placed lockdown, which resulted in halting global trade activities. Exports and imports were disrupted majorly by the countries like China, resulting in manufacturing suspension and closures of factories worldwide.

These circumstances impacted the rolling stock market negatively. With the disruptions in the manufacturing process and the supply chain, the market was looking at an uncertain recovery timeline due to the decreased demand for the locomotive fleet. The demand for rolling stock was affected in countries impacted by COVID-19, due to the partial or full enacted lockdowns, and travel restrictions further decreased the demand. 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.

Since, the establishment of the railway transport system, the rolling stock has gone through substantial technological advancement. The technological advancements are making rail travel more comfortable, convenient, equipped with facilities, and fast along with environmentally friendly. Major players are innovating solutions, based on the rolling stocks existing technical advantages. Many companies are developing lightweight components to increase the fuel efficiency and reliability of the trains.

The development of regenerative braking technology facilitates energy conservation and the decreasing need for mechanical brakes, thus increasing the efficiency of rolling stock. These developments are expected to impact the market growth in a positive manner. Original Equipment Manufacturers (OEM) such as Alstom are forging forward to create greener transportation by leading the development of hydrogen fuel and battery-operated rolling stock.

The hydrogen fuel and battery-train typed rolling stocks are cost-effective and environmentally friendly. Additionally, the latest innovations in rolling stock technology, such as automated metro systems, self-driving trains, and the use of data analytics for servicing and train surveillance, are impacting the market growth.

In a world of technological advancements, the railway system is no exception to innovations such as Artificial Intelligence, data analytics, and automation. Data analytics is becoming a key part of service maintenance, compelling the rolling stock OEMs to adopt these services as solutions. The use of data analytics for service support and prediction of maintenance schedules is making a widespread impact on the market.

For instance, Alstom’s Health Hub is a predictive maintenance system, aimed at monitoring the health of railway infrastructure, rolling stock, and other assets. Automated trains with AI are changing the way trains are operated to facilitate reliable, punctual, environment friendly, and improved railway services. Thus, further impacting the market and creating new avenues for the technologically equipped rolling stock.

In recent years, the increased preference for railway transportation has resulted in considerable demand for the rolling stock and supporting infrastructure. However, the high cost of trains, rolling equipment, and accompanying infrastructure are very capital-intensive and require considerable financial support from local and central administrations. For instance, the subterranean segment of phase III of the Delhi metro would cost $75 million (552 crores) per kilometer to construct compared to an average cost of roughly $27 million (200 crores).

Furthermore, to maintain reliability, the rolling stock must be overhauled on a regular basis. This involves the upkeep of the vehicle's electrical, mechanical, and hydraulic systems. Routine maintenance and repair of the rolling stock, on the other hand, is prohibitively expensive. The maintenance and repairing of rolling stock indicate a high capital required to create and maintain the train network, which is projected to stifle market expansion.

Additionally, as the demand for rail travel increases, the option of refurbishing the existing fleet of the rolling stocks is also adopted by the railway organizations. Refurbishing rolling stock improves reliability along with speed and upgrades the rolling stock, according to the current requirements. Hence, hampering the growth of the rolling stock market.

Product Type Insights

Based on product type, the market has been segmented into a locomotive, rapid transit, and wagon. Rapid transit vehicle is estimated to grow at the highest CAGR of 6.7% during the forecasted period. Factors such as high speed, affordability, and comfortable travel make it the preferred choice of public transport by the increasing urban population. Moreover, as rapid transit vehicles run on electricity, their Train Type source positions them as environment friendly. Thus, the above-mentioned particulars contribute to the growth of rapid transit vehicles.

The rapid Transit Vehicle segment dominates the market share in product type by over 30.0% in 2021. Increasing urbanization is leading to the expansion of the cities and towns which leads to long-distance commuting. Thus, compelling government authorities to launch public transport projects for rapid transit vehicles such as metros and passenger rails, leading to increased investment in rapid transit rolling stock and its infrastructure.

For the movement of goods domestically or internationally, governments and private players prefer to use wagons, owing to the ability to carry high volume loads. Wagons are economical and reliable for short and long transit. Governments and private players, worldwide, are either investing in buying new fleets of wagons or refurbishing their existing fleets.

Type Insight

Rolling stocks are generally bifurcated into types of electric and diesel-based. The electric-based rolling stock segment is expected to expand at a CAGR of 7.5% during the forecast period. Rapidly increasing global warming has triggered calls for de-carbonization. The electric train segment is environment friendly and has lower carbon monoxide emissions than the diesel train. Thus, investment in the development of technologies and infrastructure designed for electric railways is boosting the market growth.

Even though electric trains are gaining more ground, diesel trains dominate the market share by above 50.0% in 2021 as the countries move towards electrification of railways, diesel trains still make up a part of many rolling stock fleets. Due to their ability to haul freight trains carrying heavy goods. They are widely used for industrial purposes due to their higher torque engines. However, as the world becomes more environmentally conscious diesel train technology is advancing to develop low emission engines for the diesel locomotives.

Train Type Insight

Based on train type the market is divided into passenger rails and freight trains. The passenger rails segment is expected to grow at a CAGR of 8.0%. Thus becoming the preferred daily commuting choice worldwide. As the population steadily increases, the demand for passenger trains also saw a rise. Its benefits such as reliability, affordability, and comfortable facilities for long and short-distance travel have contributed to its boosting demand. Passenger rails such as metros, high-speed trains, and trams are common means of travel, owing to their faster service.

Global Rolling stock market share, by train type, 2021 (%)

Freight train consists of the largest market share in the train type segment at 50.79%. Considered to be an integral part of the worldwide supply chain, its ability to transport high-volume goods internationally and domestically positions them as a preferred alternative to road transport. Rail frights are functional in transporting fossil fuels such as coal, petroleum, and gas to raw materials and heavy industrial machinery. The emergence of technologies for tracking and security is improving the service quality of freight trains.

Regional Insights

Asia Pacific region dominated the rolling stock market with a 42.8% market share in 2021. The increasing population within the region is increasing the adoption of passenger rails for commuting. Moreover, increasing trade in the region is also attributed to increased investment by the government for rail frights used for the movement of goods. For instance, the Indian and the Nepali government launch the Jaynagar-Kurtha Railway link, the cross-border railway is aimed at enhancing the investment, commerce, and trading activities between two countries.

MEA region is expected to expand at the highest CAGR of 6.9% during the forecast period. The increasing need for developing a robust railway system across the Middle Eastern and African region intended for transporting goods and commuters is a driving factor for the region's rolling stock market growth. For instance, the Gulf Railway involving Bahrain, Kuwait, Oman, Saudi Arabia, Qatar, and United Arab Emirates aims to create a railway infrastructure to facilitate cross border trade and travel, thus, creating avenues for the development of railway infrastructure and rolling stock.

The urban population in this region is driving investment in passenger rails and rapid transit vehicles. Rolling stocks such as freight rail are experiencing rising demand due to the transportation of goods such as fossil fuel products and mining products. 

Key Companies & Market Share Insights

The major players have a global presence that facilitates partnerships among private and government entities to develop an effective and efficient railway system. The technologies developed by these companies are helping global railway networks leverage the best innovations for enabling reliable and safe travel.

As a result of mergers & acquisitions, the market is in the saturated stage. For Instance, Alstom Transport acquired Bombardier Transportation. The integration of Bombardier Transportation into Alstom comes out as a strategic move, strengthening the position of Alstom, globally. The acquisition has helped Alstom with a widespread commercial reach, extensive product portfolio, and comprehensive R & D capabilities. Such partnerships, mergers & acquisitions have created an environment for all companies to employ ideas and innovation for improved manufacturing and technologies. Some of the prominent players in the global rolling stock market include:

  • CRRC Corporation Limited

  • Trinity Rail Group, LLC

  • Alstom Transport

  • GE Transportation 

  • Siemens Mobility

Rolling Stock Market Report Scope

Report Attribute


Market size value in 2022

USD 61.50 billion

Revenue forecast in 2030

USD 96.58 billion

Growth rate

CAGR of 5.8% from 2022 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million, CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Product, type, train type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Mexico

Key companies profiled

CRRC Corporation; Trinity Rail Group LLC; Alstom Transport; GE Transportation; Siemens Mobility; Stadler Rail AG; Hitachi Rail System; The Greenbrier Co.;  Hyundai Rotem

Customization scope

Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore Purchase options


Segments Covered in the Report

This report forecasts revenue growth at global and regional levels and analyzes the industry trends in each of the sub-segments from 2021-to 2030. For this study, Grand View Research has segmented the global Rolling Stock Report based on the product, type, train type, and region:

  • Product Outlook (Revenue, USD Million, 2022 - 2030)

    • Locomotive

    • Rapid Transport

    • Wagon

  • Type Outlook (Revenue, USD Million, 2022 - 2030)

    • Diesel

    • Electric

  • Train Type Outlook (Revenue, USD Million, 2022 - 2030)

    • Rail Freight

    • Rail Passenger

  • Region Outlook (Revenue, USD Million, 2022 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • Russia

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • Middle East and Africa

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