The global rolling stock market, by value, is estimated to be USD 28.61 Billion in 2024 and is projected to reach USD 40.10 Billion by 2030, at a CAGR of 5.8% from 2024 to 2030.
The advancement of hybrid train technology is creating new growth opportunities in the market. Hybrid trains, which combine diesel and battery or hydrogen fuel cell technology, help reduce fuel consumption and emissions compared to traditional diesel-powered rolling stock. This makes them a viable option for countries and regions with stricter emissions regulations and sustainability goals. Hybrid propulsion enable trains to operate on non-electrified rail sections with reduced dependence on fossil fuels and lowered carbon emissions. In Europe, the push for hydrogen and battery-powered trains is driven by strict environmental regulations and the EU’s commitment to carbon neutrality by 2050. Countries like Germany and France are actively deploying hydrogen trains like the Coradia iLint to replace diesel units on non-electrified routes. Meanwhile, in the Asia-Pacific region, growing urbanization and government initiatives for green transportation are accelerating the adoption of hybrid and battery-powered trains, particularly in countries like Japan and India. Japan has pioneered fuel cell train development, while India is investing in hybrid locomotives to modernize its vast railway network. Additionally, the integration of intelligent rail systems and big data is enhancing efficiency and predictive maintenance, supporting the expansion of sustainable rail solutions in both regions.
Rolling stock Market- Global Forecast to 2030. Browse over 309 tables,75 figures, and in-depth TOC on the Rolling stock market report. Early buyer will receive 10% customization on the report.
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“Electric Locomotive is expected to account prominent market share of rolling stock market during the forecast period”
The rising demand for energy-efficient and high-performance locomotives, particularly in countries like China, and India, where extensive railway electrification projects are underway, further drives the electric locomotive segment. For instance, India’s ambitious goal of achieving 100% railway electrification by 2025-26 aligns with its broader net-zero carbon emissions target, driving strong demand for electric locomotives. CLW’s record-breaking production of 581 locomotives in FY 2024-25 highlights the increasing pace of electrification and the shift away from diesel traction. Factors such as lower operating costs, reduced maintenance requirements, and the push for net-zero emissions in the transportation sector further bolster the adoption of electric locomotives, making them a key segment in the global rolling stock market.
“Coaches segment will grow at higher CAGR during the forecast period”
The coach segment is expected to grow at a higher CAGR during the forecast period due to increasing demand for intercity and long-distance travel, rising investments in public transportation infrastructure, and government initiatives to promote sustainable mobility. Additionally, the expansion of tourism and the growing preference for cost-effective and comfortable transportation are driving the adoption of coaches. Technological advancements such as electric and hybrid coaches, improved safety features, and enhanced passenger amenities further contribute to the segment’s growth. Emerging markets, particularly in Asia-Pacific are witnessing strong demand due to urbanization and improved road connectivity, further fueling the expansion of the coach segment. In July 2024, Indian Railways has announced plans to produce 10,000 non-air-conditioned coaches by the end of the fiscal year 2025-26. This initiative aims to address the travel needs of common passengers, with 53% of the new coaches designated as general coaches.
“North America is expected to register the higher CAGR during the forecast period”
North America is expected to grow at a higher CAGR in the rolling stock market during the forecast period due to increasing investments in railway infrastructure, the expansion of commuter rail networks, and government initiatives to modernize aging fleets with more energy-efficient and environmentally friendly trains. The region is witnessing significant demand for new locomotives, EMUs, and DMUs, driven by urbanization, the need for sustainable transportation, and the adoption of advanced rail technologies. For instance, in February 2025, US Government has announced a major expansion of Metro-North Railroad’s railcar fleet, including the introduction of the first battery- and electric-powered passenger locomotives in North America. These new trains will provide New Haven Line service to Penn Station and connect four additional stations in the Bronx. Additionally, the push for high-speed rail projects, such as California’s bullet train and other regional corridor developments, along with rising freight transportation needs, is further fueling market growth.
Key Players
The report profiles key players such as CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), CAF Group (Spain), HYUNDAI ROTEM COMPANY (South Korea), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Talgo (Spain), Transmashholding (Russia), and among others. These companies offer extensive products and solutions for the railway industry; have strong distribution networks at the global level and invest heavily in R&D to develop new products. Siemens Mobility emphasizes digitalization and sustainability, leveraging its Railigent X platform for predictive maintenance and energy efficiency while pushing hydrogen and battery-powered trains like the Mireo Plus H and Plus B in Europe and North America. Alstom is optimizing its portfolio by phasing out legacy platforms in favor of modular train architectures like the X’Trapolis and Coradia, with a strong focus on hybrid and battery-electric propulsion to meet EU emissions regulations. Stadler Rail aggressively pursues tailor-made solutions, excelling in niche markets such as narrow-gauge, metro, and rack-and-pinion trains, while expanding its footprint in North America with manufacturing sites like Salt Lake City to localize production for projects such as METRA’s double-decker EMUs. Wabtec Corporation is prioritizing freight locomotive modernization programs in the US with Tier 4-compliant and battery-electric models like the FLXdrive while simultaneously expanding in high-growth markets such as India, where it supplies fuel-efficient diesel-electric locomotives to Indian Railways under its Make in India initiative.
Study coverage
The report covers the Rolling Stock Market by Product Type (Locomotive, Rapid Transit, Wagon, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) and Region (Asia Oceania, Europe, North America, Middle East &Africa, and Rest of the World) – Global Forecast to 2030. It covers the competitive landscape and company profiles of the major players in the rolling stock market ecosystem. The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the market’s growth. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services, key strategies, contracts, partnerships, agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the market. This report covers a competitive analysis of upcoming startups in the rolling stock market.
Brief information on the research methodology for the report can be found in the report description provided on the website.
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