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 growth of the rolling stock market can be attributed to the factors such as increasing urbanization, increasing traffic congestion, rising demand for comfortable journeys and growing preference for shorter journey times. Moreover, The demand for rolling stocks is highly dependent on some other important factors as well, such as the replacement of old rolling stocks, new railway projects, and the expansion of railway routes. Apart from this, the increasing electrification of railway networks is also expected to foster the growth of the rolling stock market globally.
In the rolling stock market, various government and industry players are focusing on increasing the autonomy level of trains and thereby reducing human interference and the cost and travel time. Manufacturers are also coming up with battery-powered trains and hydrogen fuel cell locomotives due to rising concerns about CO2 emissions. This has created opportunities for innovation and new product development in the market for the component manufacturers and Tier-2 suppliers. However, governments are announcing new metro rail projects to reduce the traffic congestion of cities, and this will increase not only the demand for metro cars but also the demand for light rail, and automated people movers all over the world. The electrification of railway networks is further fueling the demand for EMUs and electric locomotives as well as providing the necessary ecosystem for the battery-operated trains.
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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=4380892
EMU is estimated to be the largest rapid transit segment, in the rolling stock market. The Electric Multiple Unit (EMU) car is a self-propelled unit that uses electric power for operation. It is used to carry passengers on long-distance suburban networks. While EMUs are costlier than DMUs, they offer various advantages such as lower emissions, faster acceleration, and quieter operation than DMUs and locomotives. The highest demand is estimated to be generated from the European region. EMUs are majorly used for passenger transportation in order to reduce the emissions from rolling stock. Increasing demand for high-speed transportation, urbanization, and investments in the development of urban transit systems by governments are the drivers for the growth of EMUs globally. The demand for EMUs is expected to increase significantly owing to the construction of new high-speed train lines in China and the demand for new vehicles in Russia, Japan, Brazil, and the US.
The conventional locomotives market is projected to grow at a higher CAGR from 2022 to 2027 and holds the largest market share of the rolling stock market. 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. This led to the expansion of railway networks in various countries which catalyzed the demand for conventional rolling stocks all over the world. Moreover, developments in the field of electric locomotives are expected to fuel the growth of the rolling stock market. This is expected to boost the conventional rolling stock market in the near future. For instance, in 2020, India introduced the T8 electric locomotive technology for commercial services. This is expected to strengthen freight logistics in the country to enable hauling 6,000 tons at speeds of 120km/h, ensuring the safe and faster movement of freight.
Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=4380892
The freight locomotive market is estimated to be the fastest-growing segment, by application, in the rolling stock market. The increasing need for effective transportation of industrial as well as commercial goods is boosting the growth of the rolling stock market for freight transportation. Rail transportation is more efficient and cost-effective than other modes of transportation. Therefore, various countries are promoting the use of rolling stock for freight transportation. Moreover, various technological advancements in the development of hydrogen fuel cell locomotives and battery-operated locomotives are taking place mainly for freight transportation. Thereby, the demand for freight locomotives is growing at a rapid pace globally.
Asia Oceania is expected to hold the largest share in the rolling stock market during the forecast period globally. This is due to the increased production, domestic demand, and capacity expansions by rolling stock manufacturers. Apart from this owing to the increasing need for effective public transit and freight transport has also augmented the demand for rolling stocks in this region. Moreover, significant urbanization coupled with significant volumes of goods transported through rail, increased demand for the metro rail network, and dedicated railway freight corridors drive the market in this region. Apart from this, the presence of emerging economies like India & China is actively participating in the growth of the market in this region. Rapid urbanization, increasing electrification of railway networks, growing working population, increasing disposable income and expansion of railway networks are the behind the growth of rolling stocks demand in this region.
Make an Enquiry @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=4380892
