Global Rolling Stock Market
As stated in our extensive report, the Global Rolling Stock Market accounted for USD 62.3 Billion in the year 2022 and is projected to reach a value of USD 92.4 Billion by 2030
The significant factor compelling this Rolling Stock market’s growth is the increasing demand for energy-efficient transportation systems that will promote the growth of the fleet market in the future. Efficient transport systems enable the movement of people and products, saving time, money, and energy. Rolling stock, such as wagons, locomotives, freight, and express trucks, is an integral part of comfortable, reliable, and cost-effective passenger transport and long-distance transport of goods. The demand for rolling stock increased during the forecast period with the increase in public transport, such as local trains, passenger trains, and metro traffic. Increasing the budget and launching various government initiatives for the development of railway infrastructure also proved to be effective parameters for the growth of the total rolling stock. Rolling stock is used in trains and helps to reduce energy consumption, increasing the demand for energy-efficient transport systems demand for rolling stock. For example, according to the Council on Energy, Environment, and Water, by 2030, a third of four-wheelers and half of the two-wheelers sold in India will be electric as the demand for energy efficiency grows. By 2050, this figure will rise to 75 and 90%. Therefore, the demand for energy-efficient transportation systems is driving the growth of the Rolling Stock market.
The conversion of diesel locomotives to electric and electric diesel locomotives is the main trend increasing the popularity of rolling stock. The service life of diesel locomotives is short, and when you convert diesel locomotives to electric and electric diesel locomotives, their service life is 5-10 years longer. For example, in July 2020, the Ministry of Railways instructed the Railway Board to reduce the diesel locomotive fleet of Indian Railways and increase the fleet of electric locomotives.
Rolling stock are wheeled vehicles owned and operated by a railroad or motor vehicle operator that are used to maximize passenger capacity, improve safety and security, and improve revenue. The main products of the rolling stock are locomotives, express trucks, and wagons. A total locomotive rolling stock uses diesel oil or electricity as fuel, and it is an internal combustion engine that burns heavy diesel oil and produces energy from it to run the engine or assist in movement. Different locomotive technologies include conventional locomotives, turbocharged locomotives, and maglevs and include several components such as a pantograph, axle, radar, traction motor, auxiliary power system, and others. The end users are passenger and freight trains.
Key factors influencing Rolling Stock Market Growth
The growth of the global Rolling Stock market can be attributable to the following:
- The demand for rolling stock is expected to increase during the forecast period due to rapid urbanization, traffic congestion, increasing environmental issues, and technological advancement. Robust rolling stock requires intensive research and innovation because its orders have a long lead time and must last a very long time.
- Due to the increasing environmental problems of air and road transport and urban traffic jams, rail transport can be an environmentally friendly and cheap alternative. In almost all major rail network countries, rolling stock management is under the control of private companies.
- . Sustainable rolling stock production requires extensive research and innovation. Governments are actively involved in this field to make the cheapest and safest mode of transportation more convenient.
- Government agencies are expected to invest heavily in supporting infrastructure and strengthening existing infrastructure as urban areas become more congested and demand for public transport increases. This development is likely to lead to new rolling stock orders.
Asia Pacific Region Forecast to Lead the Global Market in the Estimated Period
Asia Pacific Rolling Stock market is expected to be the fastest-growing region during the forecast period. Asia Pacific dominated the Rolling Stock market in 2021 with a 42.8% market share. The use of passenger trains for commuting is increasing as a result of the region’s population growth. In addition, the reason for the growing trade in the region is the increased investments of the state in the railway infrastructure necessary for the transport of goods. For example, the governments of India and Nepal recently inaugurated the Jaynagar-Kurtha rail link. This cross-border railway aims to increase trade, commerce, and investment between the two countries.
The overall Rolling Stock market sales have been favorably impacted by rising investment in energy-efficient transportation systems.
The well-known players of the Global Rolling Stock Market include Alstom (France), CAF (Egypt), CRRC Corporation Limited (China), Hitachi Ltd. (Japan), Hyundai Corporation (Korea), IHI Corporation (Tokyo), Kawasaki Heavy Industries Ltd. (Japan), MAPNA Group (Iran), Nippon Sharyo Ltd. (Japan) and others.