According to the latest report by IMARC Group, titled “Rolling Stock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global rolling stock market size reached US$ 55 Billion in 2019. Rolling stock refers to powered and unpowered vehicles that run on railway tracks and are widely used as a cost-effective mode of transportation. It can also be utilized to transport heavy goods, agricultural products, construction materials and bulky machinery over long distances. Rolling stock includes coaches, locomotives, carriages, passenger cars and freight wagons and is widely associated with enhanced comfort, improved reliability and faster commute. Consequently, they are widely used for transporting industrial chemicals, petrol and diesel, among other goods across numerous industry verticals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Rolling Stock Market Trends:
The global market is primarily driven by the increasing requirement for convenient means of transportation. A significant increase in the global population, especially that of working professionals, along with rising issues pertaining to road traffic, has resulted in the growing demand for public modes of transportation, such as trams, metro, rapid rail and local passenger trains. These vehicles not only improve the commuting experience of the users by avoiding on-road congestion but also offer protection against altering weather conditions. Additionally, high-speed trains save the traveling time of the commuters while providing them a comfortable experience cost-effectively. Moreover, numerous manufacturers are utilizing lightweight components for the production of rolling stocks to improve their speed and fuel efficiency. They are also equipping the vehicles with regenerative braking, which uses traction motors as brakes for generating electricity. The produced electricity is further used to power other trains, which improves the overall efficiency of the transport system while minimizing their wear and tear. Furthermore, numerous government initiatives to promote the use of public transport and replace the aging rolling stock with new vehicles are providing a thrust to the market growth. Some of the other factors influencing the market growth include the integration of these transports with the internet of things (IoT), and innovations in big data and analytics, which facilitate streamlining operations. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 65 Billion by 2025, registering a CAGR of around 3% during 2020-2025.
- On the basis of the product type, the market has been categorized into diesel, electric and other locomotives. At present, diesel locomotives represent the most preferred segment.
- Based on the locomotive technology, turbocharge locomotives exhibit a clear dominance in the market. Other major segments include conventional locomotives and maglev.
- On the basis of the application, passenger coaches account for the majority of the total market share, followed by freight wagons.
- On the geographical front, Asia Pacific holds the leading position in the market. Some of the other key regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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