Rolling Stock Market

Global Rolling Stock Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Product (Locomotive, Rapid Transport, and Wagon), By Train Type (Rail Freight and Rail Passenger), By Type (Diesel and Electric), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Automobile & Transportation | February 2024 | Report ID: EMR00592 | Pages: 301

The global rolling stock market was valued at USD 64.72 billion in 2023 and is estimated to reach approximately USD 115.74 billion by 2032, at a CAGR of 6.6% from 2024 to 2032.

Locomotives, railcars, and related components are among the items sold and purchased in the rolling stock market. Investors exchange shares or contracts that represent ownership in these assets, and it functions similarly to other financial markets. Railroad corporations, financiers, landlords, and producers are among the participants. Businesses can obtain essential equipment through the market without incurring significant upfront costs by leasing or buying shares. It provides investors with an opportunity to broaden their investment portfolios and experience the transportation industry. Economic situations, technology developments, and legislative changes that affect the rail sector are some of the factors that affect the market.




Report Attribute


Estimated Market Value (2023)

64.72 Bn

Projected Market Value (2032)

115.74 Bn

Base Year


Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product, By Train Type, By Type, & Region

Segments Covered

By Product, By Train Type, By Type, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Rolling Stock Dynamics

Demand for transportation services is driven by economic growth, which influences market fluctuations. Innovations in energy efficiency and automation, for example, have an effect on rolling stock's competitiveness and worth. Environmental concerns are also addressed by market dynamics, which impact the uptake of greener and more sustainable transportation options. Market conditions can be greatly impacted by changes in legislation, such as those pertaining to safety requirements and emissions. Global market trends are also shaped by trade agreements and geopolitical considerations, which have an effect on pricing, growth, and output.


Global Rolling Stock Drivers

  • Technological Advancements and Innovation

Artificial intelligence and automation enhance train control and management, while predictive maintenance solutions cut maintenance costs and downtime. Additionally, improvements in design and materials result in lighter, more fuel-efficient trains, which lower operating costs and have a smaller environmental effect. The rolling stock market is encouraged to expand and evolve as a result of these innovations, which also boost competitiveness, draw in investment, and support the industry's modernization and sustainability objectives.

  • Economic Growth and Demand for Transportation Services

While commuters look for dependable public transit choices, industries need efficient freight transportation to convey goods as economies grow. Demand for rolling stock is driven by increased economic activity, which encourages investment in rail networks and infrastructure projects. The market is further stimulated by growing disposable incomes, which also increase passenger volume and desire for upscale travel options. Therefore, the demand for rolling stock and transportation services is directly correlated with economic growth.



  • Safety Concerns and Liability Risks

Events like derailments and accidents cause property damage, casualties, and legal ramifications in addition to harming stakeholders' reputations and generating compensation claims. Modern safety technologies, extensive infrastructure renovations, and strict training initiatives are all necessary to address safety concerns. Moreover, operations become more difficult and expensive due to regulatory compliance. These elements limit market expansion and profitability by raising operational risks and insurance costs.

  • Infrastructure Bottlenecks and Capacity Constraints

The rolling stock market is hampered by capacity limitations and infrastructure impediments that prevent efficient transportation operations. As freight and passenger demands increase, antiquated or overburdened train networks find it difficult to keep up, which causes delays, traffic jams, and decreased service dependability. Significant investments in infrastructure modifications, including as track extensions, signaling upgrades, and terminal improvements, are necessary to address these limitations. But funding constraints and red tape frequently obstruct development. These bottlenecks impede productivity, restrict market expansion, and reduce the transportation system's overall effectiveness.



  • Growing Demand for Rail Transportation

Rail provides an effective and sustainable means of transporting people and cargo as urbanization and population growth pick up speed. Concerns about energy efficiency, environmental pollution, and transportation congestion are other factors driving this trend. To meet this demand, money must be spent on rolling stock upgrades, rail network expansion, and passenger amenity improvements. Businesses can take advantage of this by offering creative solutions to address changing transportation requirements.

  • Adoption of Digitalization and IoT in Rail Operations

In the rolling stock market, digitalization and the Internet of Things (IoT) usage in rail operations present a game-changing possibility. Railways may improve their operating efficiency, safety monitoring, and predictive maintenance by utilizing digital technologies and IoT sensors. Proactive decision-making, which minimizes downtime and maximizes resource allocation, is made possible by real-time data analytics. In addition, the development of smart trains and infrastructure is made possible by IoT-driven technologies, which enhances service dependability and passenger experience. Embracing digitalization gives railroads a competitive edge, spurring new ideas and opening more sources of income.


Segment Overview

  • By Product

Based on product, the global rolling stock market is divided into locomotive, rapid transport, and wagon. The wagon category dominates the market with the largest revenue share in 2023. Wagons are essential for freight transportation because they can move heavy loads over great distances, carrying everything from raw materials to completed items. Their varied designs cater to various sorts of freight, guaranteeing the seamless movement of products along rail networks. The locomotive, which pulls passenger or freight trains along tracks, is the engine of rail transportation. They are available in a variety of forms, including hybrid, electric, and diesel-electric variants, each designed to meet specific operational and environmental requirements. Rapid transit vehicles, like high-speed trains or light rail systems, give commuters a suitable substitute for clogged roadways by providing quick and efficient passenger transit in urban or intercity environments.

  • By Train Type

Based on the train type, the global rolling stock market is categorized into rail freight and rail passenger. The rail freight category leads the global rolling stock market with the largest revenue share in 2023. Rail freight is the movement of goods and commodities over different distances, from raw materials to completed products. Freight trains, which are made up of locomotives and wagons, are an integral component of supply chains since they provide bulk freight with an economical and sustainable means of transportation. On the other hand, rail passenger services provide both commuter and intercity services to meet the transportation needs of travelers.

  • By Type

Based on type, the global rolling stock market is segmented into diesel and electric. The diesel segment dominates the rolling stock market. Diesel-fueled internal combustion engines are used in rolling stock that powers passenger and freight services by producing electricity. Diesel locomotives are adaptable and commonly utilized, particularly in regions with little or no electrified train infrastructure. On the other hand, electric rolling stock provides effective and eco-friendly transportation options since its electric motors are powered by onboard batteries, overhead cables, or third rails. Electric trains are common along electrified rail tracks and in densely populated urban areas. They offer cleaner, quieter, and frequently faster modes of transportation for both freight and people.


Global Rolling Stock Overview by Region

The global rolling stock market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2023. The need for effective transportation solutions has increased throughout the region due to factors such as population growth, industrialization, and rapid urbanization. Governments are spending a lot of money on developing infrastructure, which includes modernizing and growing railroad networks. Furthermore, a trend toward greener and more energy-efficient forms of transportation has been brought about by the emphasis on sustainability and environmental issues, which has favored the deployment of electric rolling stock.

Throughout the forecast period, North America is anticipated to post a significant CAGR. Numerous factors, such as continuous infrastructure investments, modernization programs, and rising demand for rail transit options throughout the region, are blamed for this increase. Additionally, technological developments are generating benefits in efficiency and drawing investments in rolling stock, as evidenced by the introduction of digitization and IoT in rail operations. Additionally, the shift to greener and more energy-efficient forms of transportation is being driven by growing concerns about sustainability and environmental impact, which is driving demand for contemporary rolling stock solutions in North America.



Global Rolling Stock Competitive Landscape

In the global rolling stock market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global rolling stock market include,

  • CRRC Corporation
  • Trinity Rail
  • Alstom Transport
  • GE Transportation
  • Siemens Mobility
  • Stadler Rail AG
  • Hitachi Rail System
  • The Greenbrier Co
  • Hyundai Rotem
  • Kawasaki Heavy Industries, Ltd., and various others.


Global Rolling Stock Recent Developments

  • In February 2023, the railroad company BBR Verkehrstechnik GmbH and its group businesses were acquired by Stadler Rail AG in order to expand its internal knowledge in the domains of digitalization and signaling technology. Together, the businesses will be able to provide cutting-edge signaling solutions that will improve and influence the rail industry's digitization.
  • In January 2023, through a partnership with Indian Railways, Siemens Mobility was able to secure the largest locomotive order in the history of both Siemens India and Siemens Mobility: 1,200 locomotives with 9,000 horsepower. Siemens Mobility will be in charge of the trains' development, construction, testing, and assembly.
  • In November 2022, In Aurangabad, India, Siemens Mobility announced plans to build a train bogies manufacturing. A single export order can be filled by the new plant with around 200 bogies. Siemens used the global design principle for the SF30 Combino Plus to build these rail bogies.


Scope of the Global Rolling Stock Report

Rolling Stock Market Report Segmentation



By Product

  • Locomotive
  • Rapid Transport
  • Wagon

By Train Type

  • Rail Freight
  • Rail Passenger

By Type

  • Diesel
  • Electric

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Rolling Stock Market Size and Forecast: To identify and estimate the market size for the global rolling stock market segmented by product, by train type, by type, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of rolling stock between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global rolling stock market
  • Market Influencing Factors: To find out the factors which are affecting the sales of rolling stock among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global rolling stock market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience

  • Investors
  • Railway Operators
  • Manufacturers
  • Government Agencies
  • Transportation Planners



Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, the rolling stock market is classified into North America, Europe, Asia Pacific, and the Rest of the world
According to rolling stock market research, the market is expected to grow at a CAGR of ~6.6% over the coming years.
North America is expected to register the highest CAGR during 2024 - 2032
Asia-Pacific held the largest share in 2023
The major players operating in the global market include CRRC Corporation; Trinity Rail; Alstom Transport; GE Transportation; Siemens Mobility; Stadler Rail AG; Hitachi Rail System; The Greenbrier Co.; Hyundai Rotem; Kawasaki Heavy Industries, Ltd. , and various others.