Global Rolling Stock Market Is Expected To Grow At CAGR Of 3.8% In The Forecast Period Of 2023-2028 | EMR Inc.
The new report by Expert Market Research titled, ‘Global Rolling Stock Market Growth, and Forecast 2023-2028’, gives an in-depth analysis of the global rolling stock market, assessing the market based on its segments like type, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Value (2021): USD 59.2 Billion
• Forecast CAGR (2023-2028): 3.8%
• Forecast Market Value (2027): USD 74 Billion
The rolling stock business is benefiting from the growing preference for rail travel due to its energy efficiency and cost-effectiveness. The demand for rail travel is increasing as a result of increased population in emerging nations due to rapid urbanisation. The growth of low-cost rail transit is driving up demand for rolling stock. Furthermore, the increasing electrification of rails in North America and Europe is accelerating the deployment of rolling stock, boosting the market’s growth.
Artificial intelligence (AI) is being integrated into rolling stocks to automate a variety of tasks, including maintenance, resulting in increased industry growth. It has become more common in resource planning and management to ensure that rolling stock and railway rails are utilised effectively and safely. Artificial intelligence (AI) is also gaining traction in a number of rail applications, including train scheduling, asset management, and automated operation systems, to name a few. As a result, more AI use is expected to promote rolling stock efficiency and propel the rolling stock sector forward during the forecast period.
Market Segments
Wheeled carriages and engines used on railroad lines are referred to as rolling stock. For both products and passengers, it provides a dependable and safe form of transportation. Because rolling stocks are energy-efficient, cost-effective, and long-lasting, they are becoming a more popular means of transport.
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Based on types, the market covers:
• Locomotives
o Diesel locomotives
o Electric locomotives
o Electro-Diesel locomotives.
• Metros
• Monorails
• Trams
• Freight Wagons
• Passenger coaches
• Others
Based on end use, the market is divided into:
• Passenger Transit
• Cargo Train
The major regional markets include:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Market Trends
The market’s growth is being aided by the increased need for alternative fuels to power rolling stock. This is driving up demand for biofuels like bioethanol and biodiesel, among others, to improve rolling stock fuel efficiency. Furthermore, the increased demand for green rolling stock, particularly in Europe, has resulted in a slew of research and development (R&D) projects aimed at boosting the usage of sustainable energy. For example, the UK government declared in June 2021 that it will fund a dual-fuel solution to achieve its net-zero carbon economy ambitions by 2050.
The market is developing due to rising demand for advanced hydrogen trains that use hydrogen fuel to provide an energy-efficient and cost-effective alternative to traditional rolling stock. Governments are enacting more rigorous restrictions to encourage the deployment of hydrogen trains in order to reduce greenhouse gas emissions. In addition, the rolling stock sector is predicted to grow in the next years due to increased research and development operations aimed at improving the functioning and overall efficiency of hydrogen trains. China, for example, debuted its hydrogen fuel cell hybrid locomotive in Changzhou in June 2021, with a power output of 1,400 kilowatts and a top speed of 100 km/h.
Key Market Players
The major players in the market are Alstom, Bombardier Transportation, CRRC Corporation Limited, Hitachi Ltd, Hyundai Corporation, among others.
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