Increasing urbanization and adoption of rolling stock for freight transportation would drive the global rolling stock market demand to approximately $73.80 billion by 2025
Northrook, IL -- (SBWIRE) -- 11/15/2019 -- The Global Rolling Stock Market is estimated to be USD 54.43 billion in 2018 and is projected to grow to USD 73.80 billion by 2025, at a CAGR of 4.44% during the forecast period.
Several countries of Europe, Asia Oceania, and the Middle East have introduced high-speed rail projects to encourage mass rapid transit. The rail authorities of these countries developed high-speed train projects just after its introduction in the rail industry. The development of rail infrastructure indirectly fosters the growth of this market. The acceptance of high-speed trains is anticipated to rise in the near future due to economic growth prospects created by the development of high-speed rails.
Many emerging countries, as well as developed countries, are focusing on expanding their rail network for a better standard of living and economic growth. Moreover, urban rail transit such as metro and trams have emerged as reliable modes of city transport. Many urban rail projects are currently in the pipeline and are due for completion in the coming years. Several major rail companies are working on the enhancement of the railway network across the globe.
The key players considered in the analysis of the rolling stock market are CRRC (China), Alstom (France), Siemens (Germany), Bombardier (Canada), General Electric (US), Hyundai Rotem (South Korea), Kawasaki Heavy Industries (Japan), and Stadler (Switzerland).
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The Asia Oceania rolling stock market is estimated to be the largest, in terms of value, in 2018. The demand for rail vehicles in this region is triggered by the growing population of urban areas, where the existing transportation infrastructure is insufficient. The expansion of this network is expected to drive the demand for new vehicles.
The European rolling stock market is estimated to be the second-largest, by value, in 2018. The European Union represents the biggest absolute market for rail products and services, with the rolling stock segment representing the largest part of this market. The European region is segmented into Germany, France, the UK, and Italy. The North American rolling stock market is estimated to be the third-largest in 2018.
The rolling stock market has been segmented on the basis of product, application, and locomotive technology type (conventional locomotive and turbocharge locomotive). In terms of product type, the wagon segment is projected to be the largest market in 2025 because of government approvals for dedicated freight corridors in the region, followed by the electric multiple unit segment.
The global market has been segmented, on the basis of product type, into diesel locomotive, electric locomotive, electro-diesel locomotive, DMU, EMU, light rail/tram, subway/metro, coach, and wagons. The wagon segment is estimated to be the largest market, in terms of value, in 2018. This can primarily be attributed to the increased demand for a dedicated freight corridor in a country.
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The rolling stock market has been segmented, by application, into passenger transportation and freight transportation. The freight transportation segment is expected to be the largest market, by value, in 2018. The main factors driving the market include globalization and a rapid change in the rolling stock manufacturing industry. South Korea, India, and China are setting up agreements with Japan for high-speed rail projects, which will drive the market.
- Associations related to the railway industry
- Government authorities
- Infrastructure providers for railway lines
- Legal and regulatory authorities
- Manufacturers of rail components
- Rail leasing authorities
- Railway contractors
- Railway manufacturers
- Railway organizations
- Raw material suppliers of railway components
- Raw material suppliers of rolling stock
- Rolling stock components manufacturers
- Rolling stock industry associations
- Rolling stock rail service providers
- Traders, distributors, and suppliers of rolling stock
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