Surge in allocation of the budget for development of railways, increase in demand for safe, secure, & efficient transport, and growth in usage of public transport services for minimizing traffic congestions drive the growth of the global rolling stock market
PORTLAND, Oregon, Oct. 1, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Rolling Stock Market by Product Type (Locomotives, Rapid Transit (DMU, EMU, Light Rail, Metro) Wagons, Coaches), Locomotive Propulsion (Diesel and Electric), Application (Passenger & Freight), Components: Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global rolling stock industry garnered $58.60 billion in 2018, and is expected to reach $73.8 billion by 2026, growing at a CAGR of 2.9% from 2019 to 2026.
Top impacting factors
Surge in allocation of the budget for development of railways, increase in demand for safe, secure, & efficient transport, and growth in usage of public transport services for minimizing traffic congestions drive the growth of the global rolling stock market. However, high capital investment and refurbishment of existing stock hinder the market growth. On the other hand, enhancement in railway infrastructure, specifically in developing countries and rise in industrial & mining activity create new opportunities in the industry.
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Freight wagons segment to maintain its lead position by 2026
Based on type, the freight wagons segment held the highest market share in terms of revenue in the global rolling stock market in 2018, contributing nearly half of the total share, and is expected to maintain its lead position during the forecast period. This is due to different commercial advantages including rise in reliability in freight transportation, cost-effectiveness, and improved speed. On the other hand, the metros segment is expected to register the fastest growth rate with a CAGR of 5.2% from 2019 to 2026.
Cargo train to contribute its highest share during the forecast period
Based on end use, the cargo train segment accounted for around three-fifths of the total market share of the global rolling stock market in 2018, and is expected to contribute its highest share during the forecast period. This is due to surge in reliability in freight transportation, enhanced speed, and cost-effectiveness. However, the passenger transit segment would grow at the largest rate with a CAGR of 3.5% from 2019 to 2026, owing to high budget allocation in the most of the countries to improve automation in the railway sector.
Asia-Pacific to grow the fastest
Based on region, Asia-Pacific is expected to grow at the fastest rate with a CAGR of 4.4% from 2019 to 2026, owing to commitment of developing countries such as China, Japan, India, and others to continuously improve their rail infrastructure. North America would grow at a CAGR of 3.0% during the forecast period. Europe accounted for the major market share, contributing to nearly one-third of the total share of the global rolling stock market in 2018, and will maintain its pole position during the forecast period. This is attributed to development of fully automated trains and continuous improvements to meet the current standards.
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Leading Market Players
- CRRC Corporation Limited
- Siemens Mobility
- Bombardier Transportation
- General Electric
- Hyundai Rotem
- Kawasaki Heavy Industries
- Trinity Rail Group
- Stadler Rail AG
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SOURCE Allied Market Research