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(Transportation-News.com, June 16, 2022 ) The global Rolling Stock Market size is projected to grow from USD 53.8 billion in 2022 to USD 64.8 billion by 2027, at a CAGR of 3.8%.
The rolling stock market is dominated by global players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Kawasaki Heavy Industries, Ltd. (Japan), Wabtec Corporation (US), Stadler Rail AG (Switzerland), and CAF Group (Spain). The other major players in the rolling stock market include Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Talgo (Spain), and Transmashholding (Russia). SMEs like Niigata Engineering Co., Ltd, Scomi Group BHD, Balfour Beatty, Ingeteam Corporación, S.A. and Rhomberg Sersa Rail Holding GmbH etc., also came up with new products as well as adopted various inorganic growth strategies like acquisition, collaborations and partnerships with other SMEs and key players.
The growth of the global market can be attributed to the factors such as increasing urbanization, increasing traffic congestion, rising demand for a comfortable journey and growing preference for shorter journey times. Moreover, The demand for rolling stocks is dependent on some other factors such as the replacement of old rolling stocks, new railway projects, and the expansion of railway routes. Apart from this, the increasing electrification of railway networks is also expected to foster the growth of this market globally.
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Increasing urbanization and investments in the development of urban transit systems by governments are the key drivers for the growth of rapid transit systems globally. Subways/metros are urban transits used for intracity travel with limited passenger capacity. These trains operate at much greater frequencies and at higher average speeds than light rail/tram systems. This makes them highly efficient, as the system is free from road traffic interference. Metro trains are functional in countries such as India, the US, the UK, Germany, Brazil, South Africa, Australia, and France. China, with the largest metro track, in terms of length, is considered the largest metro market globally. Thereby, the subways/metros are expected to witness the fastest growth in the coming years globally.
Cost savings, government funding, high efficiency, and reliability are the major drivers of the growth of freight transportation in this market. Increasing government funding is expected to create a robust infrastructure for freight transportation. Moreover, the increasing need for effective transportation of industrial as well as commercial goods is boosting the growth of the rolling stock market for freight transportation. Rail transportation is more efficient and cost-effective than other modes of transportation. Therefore, various countries are promoting the use of rolling stock for freight transportation. For example, in 2020, France announced doubling freight transportation from 9% 2020 to 18% by 2030. In the fiscal year 2021-22, till August 2021, freight transportation accounted for a share of 79.1%of the total revenue generated by the Indian Railways. Hence, it is expected that the demand for freight transportation is likely to grow at a rapid pace in the coming years globally.
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The availability of robust infrastructure for both, urban and intercity transport for mass transit in various countries especially in Asian countries is the major factor driving the adoption of railways for passenger transportation. Globally, there has been an increase in the ridership of passenger trains which is likely to propel the demand for passenger coaches globally. Apart from this, passengers prefer railway transportation to cover remote distances as well, owing to the wide connectivity of railway networks. Therefore, the demand for passenger coaches is growing at a steady pace globally. Urbanization is also another major driver for the growth of passenger transportation by railways. According to the World Health Organization (WHO), 2020, the urban population is projected to account for 60% of the global population by 2030. Hence, increasing urbanization is expected to further boost the market for passenger transportation in the coming years. Therefore, the demand for passenger coaches is likely to grow at the fastest rate in the passenger transportation segment during the forecast period globally.
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