Global Rolling Stock Market Size To Hit USD 86.84 Billion By 2030 | CAGR 5.8 %.Category: Automotive & Transportation
Global Rolling Stock Market is Anticipated to Grow at a CAGR of 5.8% from 2022 to 2030
According to a research report published by Spherical Insights & Consulting, The Global Rolling Stock Market size was valued at $59,280 million in 2021 and is expected to reach a CAGR of 5.8% from 2022 to 2030. The term "rolling stock," which refers to vehicles that travel over railroad tracks, is used in the railway transportation sector.
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Browse key industry insights spread across 195 pages with 55 market data tables and 50 figures & charts from the report "Global Rolling Stock Market, and COVID-19 Impact Analysis By Product (Locomotive, Rapid Transit Vehicle, Wagon), By Type, By Train Type, By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting 2022 – 2030” in detail along with the table of contents.: https://www.sphericalinsights.com/reports/rolling-stock-market
There are also wagons, locomotives, railroad cars, coaches, and train sets. Based on their diesel and electric propulsion technologies, the locomotives are split into two classes. Given its affordability and ability to move heavy or bulky objects across great distances, rail travel is growing in popularity as a mode of transportation. The United States International Trade Commission defines the railway rolling stock sector as companies that produce locomotives, rail cars, electric multiple units, spares for these vehicles, and multimodal transport containers. 1.7 billion tonnes of freight were moved across 169,082 miles of track by American railways in 2009.
Rapid urbanization, traffic congestion, growing environmental concerns, and technological improvements are all expected to contribute to a growth in rolling stock demand over the course of the projection period. Strong rolling stock orders have extensive lead times and must last for a very long time, necessitating intensive research and innovation.
Governments are actively working to enhance the comfort of the safest and most economical form of transportation. According to the census report 2020, the median household income in the United States increased from 2018 to 2019. This rise was 6.8%. The need for personal mobility has increased along with economic levels, which has increased road traffic in major cities around the world.
Urban planners and local governments are fusing existing city infrastructure with tramways and rapid transport systems to address this issue. Furthermore, commuters are looking for reliable, inexpensive, and environmentally responsible modes of transportation. Developed nations like Germany, France, and the United Kingdom are promoting fast transport systems as a way to lessen traffic congestion. Due to the expensive nature of rolling stock and related infrastructure, local governments are required to contribute significantly financially.
On the other hand, the high cost of brand-new rail vehicles can deter investment and act as a restriction. Train travel offers a convenient and environmentally friendly alternative to air and vehicle travel, which are both contributing to rising city congestion. As demand for rail travel increases, railroad organizations also choose to renovate their existing fleet of rolling stock. Refurbishing rolling stock improves reliability and speed while updating it to meet current requirements. preventing the growth of the rolling stock market.
Covid 19 Impact on Global Rolling Stock Market
The COVID-19 consequences were felt on a global scale. Many countries implemented a lockdown in response to the World Health Organization's (WHO) guidelines, which froze global trade. Exports and imports were severely restricted by nations like China, which caused a global manufacturing halt and the closure of facilities.
The rolling stock market suffered as a result of these circumstances. The market was preparing for an ambiguous recovery phase due to the supply chain and manufacturing process disruptions, as well as the diminishing demand for the locomotive fleet. The partial or full implementation of lockdowns and travel restrictions in the countries affected by COVID-19 had an impact on the market for rolling stock.
Global Rolling Stock Market, By Product
By more than 30.0% in 2021, the fast Transit Vehicle segment will control the market share for that product category. Long-distance commuting is a result of expanding cities and towns brought on by increased urbanization. This requires government agencies to start public transportation initiatives for rapid transit vehicles like metros and passenger trains, resulting in increased investment in the rolling stock and infrastructure of rapid transit.
Global Rolling Stock Market, By Type
The two main categories of rolling stock are electric and diesel-based. Even though electric trains are becoming increasingly popular, diesel trains will still account for a significant portion of rolling stock fleets in 2021, dominating the market share by more than 50%. As they can transport freight trains loaded with large items. Due to their higher torque engines, they are frequently employed in industrial settings. However, as people throughout the world become increasingly concerned about the environment, low-emission engines for diesel locomotives are being developed.
Global Rolling Stock Market, By Train Type
The market is segmented into passenger rails and freight trains based on the type of train. With a 50.79% market share, freight trains dominate the train type group. Being able to transport large volumes of commodities both domestically and internationally places them in the position of being favored over the road transportation, making them an essential component of the global supply chain. Rail freighters are useful for moving raw materials and large industrial equipment as well as fossil fuels like coal, oil, and gas. The level of service provided by freight trains is rising thanks to the development of tracking and security systems.
Global Rolling Stock Market, By Region
The Asia Pacific region dominated the market for rolling stock in 2021 with a 42.8% market share. Due to the growing population in the area, more people are using passenger trains to commute. The region's expanding trade is also attributed to greater government investment in the rail infrastructure required to transport commodities. For instance, the governments of India and Nepal recently inaugurated the Jaynagar-Kurtha Railway link. The goal of this transnational railway is to boost business, investment, and trade between the two countries.
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Some Recent Developments in Global Rolling Stock Market
- December 2021: HS2 has awarded contracts to a joint venture made up of Hitachi Rail and Alstom (HAH-S) to create, build, and maintain high-speed rolling stock for the line's initial phase.
- November 2021: Alstom and the National Authority for Tunnels have signed an agreement for the purchase of 55 Metropolis trains, each with nine carriages, and an eight-year maintenance contract (NAT).
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