(MENAFN - GetNews) Increasing urbanization leads to an increase in demand for passenger transportation which is likely to drive the rolling stock market. Factors such as increasing investment in rail infrastructure and expansion of rail network would enable the growth of the rolling stock market.
According to the new market research report " Rolling Stock Market by Product Type (Locomotive, Rapid Transit, Wagon, and Coach), Locomotive Technology (Conventional, Turbocharged, and Maglev), Application (Passenger and Freight) & Region Global Trends and Forecast to 2025″, Published by MarketsandMarkets™, is estimated to be USD 51.6 billion in 2020 and is projected to grow to USD 64.3 billion by 2025, at a CAGR of 4.5% during the forecast period. The growing demand for public transport and the increasing need for energy-efficient transport are some of the key drivers fueling the growth of this market. Increasing urbanization, adoption of public transport as a means of reducing traffic congestion, growing demand for energy-efficient transport and increasing adoption of rolling stocks for freight transportation are major drivers of the Rolling Stock Market.
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Growing concerns over increased pollution by the rolling stock industry is the prime reason for the government to switch to electric locomotives and electric multiple units. They have recognized the need for promoting energy-efficient vehicles to reduce the increasing pollution. Government bodies to invest in rail infrastructure, expansion of electrified rail route, refurbishment of diesel locomotive to electric locomotive and increase in budget to increase freight transportation are driving factors for Rolling Stock Market to grow in near future.
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Expansion of Metro Projects, increase in length of the electrified rail network, Conversion of diesel locomotive to electric and electro-diesel locomotive and increase in freight transportation are the key market trends or technologies which will have a major impact on the rolling stock market in the future. The Asia Oceania market is projected to hold the largest share by 2025.
Due to increased production, domestic demand, and capacity expansions by rolling stock manufacturers. This increase in production helps cope with the rising demand for rail transportation and concerns related to fuel-efficiency norms and regulations. In addition to domestic markets, there is an increase in demand from international markets. In January 2020, CRRC received an overseas supply contract worth USD 55.5 from Portugal to supply 18 new light rails with a maintenance period of five years. Thus, demand in the Asia Oceania region is on the rise. Further, The Indian Railways received an FDI investment of USD 1,071 million from April 2000 to December 2020, which is expected to further lead to the development of rail infrastructure, which is expected to the market. Japan is the technology leader in the Rolling Stock Market which is majorly used for passenger transportation. The country is continuously investing in the development of innovative technologies in rolling stock. Previously, South Korea's rolling stock industry was dependent on technologies developed by France and Japan. However, companies such as Hyundai Rotem are bringing technological developments to the country's Rolling Stock Market.
Technological advancements are a key driver for the EMU market.
There has been a rapid increase in the number of technological advancements in the Rolling Stock Market. The EMU segment is estimated to hold the largest market share, in terms of value, in 2020. This can be credited to the latest generation of EMUs, which are characterized by modular designs. Advanced electric multiple units is more efficient and favourable than diesel multiple units. The demand for EMUs is expected to increase significantly owing to the construction of new high-speed train lines in China and the demand for new vehicles in Russia, Japan, Brazil, and the US. Such innovations would spur the growth of the Rolling Stock Market.
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Freight Transportation: A promising market due to the resurgence of mining activities and increasing industrial transportation.
The demand for freight wagons is high in the US, China, and Russia. This is because of the increasing replacement of old fleets and the growth of the manufacturing sector in these countries. Custom-made and technologically advanced wagons, such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons, are manufactured in Western Europe and other developed regions. The increased mining activities in emerging economies are expected to impact the market for freight transportation positively. For instance,20192020, more than 1,210.46 million tons of freight was transported in India through the railways. Further, according to the International Organizing Committee for the World Mining Congress (WMC) 2020, global mining production was 17.7 billion metric tons in 2018 and Asia accounted for 58.3% of the total production. Therefore, mineral-rich countries are expected to expand their rail networks to enhance connectivity. The growth of freight transportation is expected to propel the growth of freight wagons and locomotives consequently.
The report analyzes all major players in the Rolling Stock Market including CRRC (China), Siemens (Germany), Bombardier (Canada), Alstom (France), and General Electric Company (US).
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