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The global Rolling Stock Market was valued at USD 53.8 billion in 2022 and expected to reach USD 64.8 billion by 2027 and grow at a CAGR of 3.8% over the forecast period (2022 – 2027). The growth of the market can be attributed to the factors such as increasing urbanization, increasing traffic congestion, rising demand for comfortable journey and growing preference for shorter journey time. 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 the market globally.

Market Dynamics:

Driver: Increasing preference towards railway-based public transport as a means of reducing traffic congestion

According to census report 2021, the US median household income level increased by 1.8% in 2021 compared to 2020. The slow growth in median household income level is due to COVID-19. Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe. However, road congestion and travel time in urban areas increased due to the insufficient road network infrastructure. In 2021, the average time spent driving in traffic congestion in major urban areas across the globe was 113.4 hours, and 21% was during peak traffic time. Thus, urban planners and local governments are merging rapid transit networks and tramways with the existing city infrastructure. Commuters are also seeking eco-friendly, reliable, and cost-effective means of transportation. Developed nations such as Germany, France, and the UK are promoting the use of rapid transit systems to reduce traffic congestion. India, China, Egypt, Brazil, and the Gulf countries have increased investments for the development of metros due to the growing urban population in these countries.

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Opportunity: Big data applications in rail industry

Passengers are increasingly seeking an enhanced travel experience, which includes onboard internet and entertainment, smart ticketing, automated fare collection, and door-to-door services. Players in the transport industry are currently exploring ways to use big data retrieved from passengers’ smart devices to potentially improve business models of urban rail networks and the quality of services. The major objective of using big data and big data analytics is to create real-time predictive algorithms, scalable data structures, enable big data communications, and the application of visualization techniques.

Challenge: Sustained impact of COVID-19 on passenger transportation

Transportation through the railway has faced huge losses as passengers prefer personalized transport options for their daily commutation and short-distance travel due to the outbreak of COVID-19. Thus, railway service operators and railway route controlling organizations faced huge losses in 2021. For example, in Europe, there was a decline of 6% in railway passengers till the first half of 2021. Similarly, the revenue of Indian Railways had declined by 20% in the fiscal year 2021, and passenger traffic declined by 30% till the first half of 2021.

The railway passenger traffic in Japan decreased by 6% in the first half of 2021, and the passenger traffic declined by 11% in North America during the same period. As a result, various ongoing railway projects and the order of new rolling stocks have come to a halt or are growing at a slow pace due to a lack of funds. On the other hand, governments also face a lack of funds due to COVID-19.

Key Market Players

The global rolling stock market is dominated by major players such as CRRC Corporation Limited (China), Alstom SA (France), Siemens AG (Germany), Wabtec Corporation (US), Kawasaki Heavy Industries, Ltd. (Japan), Stadler Rail AG (Switzerland), CAF Group (Spain), Hyundai Rotem Company (South Korea), Mitsubishi Heavy Industries Engineering, Ltd. (Japan), Talgo (Spain), Transmashholding (Russia), etc.

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