Global Rolling Stock Market Strategies and Outlook Analysis to 2023
Global Rolling Stock Market Overview:
Rolling stocks are any vehicles with wheels running on a railway track such as locomotives, passenger coaches, fright wagons, and others. Some of the components that rolling stock consists are car body, power system, braking system, coupler and many more. Different types of rolling stocks are available in the market such as diesel locomotives, electric locomotives, freight carriers and rapid transit vehicles. Diesel locomotives are particularly designed for narrow gauged or broad gauged railway. High-speed or bullet trains are gaining more prominence among the consumers in recent years, pushing governments across the globe to invest in tramways and commuter trains to enhance the adoption of passenger rails. The global rolling stock market was valued at USD 63.23 billion in 2017 and are expected to grow at a CAGR of 5.20% during the forecast period to reach USD 72.22 billion by 2023.
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Global Rolling Stock Market Drivers and Restraints:
The global rolling stock market is registering growth due to the increase in mobility and urbanization that has surged the need for effective rail transit systems, primarily in developing countries. With the growing population moving towards urban areas, the demand for rail transportation services has increased, which resulted in the market growth. The raising in demand for urban transport will lead to an increase in the number of rail passenger carriers such as trams, light rail, monorail, and commuter rail services, which will be fulfilled by an increase in production of the rolling stock components. The governments in many developing countries are heavily investing in rail infrastructure related projects like electrifying of tracks, signaling, and urban transit systems that may lead to the growth in market in the forecast period. However, the competitive environment created by other modes of transport such as road and air transportation are expected to decline the expansion of market to some extent.
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Global Rolling Stock Market Geographical Segmentation
Geographically, Asia Pacific is the largest market for the rolling stock growth due to the tremendous improvement in population and their preferred mode of transport, which is expected to continue in the forecast period. Europe is the second largest and fast growing market due to the increase in rolling stock industrial sector and their usage. North America witnesses a rapid growth due to the developments and productions of these components.
Some of the key Players in the Global Rolling Stock Market are:
CRRC, Siemens, Bombardier, Alstom, and General Electric Company.
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