Rolling Stock Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Rolling Stock Market Report is Segmented by Type (Locomotives, Metros and Light Rail Vehicles, Passenger Coaches, and More), Propulsion Type (Diesel, Electric, and More), Application (Passenger Rail and Freight Rail), End-User (National Rail Operators and More), Technology (Conventional and More) and Geography. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Rolling Stock Market Size and Share

Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Compare market size and growth of Rolling Stock Market with other markets in Automotive Industry

Rolling Stock Market Analysis by Mordor Intelligence

The Rolling Stock Market size is estimated at USD 33.97 billion in 2025, and is expected to reach USD 40.75 billion by 2030, at a CAGR of 3.71% during the forecast period (2025-2030). City planners are responding to rising population density, as evidenced by a surge in metro and light-rail orders. Urban rapid-transit expansions, decarbonization initiatives, and sustained public-sector capital investments primarily drive this growth momentum. These factors collectively highlight the increasing focus on sustainable and efficient urban transportation systems.

Key Report Takeaways

  • By type, passenger coaches led with 76.62% of rolling stock market share in 2024, while metros and light rail are forecast to grow at a 12.81% CAGR to 2030.
  • By propulsion type, electric systems commanded a 61.73% share of the rolling stock market size in 2024 and are advancing at a 5.63% CAGR through 2030.
  • By application, passenger rail captured 63.52% revenue in 2024 and is projected to expand at a 4.94% CAGR through 2030.
  • By end-user, national rail operators held 48.71% share in 2024, whereas urban transit agencies posted the highest 7.11% CAGR to 2030.
  • By technology, conventional systems kept a 93.46% share in 2024, yet autonomous platforms record an 11.55% CAGR through 2030.
  • By geography, Asia-Pacific owns 53.81% of 2024 revenue, and the Middle East & Africa is growing at a 4.86% CAGR to 2030.

Segment Analysis

By Type: Passenger Coaches Dominate Despite Metro Surge

Passenger coaches held 76.62% of 2024 revenue, anchoring intercity and commuter services within the rolling stock market. Metros and light rail, however, record a 12.81% CAGR, underscoring urban capacity demands that align with Grade of Automation investments. Locomotives holds a significant share as operators favor electric or hydrogen variants that meet net-zero goals. Freight wagons slice is supported by Greenbrier’s 7,000-unit Q4 2024 deliveries that keep backlogs at a decent value.

The metro boom illustrates how rolling stock market size gains are concentrated in driverless fleets ordered by Seoul, Los Angeles, and Copenhagen. Passenger coach upgrades such as Alstom’s EUR 4 billion S-Bahn Cologne contract show operators lock in 34-year maintenance terms to secure lifecycle support.[3]Alstom, "Alstom Wins €4 Billion Contract Supply and Maintenance 90 Commuter Trains S-Bahn Cologne Germany," alstom.com Locomotive suppliers leverage hydrogen pilots for Chile and North America, broadening the propulsion mix. Freight wagon demand rides commodity growth, with mining corridors in Guinea and iron ore routes in Australia booking new orders.

Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Note: Segment shares of all individual segments available upon report purchase

By Propulsion Type: Electric Systems Lead Decarbonization

Electric traction controlled 61.73% of 2024 revenue and expands at 5.63% CAGR, maintaining the largest rolling stock market share as grid-powered operations scale. Diesel remains at forefront but faces retirement; hydrogen fuel cells and battery-electric both are offering modular pathways toward net zero. Dual-mode locomotives provide a decent share, blending catenary and diesel for transitional corridors.

Battery-electric advances lift rolling stock market size through projects like Dublin’s DART+ and Bayern’s tilting battery sets. Hydrogen programs in California and Chile signal long-term potential, although infrastructure cost and fuel availability limit near-term uptake. The Federal Railroad Administration frames dual-mode and intermittent electrification as cost-effective steps, sustaining investment in hybrid fleets.

By Application: Passenger Rail Drives Growth

Passenger services generated 63.52% of revenue in 2024, outpacing freight with a 4.94% CAGR through 2030 as governments support high-speed lines. Freight maintained a decent share, supported by North American Class I modernizations and commodity-linked corridors in emerging markets.

Egypt, California, and India anchor new passenger demand, with India targeting 10 billion annual riders by 2030—up from 6.5 billion in 2024—thereby enlarging the rolling stock market size for long-distance fleets. Freight orders such as Wabtec’s USD 248 million Guinea locomotives tap mining growth, while UAE-Oman cross-border corridors strengthen Gulf logistics.

By End-User: Urban Transit Agencies Accelerate Adoption

National rail operators kept a 48.71% share in 2024, reflecting their scale in long-distance services. Though smaller, urban transit agencies log the highest 7.11% CAGR as city authorities automate networks. Private freight operators benefits from lease models that lift asset utilization.

Copenhagen’s S-bane automation and Deutsche Bahn’s 137 ICE 4 deliveries show how public players modernize fleets, while Trinity Industries’ 97.5% lease utilization underscores strong private-sector economics. Alstom’s USD 515 million Metrolink services contract reflects growing outsourcing in urban transit.

Rolling Stock Market: Market Share by End-User
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Note: Segment shares of all individual segments available upon report purchase

By Technology: Autonomous Systems Gain Momentum

Conventional technology kept 93.46% share, yet autonomous and driver-assist platforms register an 11.55% CAGR as operators trial GoA4 networks. Berlin’s CBTC upgrade delivers 30% capacity gains, while Korea Railroad Research Institute’s 5 G-based program targets similar headway reductions.

Hyundai Rotem supplies autonomous LRVs for Taiwan, and Alstom plans GoA4 regional prototypes by 2025, confirming broader application beyond metros. Digital S-Bahn Hamburg integrates Automatic Train Operation with ETCS to equip more than 400 vehicles mid-decade, reinforcing rolling stock market share for technology vendors.

Geography Analysis

Asia-Pacific generated 53.81% of 2024 revenue, underpinned by CRRC’s dominating global share and India’s USD 30 billion modernization budget that widens domestic production. Japan’s forthcoming E10 Shinkansen and South Korea’s fully localized KTX-CheongRyong illustrate regional high-speed focus, while India’s plan for 250 km/h indigenous sets diversifies supply chains. Seoul’s GTX expansion and Taiwan’s autonomous LRVs confirm technological advancement across city networks.

Europe retained the second position in 2024 due to sustained ICE, TGV, and regional upgrade programs. Germany finalized 137 ICE 4 units valued at EUR 6 billion, while Berlin’s CBTC conversion unlocks 30% capacity. France’s EUR 850 million Proxima order, Cologne’s EUR 4 billion commuter fleet, Copenhagen’s automation, and Dublin’s battery-electric sets showcase a diverse procurement slate. Middle East and Africa records the fastest 4.86% CAGR to 2030, led by a USD 642 billion GCC rail pipeline and flagship programs in Saudi Arabia, Egypt, and the UAE-Oman corridor. Saudi Arabia alone earmarks USD 45 billion, including the Dream of the Desert luxury train, while Egypt’s Velaro order sets a regional high-speed benchmark. Sub-Saharan launches such as Nigeria’s Abuja metro revivals and DR Congo’s MetroKin highlight nascent urban demand.

North America’s slice stems from freight modernization and passenger corridor expansion, with projects such as Brightline West and Amtrak’s fleet renewal enlarging the rolling stock market. Wabtec’s USD 248 million Guinea order and CSX’s locomotive upgrades confirm ongoing freight capital investment.

Market Analysis of Rolling Stock Market: Forecasted Growth Rate by Region
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Competitive Landscape

The rolling stock market is moderately concentrated, with players like CRRC, Alstom, and Siemens dominating the market. Hitachi Rail’s EUR 1.66 billion acquisition of Thales Ground Transportation Systems broadens its reach to 51 countries and nearly doubles engineering staff to 24,000. Wabtec’s USD 960 million Dellner Couplers and USD 110 million Fanox and Kompozitum purchases illustrate vertical integration into high-margin components.

Suppliers differentiate through automation, electrification, and digital service platforms that convert orders into recurring revenue. Alstom’s GoA4 developments and 34-year S-Bahn Cologne maintenance deal exemplify this shift. Emerging players appear in growth regions: Texmaco Rail’s Rs 615 crore Jindal Rail Infrastructure acquisition makes it India’s largest wagon producer. Titagarh Rail Systems secured Rs 240 billion Vande Bharat sleeper contracts.

White-space contests arise in hydrogen propulsion, battery-electric platforms, and analytics-driven maintenance, pitting traditional builders against technology specialists. Siemens, Hitachi, and Stadler emphasize modular hybrid lines, whereas start-ups provide predictive software that reduces unplanned downtime.

Rolling Stock Industry Leaders

  1. CRRC Corporation Limited

  2. Alstom SA

  3. Siemens AG

  4. Stadler Rail AG

  5. Hitachi Ltd.

  6. *Disclaimer: Major Players sorted in no particular order
Rolling Stock Market Concentration
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.
Need More Details on Market Players and Competitors?
Download PDF

Recent Industry Developments

  • March 2025: Wabtec announced the USD 960 million acquisition of Dellner Couplers, adding an installed base of 100,000 couplers and 12,500 gangways and projecting USD 250 million in revenue in 2025.
  • February 2025: Siemens Mobility signed a EUR 50 million framework with Northrail for up to 50 Vectron locomotives plus an 8-year service package with fleet monitoring.
  • January 2025: Alstom reached a CAD 500 million agreement with Metrolinx to overhaul 181 Bi-Level cars, sustaining 250 jobs at Thunder Bay until 2030.
  • June 2024: Siemens Mobility expanded its Cornellà, Spain, factory by adding a gearbox line rated for 500 locomotive units yearly.

Table of Contents for Rolling Stock Industry Report

1. Introduction

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Urbanization-driven metro expansion
    • 4.2.2 Government investments in high-speed rail corridors
    • 4.2.3 Decarbonization policies accelerating electric locomotives
    • 4.2.4 Infrastructure stimulus packages boosting rail CAPEX
    • 4.2.5 Lifecycle service contracts & mid-life modernizations
    • 4.2.6 Hydrogen locomotive zero-emission mandates
  • 4.3 Market Restraints
    • 4.3.1 High capital cost and long procurement cycles
    • 4.3.2 Raw-material inflation & supply-chain disruptions
    • 4.3.3 Regulatory uncertainty in cross-border certification
    • 4.3.4 Grid-capacity limits for large-scale electrification
  • 4.4 Regulatory Landscape
  • 4.5 Technological Outlook
  • 4.6 Porter's Five Forces
    • 4.6.1 Threat of New Entrants
    • 4.6.2 Bargaining Power of Buyers
    • 4.6.3 Bargaining Power of Suppliers
    • 4.6.4 Threat of Substitutes
    • 4.6.5 Intensity of Competitive Rivalry

5. Market Size & Growth Forecasts (Value (USD) and Volume (Units))

  • 5.1 By Type
    • 5.1.1 Locomotives
    • 5.1.1.1 Diesel Locomotives
    • 5.1.1.2 Electric Locomotives
    • 5.1.1.3 Hybrid / Hydrogen Locomotives
    • 5.1.2 Metros and Light Rail Vehicles
    • 5.1.3 Passenger Coaches
    • 5.1.4 Freight Wagons
  • 5.2 By Propulsion Type
    • 5.2.1 Diesel
    • 5.2.2 Electric
    • 5.2.3 Electro-diesel / Dual-mode
    • 5.2.4 Hydrogen Fuel Cell
    • 5.2.5 Battery-electric
  • 5.3 By Application
    • 5.3.1 Passenger Rail
    • 5.3.2 Freight Rail
  • 5.4 By End-user
    • 5.4.1 National Rail Operators
    • 5.4.2 Private Freight Operators
    • 5.4.3 Urban Transit Agencies
  • 5.5 By Technology
    • 5.5.1 Conventional
    • 5.5.2 Autonomous / Driver-Assist
  • 5.6 By Geography
    • 5.6.1 North America
    • 5.6.1.1 United States
    • 5.6.1.2 Canada
    • 5.6.1.3 Rest of North America
    • 5.6.2 South America
    • 5.6.2.1 Brazil
    • 5.6.2.2 Argentina
    • 5.6.2.3 Chile
    • 5.6.2.4 Rest of South America
    • 5.6.3 Europe
    • 5.6.3.1 Germany
    • 5.6.3.2 United Kingdom
    • 5.6.3.3 France
    • 5.6.3.4 Italy
    • 5.6.3.5 Spain
    • 5.6.3.6 Russia
    • 5.6.3.7 Rest of Europe
    • 5.6.4 Asia-Pacific
    • 5.6.4.1 China
    • 5.6.4.2 India
    • 5.6.4.3 Japan
    • 5.6.4.4 South Korea
    • 5.6.4.5 Australia
    • 5.6.4.6 Rest of Asia-Pacific
    • 5.6.5 Middle East and Africa
    • 5.6.5.1 Saudi Arabia
    • 5.6.5.2 United Arab Emirates
    • 5.6.5.3 Turkey
    • 5.6.5.4 South Africa
    • 5.6.5.5 Egypt
    • 5.6.5.6 Rest of Middle East and Africa

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles (Includes Global Level Overview, Market Level Overview, Core Segments, Financials as Available, Strategic Information, Market Rank/Share for Key Companies, Products and Services, SWOT Analysis, and Recent Developments)
    • 6.4.1 CRRC Corporation Limited
    • 6.4.2 Alstom SA
    • 6.4.3 Siemens AG
    • 6.4.4 Wabtec Corporation
    • 6.4.5 Kawasaki Heavy Industries Ltd
    • 6.4.6 CJSC Transmashholding
    • 6.4.7 Stadler Rail AG
    • 6.4.8 Construcciones y Auxiliar de Ferrocarriles SA (CAF)
    • 6.4.9 Hyundai Rotem Company
    • 6.4.10 Mitsubishi Heavy Industries Ltd
    • 6.4.11 Hitachi Rail Ltd
    • 6.4.12 Talgo SA
    • 6.4.13 ABB Ltd
    • 6.4.14 Greenbrier Companies
    • 6.4.15 Trinity Industries
    • 6.4.16 Titagarh Rail Systems

7. Market Opportunities & Future Outlook

  • 7.1 High-speed freight concepts (200 km/h freight)
  • 7.2 Digital twins & predictive maintenance platforms
  • 7.3 Retrofit hydrogen/battery power-packs for legacy fleets
  • 7.4 African trans-continental corridor investments
  • 7.5 North American inter-city passenger rail revival
  • 7.6 Europe-wide ERTMS Baseline 3 full rollout
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Global Rolling Stock Market Report Scope

Rolling stock is generally employed for the transportation of goods, like heavy machinery, construction materials, conventional fuels, agricultural products, and so on, and passengers. The rolling stock market is segmented by type, propulsion type, and geography. By type, the market is segmented into Locomotives, Metros, Passenger Coaches, and Other Types. By propulsion type, the market is segmented into Diesel, Electric, and Electro-diesel. The report also covers the market sizes and forecasts for the Rolling stock market in 17 countries across major regions. For each segment, market sizing and forecasts have been done based on value (USD Billion).

By Type Locomotives Diesel Locomotives
Electric Locomotives
Hybrid / Hydrogen Locomotives
Metros and Light Rail Vehicles
Passenger Coaches
Freight Wagons
By Propulsion Type Diesel
Electric
Electro-diesel / Dual-mode
Hydrogen Fuel Cell
Battery-electric
By Application Passenger Rail
Freight Rail
By End-user National Rail Operators
Private Freight Operators
Urban Transit Agencies
By Technology Conventional
Autonomous / Driver-Assist
By Geography North America United States
Canada
Rest of North America
South America Brazil
Argentina
Chile
Rest of South America
Europe Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Middle East and Africa Saudi Arabia
United Arab Emirates
Turkey
South Africa
Egypt
Rest of Middle East and Africa
By Type
Locomotives Diesel Locomotives
Electric Locomotives
Hybrid / Hydrogen Locomotives
Metros and Light Rail Vehicles
Passenger Coaches
Freight Wagons
By Propulsion Type
Diesel
Electric
Electro-diesel / Dual-mode
Hydrogen Fuel Cell
Battery-electric
By Application
Passenger Rail
Freight Rail
By End-user
National Rail Operators
Private Freight Operators
Urban Transit Agencies
By Technology
Conventional
Autonomous / Driver-Assist
By Geography
North America United States
Canada
Rest of North America
South America Brazil
Argentina
Chile
Rest of South America
Europe Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Middle East and Africa Saudi Arabia
United Arab Emirates
Turkey
South Africa
Egypt
Rest of Middle East and Africa
Need A Different Region or Segment?
Customize Now

Key Questions Answered in the Report

1. What is the current rolling stock market size?

The rolling stock market reached USD 33.97 billion in 2025 and is forecast to grow at a 3.71% CAGR through 2030.

2. Which segment is growing fastest in the rolling stock market?

Metros and light rail vehicles are expanding at a 12.81% CAGR, outpacing all other type segments.

3. How dominant are electric propulsion systems?

Electric traction commanded 61.73% of 2024 revenue and continues to rise at a 5.63% CAGR as decarbonization mandates phase out diesel fleets.

4. Which region holds the largest rolling stock market share?

Asia-Pacific led with 53.81% of 2024 revenue due to strong manufacturing capability and extensive rail expansion programs.

5. What is driving the adoption of autonomous rail technology?

Grade of Automation 4 deployments in metros, combined with CBTC and digital signaling, deliver up to 30% capacity gains and lower operating costs, encouraging operators to move beyond conventional systems.

6. How concentrated is the competitive landscape?

Together, three companies—CRRC, Alstom, and Siemens—control nearly 70% of global revenue, yet emerging regional manufacturers and technology suppliers continue gaining ground in specific niches.

Page last updated on: July 7, 2025

Rolling Stock Market Report Snapshots