Rolling Stock growing at a CAGR of 7.2% from 2025 to 2033

Key Market Trends & Insights

• Asia Pacific dominated the rolling stock market with the largest revenue share of 44.0% in 2024.
• By product, the wagons segment led market with the largest revenue share of 40.9% in 2024.
• By type, the diesel segment accounted for the largest market revenue share in 2024.
• By train type, the rail freight segment accounted for the largest market revenue share in 2024.

Market Size & Forecast

• 2024 Market Size: USD 67.12 Billion
• 2033 Projected Market Size: USD 123.01 Billion
• CAGR (2025-2033): 7.2%
• Asia Pacific: Largest market in 2024
• Europe: Fastest growing market

The global rolling stock market size was estimated at USD 67.12 billion in 2024, and is projected to reach USD 123.01 billion by 2033, growing at a CAGR of 7.2% from 2025 to 2033. Increasing investments in railway infrastructure, growing adoption of advanced digital solutions, and rising demand for energy-efficient and sustainable transportation systems are key factors driving the market growth.

Several government agencies and private entities are focusing on enhancing their transportation infrastructure while deploying a large number of rolling stock vehicles that can carry considerable loads of freight, ultimately contributing to market growth. For instance, as per Global Railway Review, as of January 2023, the Indian railways contribute approximately 27% of India’s freight transport. Thus, the government of India is aiming to enhance the current share of railway freight transport to almost 40 – 45% in the coming years. As a result, the government is focusing on various strategic initiatives, including collaborations and partnerships with the major players in the rolling stock industry, to be undertaken in order to achieve its target. These initiatives involve high investments in the deployment of advanced rolling stock vehicles and advancements in the associated railway infrastructure.

Increasing investments in railway infrastructure are significantly impacting the rolling stock market growth. With increased investments in railway infrastructure, the focus on modernizing rolling stock is increasing. This involves upgrading locomotives with more powerful engines, installing better braking systems, and improving passenger comfort in coaches. Furthermore, it includes the use of environmentally friendly rolling stock, such as electric trains or trains powered by alternative fuels. Increased investments in railway infrastructure also lead to the expansion of railway networks, which can subsequently drive the demand for rolling stock.

This involves the purchase of new locomotives, coaches, and wagons to meet the needs of an expanded network. Infrastructure upgrades such as improvements to the tracks, which include reducing the number of curves or installing modern signaling systems, are also contributing to the market growth. For instance, in March 2023, Siemens announced an investment of USD 220 million to build advanced manufacturing and rail services facilities in North Carolina, U.S. These new facilities are expected to improve rail technology to aid passenger’s smooth journey within the country

Advances in technology have made it possible to design and produce energy-efficient rolling stock. For instance, modern electric locomotives use regenerative braking, which captures the energy lost during braking and stores it in onboard batteries. This energy can be used later to power the train, which reduces the overall energy consumption and costs. New technologies such as computer vision, and artificial intelligence are also making rail transportation safer. These technologies can be used to detect obstacles on the tracks, monitor train performance, and prevent collisions. For instance, Positive Train Control (PTC) technology uses GPS, wireless communication, and onboard computers to slow down or stop trains and prevent accidents automatically.

Rolling Stock Market Report Scope