Bharat Book Bureau Provides the Trending Market Research Report on “Rolling Stock Market by Component, Product Type (Locomotive, Rapid Transit, Wagon, & Coach), Locomotive Technology (Conventional, Turbocharged, & Maglev), Application (Passenger Transportation & Freight transportation) & Region - Global Forecast to 2027”under Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The global Rolling Stock Market size is projected to grow from USD 53.8 billion in 2022 to USD 64.8 billion by 2027, at a CAGR of 3.8%. Increase in demand for green transportation, coupled with rising concern over degradation of air quality led several investments for railway electrification, development of hydrogen fuel cell locomotive & battery-electric locomotives and others, which is claimed to produce less emission.
Apart from this, high speed and affordable mode of transport has become the necessity of urban areas to fulfil the daily need of public, which fuels the investment for rapid transit projects acoss the globe. These projects are expected to open various new opportunities for the key players operating in the rolling stock market.
COVID 19 had significant impact on the rolling stock market. In 2020, governments of different regions announced total lockdowns and temporary shutdowns of industries, which affected the overall production processes and hindered the rolling stock market globally. In 2020, the industry witnessed a decline of around 13% in the sales of rail vehicles due to the COVID-19. However, in 2021, the market witnessed signs of recovery and already exceeded the total number of new orders for new rolling stock during the first six months. Additionally, in 2021, the impact of COVID-19 was negligible, and the manufacturing industries resumed their operations, which brought the economy and the demand for new rolling stocks again back on track.
However, the shortage of electronic chips and semiconductors hampered the production process in 2021. Currently, modern trains are equipped with safety features, which require software coding and sensors, thereby the shortage of electronic components and semiconductor chips have delayed the entire production process. According to industry experts, the effect of this situation is expected to last till the second quarter of 2022.
“High loading capacity, low cost and shorter transportation time are the factors fuelling the growth for freight transportation globally.”
The freight transportation segment is expected to be the largest and fastest-growing segment by application type in the rolling stock market. The increasing need for effective transportation of industrial as well as commercial goods is boosting the growth of the rolling stock market for freight transportation. Rail transportation is more efficient and cost-effective than other modes of transportation. Therefore, various countries are promoting the use of rolling stock for freight transportation. For example, in 2020, France announced doubling freight transportation from 9% in 2020 to 18% by 2030. Globally, the adoption of rolling stock for freight transportation is gradually increasing owing to the high efficiency and low cost of transportation.
The Indian government has allocated a total fund of USD 18.22 billion to the Ministry of Indian Railways for 2022-23. China has plans to develop a rail network in the Yangtze River Delta (YRD) region with an investment worth USD 154 billion to support urbanization and the economy. These investments in railways are expected to provide growth opportunities for the rolling stock market in future. The freight application of rolling stock is expected to generate higher revenues for train operating authorities. Furthermore, several technological advancements in the field of freight locomotive is also expected to provide new growth opportunities for the market. For instance, Wabtec Corporation developed the FLXdrive battery-electric locomotive in the US and completed its testing in 2021 for freight transportation.
“Rapid electrification of electrical networks are driving the demand for electric locomotives globally”
There is an increase in the electrification of railway tracks globally, owing to reduced vehicle emissions and operating costs. There are several advantages of electric locomotives over diesel locomotives, such as lower emission, less maintenance, and lower fuel cost. Electric locomotives are free from smoke and flue gas and are equipped with a traction motor, which enables quick acceleration. These features are significantly propelling the demand for electric locomotives in the rolling stock market all over the world. Heavy investments have been made for the electrification of railway networks due to the rising concerns regarding CO2 emissions and to reduce the dependency on fossil fuels.
This increased the growth rate of electrified rail networks and electric locomotives, especially in Asia Oceania. For instance, Indian Railways is planning to electrify railway networks to 100% by 2023. Moreover, the presence of reputed rolling stock manufacturers like CRRC Corporation Limited, Alstom SA, and Hyundai Rotem Company have also augmented the demand for electric locomotives in this region.
“Rapid urbanization, growing workforce in metro cities, increasing traffic congestion are the factor driving the demand for metro rails globally”
The current limitations of transport infrastructure in the developed as well as emerging economies have fueled the development of new and existing rail lines. Increasing traffic and population in urban areas have boosted the demand for eco-friendly transit options from commuters as well as governments. Urban rail transit is superior to other modes of public transport in terms of cost and efficiency. Based on application, this report segments the rapid transit market into DMUs, EMUs, light rails/trams, and subways/metros.
Subways/metros are urban transits used for intracity travel with limited passenger capacity. Thereby, the rising demand for efficient transportation, shorter journey time, and increasing traffic jams are driving the demand for metros, especially in metros and tier-1 cities globally. Moreover, several investment in urban transit projects are providing growth opportunities to the market. For instance, in 2022, The Indian government allocated a fund of USD 3,200 million for Mass Rapid Transit System (MRTS) and metro projects.
“Owing to the presence of reputed global OEMs and availability of large production base Asia Oceania region expected to dominate the rolling stock market globally.”
Asia Oceania is expected to account for the largest market share in terms of volume by 2027. Significant urbanization coupled with significant volumes of goods transported through rail, increased demand for the metro rail network, and dedicated railway freight corridors are the factors driving the demand for rolling stocks in this region. Apart from this, owing to increased production, domestic demand, capacity expansions by rolling stock manufacturers and larger order intake volume, the region dominates the rolling stock market globally. This increase in production helps to 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. For example, in February 2021, CRRC Corporation Limited won a supply contract of supplying 10 diesel locomotives to KiwiRail of New Zealand, and the company won a supply contract of supplying 100 trams to Bucharest Town Hall of Romania in the same year. Moreover, the region comprises some of the fastest-growing economies in the world including China and India, offering opportunities for rolling stock manufacturers. Governments in these countries have recognized the growth potential of the rolling stock market.
In-depth interviews were conducted with CEOs, marketing directors, sales managers, and executives from various key organizations operating in the rolling stock market. The break-up of the primaries is as follows:
•By Company Type: OEMs – 40%, Tier 1 Suppliers – 42%, and others – 18%,
•By Designation: CXOs– 23%, Manager – 43%, and Executives – 34%
•By Region: Europe – 25%, Asia Pacific – 35%, North America – 20%, MEA-15% and RoW – 5%
The rolling stock market comprises major manufacturers 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.
Research Coverage:
The study covers the rolling stock market across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as application type, locomotive technology type, component type, product type, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
Key Benefits of Buying the Report:
•The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall rolling stock market.
•The report will help stakeholders key rail projects and investments across different countries
•This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
•The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Browse our full report with Table of Content : https://www.bharatbook.com/report/1339873/rolling-stock-market-by-component-product-type-locomotive-rapid-transit-wagon-coach-locomotive-technology-conventional-turbocharged-maglev-application-passenger-transportation-freight-transportation-region-global-forecast-to
About Bharat Book Bureau:
Bharat Book is Your One-Stop-Shop with an exhaustive coverage of 15,00,000 reports and insights that includes latest Market Study, Market Trends & Analysis, Forecasts Customized Intelligence, Newsletters and Online Databases. Overall a comprehensive coverage of major industries with a further segmentation of 100+ subsectors.
Contact us at:
Bharat Book Bureau
Tel: +91 22 27810772 / 27810773
Email: poonam@bharatbook.com
Website: www.bharatbook.com
No comments:
Post a Comment