Rolling Stock Market Size - By Product, By Application, Growth Forecast, 2025 - 2034

Rolling Stock Market Size

The global rolling stock market size was valued at USD 57.4 billion in 2024. The market is expected to grow from USD 59.4 billion in 2025 to USD 80.9 billion in 2034 at a CAGR of 3.5%, according to latest report published by Global Market Insights Inc.

The worldwide expanding rail networks across the regions and countries indicate the continuous demand for rolling stock. Countries are expanding their rail networks primarily for logistics and trade purposes. As most of the nations have less sea and air connectivity, posing them higher trading costs and risks associated with sea and air ways.
 

The foundation of trade deals between nations will propel the demand for more sophisticated logistic networks such as railroads and create more locomotives and wagons, whether they are tankers, covered goods containers, flat wagons, hopper wagons or so on.
 

The urbanization trends propel demand for passenger rail vehicles, including new seating and sleeper coaches, MUs, metros and people movers & monorails. Most of the countries, such as China, Japan, Spain, South Korea and others, have already started high-speed bullet trains and are continuously modernizing their old rolling stock. Countries such as India and Vietnam have also started to build infrastructure for that.
 

Future trends suggest sustainable growth of the market as railways are emerging as the primary solution for passenger and freight applications. Geographical expansion of key market players into the local region, also reducing the barriers to opt for timely delivery of wagons and coaches, reduced lifecycle cost, and heavy import charges. This will be beneficial for the key player and the country both.
 

In North America, the US has planned to start high-speed trains, as currently no high-speed railways are there in the country. Currently, two high-speed rail (HSR) projects are now under construction, and others are planned. It is also planning to connect Canada with an HSR line from Portland in Oregon to Seattle in Washington State and onto Vancouver in Canada.
 

Rolling Stock Market Trends

Across the globe, railways have been the most preferable option for travelling from city to city or for logistics. For instance, in the U.S. the rail network accounted for approximately 28 percent of U.S. freight movement as per the USDOT. As the U.S. has the largest rail transport network across the world, it is continuously expanding thousands of miles each year, creating more demand for rolling stock across the passenger and freight applications.
 

High-speed rail systems are becoming increasingly common around the world. Today, these trains cover more than 40,000 miles globally and carry over 3 billion passengers every year. China’s continued expansion of its rail system could open a lot of doors for local manufacturers. The country is planning to push the entire network to about 200,000 kilometers by 2035, and around 70,000 kilometers of that is expected to be high-speed rail. That kind of growth naturally creates a long runway for companies involved in producing and supporting the equipment that keeps these systems running.
 

On the technology side, there’s been a noticeable shift in how rolling stock is handled day-to-day. IoT tools, AI systems, and more advanced analytics are making it easier to monitor equipment, catch issues earlier, and generally keep things operating more smoothly. All of this usually ends up lowering costs too. The momentum is also tied to bigger trends in cities expanding their transit networks, more freight moving around, and a broader push toward electrification and smarter rail setups.
 

Back in September 2024, Siemens rolled out a platform called Signaling X. It’s basically a modernized signaling and control system meant to update older infrastructure for the digital era. According to the Siemens, it should help increase capacity and make operations, maintenance work, and service tasks for rolling stock and other rail components more efficient.
 

Rolling Stock Market Analysis

Based on product, the rolling stock market is divided into locomotives, wagons, multiple units (MUs), metro vehicles, light rail vehicles, people movers & monorail, high-speed trains, others. The wagons segment dominated the market with 32.8% share in 2024, due to the continuous growth in the global trade and industrial output.
 

• Wagons support most of the logistic applications, whether they are for domestic or for international. The coal industry, oil and gas industry and other heavy goods industries utilize railways for transportation. Thus, the largest portion of total rolling stock revenue was captured by the wagons segment, generating USD 18.9 billion in the year 2024.
   
• On the other hand, smart cities and urbanization have increased the need for metro rail as well as people movers & monorail. These rail vehicles are used in shorter journeys primarily for intra-city travel or city-to-city travel. In the projected period from 2025 to 2034, the metro vehicles segment is expected to grow at a CAGR of 4.1%.
   
• In railways, reducing journey times has become a trend, thus, countries across the world are making plans to build a high-speed rail network. Currently, China and Japan have the largest high-speed rail network to date, and other countries are on the way to launching in coming years. Thus, there will be high demand for high-speed trains, making it the fastest-growing segment with a CAGR at 5.5% between 2025 and 2034.
   
• For example, Vietnam announced the beginning of construction of a USD 67 billion north-south high-speed railway by December 2026. The production of high-speed trains is awarded to Vinspeed in Vietnam. Also, India’s first bullet train project, in partnership with Japan, is set to be in operation by August 2027. The train is being developed by BEML India.
   

Based on application, the rolling stock market is segmented into passenger transportation and freight transportation. The passenger transportation segment substantially leads the market by its 79% market share in 2024, primarily attributed to consistent need for daily commuting.
 

• The passenger side of the rolling stock market still takes up most of the space, making up around 79% of the total revenue share generated in the year 2024. A lot of this comes from the everyday need for dependable ways to get around busy cities and the suburbs surrounding them. As populations grow, more cities are adding new metro lines, light rail routes, and different types of multiple-unit trains to ease congestion and keep people moving.
   
• Metro upgrades and new lines in places like Delhi, Paris, and Los Angeles are all aimed at improving how people get around. Newer technologies, such as electric multiple units and more energy-efficient trains, help increase frequency and cut emissions, making rail a more appealing option for daily travel. At the same time, greener options like battery-powered and hydrogen-powered trains are becoming more common as countries work toward their climate goals.
   
• Freight transportation, while not as large in terms of market share, is still essential, especially with the rise in global trade and the continued growth of e-commerce. As a result, the freight segment moves a little slower because equipment lasts a long time and upgrades can be expensive.
   
• For example, Singapore is already working on its eighth MRT line, which will end up being the country’s longest fully underground route, extending more than 50 kilometers. The first phase is expected to be finished by 2030. Projects like this are happening in different parts of the world, and they all point to the same trend as countries keep expanding their metro systems, the demand for new metro trains continues to grow.
   

The US rolling stock market reached USD 6.1 billion in 2024, growing from USD 5.9 billion in 2023.
 

• In North America, the U.S. rolling stock market is shaped by a mix of long-term infrastructure work and the push to modernize older rail fleets. A lot of this comes from the simple fact that the country already has a massive rail network over 160,000 miles of track and more than 92,000 of those miles are handled by the big Class I railroads.
   
• Cities like New York, Los Angeles, and Chicago are continuously adding new transit lines and updating older trains as they try to keep up with growing ridership and replace equipment that has been in service for decades. The MTA’s 2025-2029 Capital Plan is one of the examples, it includes everything from rebuilding old substations to expanding rail networks.
   
• Even though passenger transit gets a lot of attention, the freight side plays a huge role too. Freight volumes continue to grow, and rail operators have been adopting new technology to keep things efficient. Combined with steady government support, this keeps demand strong for freight locomotives, wagons, and other intermodal equipment, while passenger rail upgrades continue in major urban areas.
   

North America is the fastest growing region in the market growing at the CAGR of 4.6% between 2025 and 2034.
 

• The rolling stock market in North America has been changing quickly, mostly because there’s been a steady push to upgrade both passenger transit fleets and freight equipment. One of the bigger moves in the U.S. was the ‘All Aboard Act’ announced in 2024. It proposes setting up a Green Railway Fund worth about USD 50 billion over five years. The idea is to clean up older, high-polluting rail yards, support new electric passenger rail projects, and start electrifying some of the busiest freight and passenger routes in the country.
   
• These instances point toward a clear shift that rail operators and governments are leaning more toward electrified rolling stock to cut emissions and improve energy use. This will create demand for electric locomotives and rail vehicles.
   
• Earlier in 2025, the Canadian government announced about USD 23 million to strengthen parts of its rail infrastructure. The goal is pretty straightforward improving how smoothly goods move across the country and give the national supply chain a bit more resilience as demand keeps growing.
   

Europe region accounted for USD 13.6 billion in 2024 and is anticipated to show lucrative growth over the forecast period.
 

• Across Europe, the rolling stock market is being shaped by long-term plans to link the region with a large high-speed rail network by 2040. The goal fits into Europe’s wider push for cleaner transportation and lower emissions, so a lot of money is going into replacing older trains with faster, more efficient ones. Many countries are also working on filling the gaps between major cities by adding new high-speed routes where connections are still limited.
   
• Germany, France, and Italy are still out in front when it comes to modernizing their fleets. They’ve been electrifying more regional and commuter trains to stay in line with the EU’s strict sustainability goals. Much of this work is supported by public funding and EU mobility programs, which keep rolling stock upgrades high on the priority list for the coming years.
   
• A good example of what’s happening can be seen in Portugal and Spain. Both countries recently confirmed plans for a new high-speed line between Madrid and Lisbon, expected to be completed by 2034. The project fits neatly into Europe’s overall strategy and will require new high-speed trains along with various infrastructure upgrades.
   

Germany dominates the rolling stock market, showcasing strong growth potential, with a CAGR of 3.1%.
 

• Germany’s market looks like it’s going to grow over the next few years, mainly because the government has set aside about 150 billion euros to upgrade the rail system. When that kind of investment starts moving, it usually leads to buying more trains, everything from new locomotives to faster high-speed trains and updated regional units that use newer technology.
   
• In addition to this, there’s another plan worth about 100 billion euros that runs through 2029, focused specifically on fixing older and worn-out parts of the network. The goal is to make trains faster, more reliable, and cleaner. This effort also supports buying newer rolling stock that lines up with European standards, including digital signaling systems and more energy-efficient propulsion.
   
• Several programs fall under this broader modernization push. These include adding more trains for regional and commuter services in major urban areas, increasing freight capacity to support Germany’s industrial hubs, and testing newer technologies like hydrogen trains and battery-powered models.
   

The Asia Pacific region has dominated the market, capturing 59% of the market in the year 2024.
 

• The rolling stock market in this region is growing mostly because countries are pouring money into new rail lines and trying to modernize the systems they already have. One example is the Thailand Rail Expansion and Technology Summit coming up in 2026. It’s expected to bring together more than 300 people from different corners of the rail industry authorities, train makers, signaling experts, and even investors. They serve as crucial platforms for rolling stock players to connect with key industry decision-makers.
   
• Indonesia is moving in the same direction. PT Kereta Api Indonesia (PT KAI) has been looking to boost capacity on its commuter lines, and they’ve put forward a budget of about USD 330.5 million to buy 30 more commuter cars. If everything stays on schedule, the new trains should start running next year, and each set is estimated to cost around nine million dollars.
   
• In 2024, several new metro projects were approved in Indian cities; Bengaluru, Pune, and Thane as part of a broader push to improve daily travel in crowded urban areas. Building out these networks and buying new trains opens the door for a lot of manufacturers across the Asia-Pacific region.
   

China is estimated to grow with a CAGR of 3.7%, in the Asia Pacific rolling stock market.
 

• China’s market is huge and still growing, mostly because the country keeps stretching its rail network farther every year. The network is already over 162,000 kilometers long, and close to a third of that is devoted to high-speed trains. With more people moving into cities and relying on trains to get around, the government keeps pouring money into buying new fleets and fixing up the older ones so they can handle both passengers and freight without falling behind.
   
• On top of that, China has been putting a lot more attention on cleaner technology. In China, more battery-run trains and hydrogen models being tested and added to the network, alongside the massive number of electric trains already running. A lot of companies are also busy experimenting with lighter materials, trying to make trains more efficient, and even working on early versions of autonomous systems.
   
• China’s Belt and Road Initiative also plays a big role in where its trains end up. Because manufacturers can build on a scale and keep costs lower than many competitors, they’re sending trains to projects in Asia, Africa, and even Europe. Even though the home market remains the biggest driver, international demand is picking up and helping China extend its influence in the global rail industry.
   

Latin America region accounted for USD 781.3 million in 2024 and is anticipated to show lucrative growth over the forecast period.
 

• The rolling stock market in the region is growing less compared to other regions in the market. Countries rail networks in the region have become more aged, requiring upgrade of old fleets. Governments across the region are supporting this trend, taking initiatives and allocating fund to upgrade and modernize the current rail industry.
   
• Latin American countries such as Brazil, Mexico, and Argentina are majorly investing in commuter rail and metro projects as a solution to the problem of rising urban populations and congestion. Freight trains are still the most important means of transport in Latin America mainly because of the bulk commodities produced by mining and agriculture. The money is channeled mainly to build network interoperability and capacity so as to solidify the supply chain and export facilities.
   
• Initiatives to expand urban rail networks in major urban centers such as São Paulo, Santiago, and Bogotá also catalyze market growth for new rolling stock. These changes tend to emphasize electrification and the addition of light rail and metro lines, which reduce emissions and elevate overall service quality. Plans to improve public transportation access in emerging markets will be a driver of opportunity for producers and service provider as well.
   

Brazil is estimated to grow with a CAGR of 2.5%, in the Latin America rolling stock market.
 

• The market for rolling stock in Brazil is witnessing slow growth. Despite this, the market for rolling stock is being supported by country’s rail infrastructure modernization and expansion of urban transit systems. Metropolitan areas like São Paulo and Rio de Janeiro are at the front of this trend. These cities are investing in fleet renewal and metro line expansions to address urban congestion and improve commuter experience.
   
• In May 2025, Wabtec Corporation announced to invest around USD 3.5 million to grow its operations and workforce in Brazil. Through this investment, the firm will be serving the Brazilian railroads. Wabtec will set up an International Engineering Center and introduce an additional production line of locomotives.
   
• Freight rail is also an important part of the Brazilian economy, particularly in the transportation of agricultural goods, minerals and industrial products. Recent investments in rail infrastructure are improving rail network connectivity to major ports, supporting more efficient bulk transport and export activities.
   

The Middle East and Africa accounted for USD 1.5 billion in 2024 and are anticipated to show sustained growth over the forecast period between 2025 and 2034.
 

• The government projects support the rolling stock market in the MEA region. At present, the density of the rail networks is not very high on the Middle East and Africa rolling stock market with slightly less than 34,000 kilometers of track in the region being shared. This inadequate infrastructure highlights the fact that much can be done to help the expansion since nations have recognized the potential of rail transport in improving connectivity and integration of economies.
   
• Oman has several ambitious but still not developed rail projects including a 2135km national railway network which is still awaiting a commencement. The project is indicative of more strategic purposes of diversifying transportation choices and promoting economic development that is not oil-dependent.
   
• Several proposed cross-border segments connecting Saudi Arabia with Qatar, Kuwait, Bahrain, and other Gulf states are still in early planning stages or stalled. These delays inhibit the realization of seamless regional rail connectivity, limiting market expansion for rolling stock suppliers.
   

South Africa to experience substantial growth in the Middle East and Africa rolling stock market between 2025 and 2034.
 

• South Africa’s rolling stock market is gaining momentum with several ambitious railway projects aimed at modernizing the country’s rail infrastructure. Another important development is the Limpopo-Gauteng Speed Train which is an intended high-speed rail link between Pretoria and Polokwane with construction scheduled to resume late in 2026.
   
• The project will improve the connectivity of the region, decrease the amount of time spent on a trip, and make the corridor more active economically. The shift to high-speed passenger services is a response to the increased demand for faster and more efficient transport services in cities and between cities.
   
• Another crucial trend is that South Africa is set to have the first bullet train in the country by 2030, which has been a tall order in the development of rail in the country. This project is part of an overall process of fixing the national rail net and developing sustainable transport solutions.
   

Rolling Stock Market Share

The top 7 companies in the rolling stock industry are CRRC Corporation, Alstom, Siemens, Hitachi Rail, Stadler Rail, CAF, Wabtec, contributing 73% of the market in 2024.
 

• CRRC Corporation has an all-round rolling stock products including electric locomotives, diesel-electric/ diesel-hydraulic locomotives with power ranging between 280 kW and 10,000 kW to both mainline and shunting duties. Its products run high-speed trains, which can reach a speed of over 350 km/h, urban, suburban and regional transport multi-unit trains (DMUs and EMUs), trams, light rail vehicles, metro cars, passenger coaches and light rail vehicles.
   
• Alstom offers high-speed trains, regional trains, commuter trains, metro, trams and freight locomotives, which have highly sophisticated digital signaling/control systems. The company deals with sustainable rail solutions using hydrogen fuel cells, battery-electric, and energy-efficient propulsion systems. Alstom incorporates the full lifecycle services in its rolling stock solutions to enhance operation performance and reliability.
   
• Siemens offers a complete package of rolling stock and rail automation products. They provide electric and diesel locomotives, multiple units, light rail vehicles, and metro with internal services of intelligent train control systems and digital twins. The portfolio of Siemens is focused on the connectivity, integration of IoT, energy efficiency, and predictive maintenance solutions to maximize the performance of the asset.
   
• Hitachi Rail manufactures a wide variety of products such as high-speed trains, commuter trains, regional trains, and signaling and digital infrastructure products. Hitachi incorporates predictive maintenance using AI and smart rail that improves its operations in efficiency and reliability.
   
• Stadler Rail focuses on the modular, customizable rolling stock which includes the trains like regionals, commuter railcars, metros, and light rail cars. They also focus on sustainable propulsion technology such as battery and hybrid platforms, which offer flexible configurations to the needs of the operators.
   
• CAF provides a wide variety of products that include light rail trains, Metro trains, high-speed trains, regional trains and freight wagons. CAF has incorporated smart system validation and digital maintenance services within its rolling stock solutions and makes its solutions more performance-enhancing and passenger-friendly.
   
• Wabtec provides locomotives, freight railcars and transit solutions in specialization with a viewing of advanced propulsion, safety system (Positive Train Control (PTC)) and digital diagnostics. Their products facilitate effective freight and passenger operations featuring compliance and optimization of lifecycle.
   

Rolling Stock Market Companies

Major players operating in the rolling stock industry are:

• CRRC
• Alstom
• Siemens
• Hitachi Rail
• Stadler Rail
• CAF
• Wabtec
• The Greenbrier Companies
• Kawasaki Heavy Industries
• Hyundai Rotem
   
• CRRC Corporation has built up operations primarily in China, but it’s been spreading through Asia, Europe, Africa, and even into the Americas. Its strength lies in how it designs and builds on its own, especially when it comes to high-speed rail. CRRC has been putting money into digital and autonomous systems too, trying to stay a step ahead as rail technology changes.
   
• Alstom, on the other hand, is much more spread across Europe and North America, but it’s also active in developing markets. Its product lineup is wide, with metros, trams, high-speed trains and freight solutions. The company has been focusing a lot on cleaner transport options like hydrogen and battery-powered trains. It’s also improving digital signaling and long-term service support.
   
• Siemens brings a different strength to the industry. It mixes traditional engineering with advanced software tools. It builds trains and propulsion systems, but a lot of its value comes from things like digital twins and predictive maintenance, which help operators run their fleets with fewer issues. Siemens has strong markets in Europe and the Americas, and it has been growing in Asia as more “smart rail” projects kick off.
   
• Hitachi Rail is well established in Japan and Europe, and it’s been moving into the Asia-Pacific region and the Middle East. Its focus is on complete rail systems high-speed trains, signaling, and maintenance that uses AI and data analytics. Hitachi has been talking a lot about digital transformation and creating “smart rail” networks, which helps it stay competitive.
   
• Stadler Rail is smaller than the global giants, but that actually works in its favor. It can move quickly and design modular trains that fit whatever a local transit system needs. The company has been getting more attention with its battery-electric and hybrid models, which are becoming popular in regional and commuter systems in Europe, North America, and parts of Asia.
   
• CAF, which is based in Spain, has also been expanding steadily across Europe, the Americas, and Asia. It tends to focus on trains that can be customized easily for different clients. CAF invests quite a bit in digital tools and long-term support services, making it easier for operators to keep their systems running reliably. Its track record in delivering big projects has helped it form partnerships with both public and private customers.
   
• Wabtec is strongest in freight rail. It offers locomotives, safety systems like Positive Train Control (PTC), and digital tools for diagnostics. While it’s mainly rooted in North America, the company has been increasing its international presence. Its ongoing research and development keep it well positioned in markets where safety and operational efficiency matter a lot.
   

Rolling Stock Industry News

• In November 2025, Siemens inaugurated its new 6 million GBP Multi-Functional Centre at its Kings Heath Depot in Northampton. The new facility will allow Siemens to expand its capability to modify and upgrade the passenger train fleet operating in the UK, such as the installation of improvements to toilets, luggage stacks, seating, and charging ports.
   
• In November 2025, Recent agreement signed by Alstom with PKP Intercity, to provide 42 Coradia Max double-deck electric multiple units (EMUs) and 30 years of complete service maintenance. The contract also anticipates an option to purchase an additional 30 trains.
   
• In November 2025, Siemens Mobility presented the Velaro high-speed train to the Egyptian public. The innovative high-speed train, which was uniquely adapted for the desert conditions prevalent in Egypt, is capable of maximum speeds of up to 250 km/h and seats 489 passengers.
   
• In May 2025, Alstom is investing nearly PLN 500 million (€115 million) to expand Polish rolling stock production sites. These new halls and production lines will facilitate the fulfilment of an ambitious portfolio of orders from international customers, including regional high-capacity double-deckers.
   
• In April 2025, Hitachi has been awarded a new contract in the UK for the construction of intercity battery trains. The order, valued at approximately £300 million, covers a fleet of 45 new trains that will utilize cutting-edge 'tri-mode' train technology.
   

The rolling stock market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and volume (units) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Locomotives
  • Diesel
  • Electric
  • Electro-diesel locomotives
  • Others
• Wagons
• Multiple Units (MUs)
• Metro Vehicles
• Light Rail Vehicles
• People Movers & Monorail
• High-Speed Trains
• Others

Market, By Application

• Passenger Transportation
• Freight Transportation

The above information is provided for the following regions and countries:

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Benelux
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Singapore
  • Malysia
  • Indonesia
  • Vietnam
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Turkey