Rolling Stock Market Size & Share 2026-2035

Rolling Stock Market Size

The global rolling stock market was valued at USD 64.5 billion in 2025. The market is expected to grow from USD 66.9 billion in 2026 to USD 94.8 billion in 2035 at a CAGR of 3.9%, according to latest report published by Global Market Insights Inc.

In 2025-2026, there have been significant rolling stock purchases around the world as a response to continuous interest from governments and operators to acquire new rail fleets. In Europe, the Portuguese Government formally endorsed the purchase of high-speed train tenders for twenty units in the future high-speed route connecting Porto and Lisbon. In addition, Estonia, Latvia, and Lithuania together launched a tender procurement for twenty regional EMU train sets that can run at speeds up to 200 km/h, which will operate in the Rail Baltica network.

In response to such demands global OEMs are signing lucrative deals in various geographies. Alstom is reported to have signed an agreement with the Mexican Railway Transport Regulatory Agency (ARTF) for delivering 47 DMUs and their respective maintenance for inter-city routes amounting to about 20.2 billion MXN (~€920 million), and with more than 76% of the deal being local content, it signifies enhanced local manufacturing capabilities.

Rolling stock procurements are becoming part of an integrated rail system approach. The European Commission transportation policies incorporate such plans as the call for a research project to be launched in 2026 called ‘Europe’s Rail’ which will co-develop a new generation of high speed rolling stock that can travel easily between countries. Efforts made towards changing certification and interoperability regulations are indicative of longer-term strategy making with regard to rolling stock procurement.

Additionally, the agreements between states demonstrate that high-speed rail vehicles are increasingly being used in Middle East countries. For example, in February 2026, Saudi Arabia contracted 20 high-speed rail vehicles with Talgo worth Euro 1.33 billion, including maintenance services. The deal demonstrates how state collaboration and transport policies influence the procurement process of rolling stock on a global scale by providing opportunities for Spain-based manufacturers.

Overall, following China and Japan, which already have high-speed trains, many countries have started deploying these high-speed rails for public transportation. India is on its way to running its first high-speed rail. The first phase is expected to be operational by August 2027 and will be completely operational in 2029. With that many new bullet train (high-speed rail) projects recently announced in India.

Similarly, Turkiye is nearing the launch of its first domestically produced high-speed train, after authorities announced that production of the first set has reached a physical completion stage of approximately 90%. According to the Ministry of Transport and Infrastructure, the new electric train is set to be put on rails and enter the testing phase in 2026.

Rolling Stock Market Trends

The emergence of the trend includes the transition from diesel-powered to zero-emission trains because of regulations set forth by governments that require the reduction of carbon footprints. The development of hydrogen and battery trains by Original Equipment Manufacturers (OEMs) has been highlighted. For instance, Siemens Mobility has developed hydrogen trains, known as Mireo Plus H, which will substitute diesel trains. Such trains produce no CO₂ emissions and are quieter.

BEMUs have been gaining popularity as an alternative solution for scenarios where total electrification is unviable. Rolling stock OEMs indicates that there is a rising trend in adopting such technologies along with hydrogen trains, with battery models beginning to operate on regional rail lines in Europe. Such solutions are preferred by policymakers due to their lesser demands for track electrification infrastructure than overhead electric trains.

Fleet renewal programs are increasingly taking place across the world due to the age of current rolling stock and the need for compliance. This is seen in the fact that there are numerous massive orders for commuter, metro, and fast trains in Europe, North America, and the Asia-Pacific. Such deals involve huge sums in US dollars for commuter trains, metro trains, and dual-powered engines that require government approval and concern capacity improvements and comfort among other aspects.

Additionally, there is growing pressure on governments to have local manufacture, technology transfer, and value creation in rolling stock projects. The OEMs have responded to these challenges by setting up local production plants and supporting supply chains that are consistent with government industrial strategies. According to Alstom, one of the important aspects of rail vehicles procurement was the high level of localization that was greater than 70% in some cases.

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 and others. The multiple units (MUs) segment dominated the market with market share of around 28.6% and generating revenue of around USD 18.5 billion in 2025.

• The multiple units (MUs) rolling stocks are the most deployed type of rolling stock, as these rolling stocks are the first choice where railway electrification is most common. MUs are used in electrified and suburban rail networks, supported by government-backed rail electrification programs. These MUs are commonly found in rail transit that is powered through electrification. EMUs are commonly used all over Europe and Asia because of their efficiency and low levels of emission.
• Public transportation authorities are constantly ordering EMUs, as evident in the numerous repeat purchase orders made by the leading OEMs in recent years. This trend is a result of institutionalized requirements, which are in line with the government’s strategies aimed at improving mobility and reducing carbon emissions.
• In January 2026, SFBW awarded Alstom a 500 million euro contract to supply a further 26 Coradia Max partly double-deck electric multiple-units from mid to late 2028. Recently, Alstom signed another contract with Comboios de Portugal (CP) to supply 153 Adessia Stream trains, which come from Alstom’s MUs portfolio. The first trains are scheduled to enter service in 2029.

Based on application, the rolling stock market is divided into passenger transportation and freight transportation. The passenger transportation segment accounts for 74.7% in 2025, valued around USD 48.2 billion.

• In the leading economies, governments are focusing on rail transport for passengers to cope with congestion, urbanization, and environmental objectives. Orders for large fleets of subway trains, regional electric multiple units (EMUs), and high-speed train sets are normally funded or backed by the public sector, making up an established demand flow that is higher in value and more stable compared to rolling stock for freight transportation.
• Rolling stock that was recently purchased has confirmed that passenger transport applications were the source of highest revenue for the market. In January 2026, Alstom signed three deals, which worth nearly €2.5 billion. One deal is for supply of rolling stock to one of its clients in the Americas region, which worth around €1.4 billion.
• Rolling stock meant for passengers undergoes strict regulations with regards to safety, accessibility, and passenger comfort, necessitating the need for regular upgrading or replacement of the entire fleet. Mandatory features such as efficient energy use, digital information provision, and adherence to accessibility regulations ensure that there is an ongoing cycle of procurement. This is not the case for freight wagons, which may serve longer without the need for upgrading.
• The cost of building passenger trains like high-speed trains, metros, and multiple units is higher because they include sophisticated systems such as propulsion, electronics, air conditioning, safety equipment, and passenger facilities.

Based on propulsion, the rolling stock market is divided into diesel, electric, electro-diesel, and others. The electric segment is expected to grow at the fastest CAGR of 5.9% between 2026 and 2035.

• Policy harmonization with the global objective of rail electrification and decarbonization has increased the need for electrically driven rolling stock. The focus on electrification by governments and publicly owned rail operators is increasing within their climate change agenda, which has resulted in the consistent purchase of electric locomotives, EMUs, and metro trains.
• In addition, there is the growing electrification of rail networks, allowing for the application of electric locomotives on a larger scale. Rail projects in European and Asian countries are progressively electrifying their rail lines, thus becoming more favorable for electric trains.
• Electrified rail lines are more energy-efficient, have lower operational expenses per kilometer, and provide improved performance, such as faster acceleration. With the increased availability of infrastructure, rail companies increasingly switch or refrain from using diesel trains, promoting electric power development.

The US rolling stock market reached USD 7.4 billion in 2025 and growing at a CAGR of 3.8% between 2026-2035.

• The U.S. has a massive railroad network of over 160,000 miles of tracks that gives many opportunities to rolling stock players. As a large rail network now has so many old rolling stocks, those are supposed to be changed or upgraded with other propulsion systems rather than relying on diesel rolling stocks. The country’s investments made towards the development of freight and passenger railways, especially in large-scale projects, form the basis of market growth. Higher interest in intermodal transportation and passenger regional trains is adding another stimulus to procure high-quality rolling stocks.
• In terms of policy, there is a contradictory scenario in the United States. Although government funding for infrastructure helps upgrade rail transport systems, recent changes in policy create an element of doubt about future financial support for environmentally-friendly modes of transport. Nevertheless, on a state level, measures like California’s plan to reach 100% sales of zero-emission vehicles by 2035 suggest increased regulation pressure.

The North America rolling stock market is valued at USD 8.7 billion in 2025. The market for rolling stock is expected to grow at the CAGR of 3.9% from 2026 to 2035.

• The region is largely supported by the US, as the region’s total market’s 85.7% is currently held by the US as per the 2025 estimates. This is because of the US’ massive railroad that is consistently creating demand for rolling stock. At the same time, the USA’s largest rail systems are used exclusively for freight transport, accounting for nearly 40 percent of all long-distance freight in the country, which is another significant factor. This means that there is a consistent need for the provision of freight wagons and locomotives, as well as the modernization of older units, since some locomotives can operate for up to 50 years before becoming obsolete.
• The region has a slow adoption for zero-emission or environmentally friendly rolling stock due to a lack of electrified rail infrastructure. However, the FRA has initiated the Climate Challenge aimed at achieving zero emissions from rail transportation by 2050, thus compelling railroad firms to incorporate low-emission technologies. In a similar vein, initiatives by the Department of Energy target the deployment of battery electric and hybrid locomotives.

The Europe rolling stock market holds 24% of the market share in 2025 and is expected to grow at a CAGR of 1.7% between 2026 and 2035.

• The region has a mature railway infrastructure, which makes market’s growth slower compared to other markets. The maturity of the infrastructure makes it difficult to expand on a large scale since most networks are already electrified and well-developed. The high investment required for updating the stock and stringent environmental regulations tend to lengthen the purchasing process. The fragmented nature of the market with varying standards for each nation makes international initiatives take time.
• The EU's Green Deal and Sustainable Mobility Strategy is in favor of manufacturers of electrically-powered rolling stock, as their goal is the reduction of greenhouse gas emissions in transport and the transfer of freight from road transport to rail, with rail emitting much less emissions per ton-kilometer compared to road transport. Moreover, CEF funding provided by the EU also drives the growth of rolling stock demand.

Germany's rolling stock market is growing quickly in Europe, with a CAGR of around 1% between 2026 and 2035.

• In January 2026, in Germany, Alstom will supply 26 additional Coradia Max trains for Baden-Württemberg. This contract is worth around 500 million euros, including maintenance and servicing for nearly 30 years. Such deals indicate that Germany is expanding its rail infrastructure with advanced rolling stocks. Although electronic payment methods have increased over the years, especially in the country’s electronic commerce, Germany is accustomed to high levels of cash payment, with consumers preferring physical payment methods.
• The government policy forms an important aspect. The climate goals set by Germany, which include achieving net-zero by 2045 and its efforts to reduce emissions from the transportation sector through the deployment of electrified railways and acquisition of zero-emission rolling stock such as hydrogen and battery-operated trains, offer great opportunities for the development of the industry.

The Asia Pacific rolling stock market is expected to grow at the fastest CAGR of 4.8% between 2026 and 2035.

• Countries in the region are continuously investing heavily on rail modernization as the urbanization is more and more growing. Southeast Asian countries such as Thailand, Malaysia, and Indonesia have been embarking upon significant rail infrastructure projects, which include doubling of tracks, high-speed rail lines, and urban rail transit networks, with funding from their respective nations and collaboration at the regional level.
• In December 2025, agreements for cooperation have been signed between VinSpeed and Siemens in relation to the development of high-speed rail in Vietnam. Siemens Mobility acts as a technology partner and will be accountable for providing the design, installation, and integration of innovative Velaro Novo high-speed trains as well as other subsystems, including level 2 ETCS signaling with ATO system.

China rolling stock market is estimated to grow with a CAGR of 4.6% in the projected period between 2026 and 2035, in the Asia Pacific market.

• The Chinese railway vehicles manufacturing industry is characterized by its foundation on one of the biggest and fastest growing rail networks in the world due to substantial government efforts towards developing infrastructure. In 2025, the fixed asset investment in the railway increased to tens of billions of yuan. The industry also recorded continuous year-on-year growth in terms of performance, which stood at 5.5% for the first half of the year and 5.7% in the first ten months.
• According to the Ministry of Transport and China State Railway Group, official transport policies focus on integrating transport systems and modernizing the sector through intermodal transport development involving rail and water services to enhance the efficiency of logistics, as described. The implication is that there would be continued need for upgrading railway locomotives and wagons.

Mexico is estimated to grow with a CAGR of 2.2% between 2026 and 2035, in the Latin America rolling stock market.

• The development of rail infrastructure and rolling stock in Mexico is closely associated with the development objectives of transportation in the country. The Mexican government has developed an official plan for the development of railways in the country, which includes huge investments for upgrading the existing rail infrastructure as well as building new passenger rail corridors and freight networks.
• The Mexican Railway System is still responsible for transporting millions of tonnes of cargo each year, with logistics being an important part of trade both within the country and across borders. There has been an increase in operating income and traffic levels, showing how essential railway transportation is to the country's economy.
• Additionally, federal policy has called for a certain percentage of local manufacturing of new rail rolling stock, as there is an interest in increasing production locally of the train equipment. Although detailed specifications for new train purchases are dependent on infrastructure projects, such policies ensure that investments made in trains are in line with transportation objectives.

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

• The South African rail market is inextricably linked to initiatives on rail reforms and revitalization of rail freight services, especially with regards to bulk commodity and export logistics. In this respect, a significant development has been the launch of a R3.4 billion rolling stock investment project, which focuses on the acquisition of locomotives and wagons that can be used to improve rail freight capacity.
• South African government together with two other provincial governments hope that the first corridor of the high-speed railways will be launched in South Africa by 2030. In March 2026, South Africa declared its plans for developing an ultra-fast bullet train railway system worth about USD 34 billion that would connect important cities such as Johannesburg, Musina, and eThekwini. The project's first stage will connect KwaZulu-Natal, Gauteng, and Limpopo.

Rolling Stock Market Share

The top 7 companies in the market are Alstom, CRRC, Greenbrier, Hitachi Rail, Siemens Mobility, Stadler Rail and Wabtec contributing 65.8% of the market in 2025.

• Alstom manufactures a variety of rolling stock, including high-speed trains, metro systems, trams, and regional trains, along with components like bogies and onboard systems, to support passenger transport in urban and intercity rail networks.
• CRRC produces rolling stock such as high-speed trains, electric and diesel locomotives, metro vehicles, and freight wagons, meeting passenger and cargo transport needs across domestic and international rail networks.
• Greenbrier manufactures freight railcars like tank cars, boxcars, and intermodal wagons, and also provides railcar components, refurbishment, and maintenance services to support freight transportation and logistics in rail networks.
• Hitachi Rail develops rolling stock including high-speed trains, commuter trains, and metro vehicles, integrating onboard systems and digital technologies to enhance passenger rail operations in urban, regional, and intercity networks.
• Siemens Mobility offers rolling stock such as high-speed trains, regional trains, commuter trains, and light rail vehicles, equipped with onboard systems to support passenger transport in urban transit and intercity rail infrastructure.
• Stadler Rail manufactures rolling stock including regional trains, light rail vehicles, trams, and locomotives, with modular designs for passenger and freight transport in urban, suburban, and regional rail networks.
• Wabtec produces freight locomotives and related components like propulsion systems and control technologies, supporting freight rail operations and offering modernization and upgrade solutions for locomotive fleets.

Rolling Stock Market Companies

Major players operating in the rolling stock industry are:

• Alstom
• CAF
• CRRC
• Greenbrier
• Hitachi Rail
• Hyundai Rotem
• Siemens Mobility
• Stadler Rail
• Trinity Rail
• Wabtec

• Alstom operates worldwide and offers high-speed trains, metros, trams, and signaling systems. The company benefits from long-term service contracts and works on large rail infrastructure and modernization projects.
• CRRC is the largest rolling stock manufacturer by volume, supported by strong demand in China, cost advantages, and a wide product range. The company is also increasing its presence in international rail projects.
• Greenbrier focuses on making, leasing, and maintaining freight railcars. Its integrated operations provide steady revenue and a strong position in the freight rolling stock market.
• Hitachi Rail provides rolling stock and rail systems for high-speed and urban transport, using digital technology and participating in global rail infrastructure and mobility projects.
• Siemens Mobility offers rolling stock, signaling, and digital rail solutions. It operates in many regions and is known for its strong project execution and integration across rail systems.
• Stadler Rail makes customized rolling stock for regional, light rail, and specialized uses, focusing on modular designs and holding contracts in Europe and some international markets.
• Wabtec supplies freight locomotives, rail equipment, and related services, operating mainly in North America and global markets, supported by aftermarket services and digital rail solutions.

Rolling Stock Industry News

• In April 2026, Hitachi Rail was chosen to build rolling stock for the "Fine Dining Train vies," a premium restaurant train being developed with Seibu Railway in Japan. The train is expected to start operations in March 2028, focusing on enhancing onboard experiences as a key feature alongside transportation.
• In April 2026, The National High Speed Rail Corporation Limited (NHSRCL) announced plans to set up a rolling stock depot in Surat, Gujarat, for maintaining and commissioning bullet trains. It also plans to build depots in Sabarmati, Gujarat, and Thane, Maharashtra.
• In March 2026, BEML-Medha won an order for 16 trainsets for the Mumbai-Ahmedabad high-speed corridor. These trainsets will run alongside two Japanese Shinkansen sets, which are expected to arrive by 2029-30. This marks a significant step in developing India’s local rolling stock capabilities.
• In February 2025, Texmaco Rail & Engineering Limited formed a joint venture with Rail Vikas Nigam Limited to improve rolling stock manufacturing and rail EPC capabilities in India and abroad. Texmaco Rail will hold a 49% stake, while RVNL will have the majority share. The partnership combines RVNL’s infrastructure expertise with Texmaco’s manufacturing and export strengths.
• In December 2025, Alstom signed a contract with the Railway Transport Regulatory Agency (ARTF) to supply 47 DMU (Diesel Multiple Unit) passenger trains to Mexico. The order includes 33 long-haul and 14 short-haul trains for the Mexico City–Querétaro–Irapuato and Saltillo–Monterrey–Nuevo Laredo corridors. This project, part of the National Development Plan 2025-2030, aims to improve passenger rail services in Mexico by connecting key regions in the central and northern parts of the country.

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 2022 to 2035, for the following segments:

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Market, By Product

• Locomotives

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

Market, By Propulsion

• Diesel
• Electric
• Electro-diesel
• 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
  • Switzerland
  • Netherlands
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Vietnam
  • Philippines
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• MEA
  • South Africa
  • Saudi Arabia
  • UAE