Rolling Stock Market Key Players 2025: CRRC, Bombardier, Alstom, and Siemens Redefining Railway Infrastructure

Rolling Stock Market Size, Share, Trends and Growth Forecast

The rolling stock market is projected to reach USD 82.53 billion by 2034, expanding from USD 53.11 billion in 2025, at an annual growth rate of 5.02% during the forecast period from 2025 to 2034. The growing adoption of railways in the logistics sector for transporting goods from one region to another coupled with rapid investment by government for developing the railway infrastructure has driven the market expansion.

Additionally, technological advancements in the locomotive industry along with rising demand for sustainable transportation solutions is playing a prominent role in shaping the industrial landscape. The research activities related to autonomous trains is expected to create ample growth opportunities for the market players in the future.

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Introduction

The rolling stock market is a prominent segment of the railway industry. This industry deals in production and distribution of railway vehicles in different parts of the world. There are several types of vehicles manufactured in this sector comprising of locomotives, metro, high-speed trains, tramway, passenger railroad cars and some others. These vehicles are equipped with different components including pantograph, axle, wheelset, traction motor, auxiliary power system, air conditioning system, passenger information system, position train control, brakes, gearboxes, train control systems and some others. It is used by passenger rail operators and freight rail operators. This market is expected to rise significantly with the growth of the locomotive sector around the globe.

Highlights of the rolling stock market

• North America generated highest revenue of the rolling stock market.
• Asia Pacific is expected to rise with the highest CAGR during the forecast period.
• By product, the rapid transit segment led the market.
• By product, the locomotive segment is expected to rise with a significant CAGR during the forecast period.
• By component, the pantograph segment held the largest share of the market.
• By component, the traction motor segment is expected to grow with a notable CAGR during the forecast period.
• By application, the freight application segment dominated the market.
• By application, the passenger application segment is expected to rise with a considerable CAGR during the forecast period.

What are the Trends of the Rolling Stock Market in 2025?

The major trends in this market consists of government initiatives, popularity of electric trains and partnerships.

Government Initiatives

• Government of several countries are launching new initiatives for developing the railway infrastructure in different parts of the world.

Popularity of Electric Trains

• The electric trains are gaining immense popularity in develop nations with an aim at reducing locomotive emission.

Partnerships

• Several market players are partnering with railway operators to deploy advanced trains for enhancing passenger transportation.

Product Insights

How did the Rapid Transit Segment Led the Rolling Stock Market in 2025?

The rapid transit segment dominated the market. The growing adoption of rapid transit system in urban areas for transporting large number of people has boosted the market expansion. Additionally, numerous advantages of these transit systems including reduced travel times, lower congestion, improved air quality and some others is expected to foster the growth of the rolling stock market.

The locomotive segment is expected to expand with a significant CAGR during the forecast period. The rising demand for powerful locomotives from the railway operators to enhance the transportation capabilities has boosted the market expansion. Moreover, rapid investment by rolling stock companies for developing electric locomotives is expected to boost the growth of the rolling stock market.

Component Insights

What Made the Pantograph to be the Most dominant Segment of the Rolling Stock Market in 2025?

The pantograph segment led the market. The growing use of pantograph in electric locomotives for collecting electric currents from contact wires has boosted the market expansion. Additionally, the rising adoption of double-arm pantographs in Trams such as KTM-5 and KTM-8 is expected to foster the growth of the rolling stock market.

The traction motor segment is expected to rise with a notable CAGR during the forecast period. The increasing use of traction motors in modern trains for converting electrical energy into mechanical energy has boosted the market expansion. Additionally, numerous advantages of traction motors including high starting torque for rapid acceleration, efficient regenerative braking capabilities, reduced maintenance and some others is expected to drive the growth of the rolling stock market.

Application Insights

Why did the Freight Application Segment Held the Largest Share of the Rolling Stock Market in 2025?

The freight application segment held the highest share of the market. The growing adoption of freight trains by the logistics sector for transporting goods from one city to another has boosted the market expansion. Additionally, partnerships among freight operators and locomotive manufacturers for developing heavy-duty freight locomotive is playing a vital role in driving the growth of the rolling stock market.

The passenger application segment is expected to grow with a considerable CAGR during the forecast period. The increasing interest of consumer to adopt railways for travelling long-distances due to its cost-effectiveness and enhanced comfort has boosted the market expansion. Moreover, numerous government initiatives aimed at developing the passenger railway infrastructure is expected to propel the growth of the rolling stock market.

Geographical Insights

Why North America dominated the Rolling Stock Market in 2025?

North America dominated the rolling stock market. The rising adoption of electric trains in the U.S. and Canada with an aim to reduce vehicular emission has boosted the market expansion. Additionally, numerous government initiatives for deploying advanced locomotives in the railway sector coupled with growing investment by locomotive brands for construction new production centers is playing a vital role in shaping the industrial landscape. Moreover, the presence of various market players such as Ge Transportation, Wabtec Corporation, Bombardier and some others is expected to drive the growth of the rolling stock market in this region.

• In February 2024, Wabtec Corp partnered with CSX Corp. This partnership is done for modernizing around 200 Locomotives across the U.S.(Source: Wabtec)

Asia Pacific is expected to rise with the fastest CAGR during the forecast period. The increasing demand for bullet trains in several countries such as Japan, China, South Korea and some others has boosted the market expansion. Also, rapid investment by government for strengthening the railway infrastructure along with technological advancements in the locomotive industry is contributing to the industry in a positive direction. Moreover, the presence of several market players such as Hyundai Rotem Company, Kawasaki Railcar Manufacturing Co., Ltd, CRRC Corporation Limited and some others is expected to propel the growth of the rolling stock market in this region.

• In July 2025, Hyundai Rotem launched a new range of trains in South Korea. These trains are capable of reaching speeds of around 80 km/h and accommodating 320 passengers.(Source: Railway Supply)

Industry Leader Announcement

• In May 2025, Michael Peter, the CEO of Siemens Mobility made an announcement stating that, “The D9 is a symbol of sustainable progress and will increase the share of freight transported by rail in one of the largest freight markets in the world. The locomotives have the potential to replace up to 800,000 trucks and save over 800 million tons of COâ‚‚ emissions over its lifecycle. Together with Indian Rail, we are setting new standards in rail efficiency and environmental sustainability."

Competitive Landscape

The rolling stock market is a rapidly developing industry with the presence of several dominating players. Some of the prominent companies in this industry consists of CRRC Corporation Limited (China), Hitachi, Ltd. (Japan), Hyundai Rotem Company (South Korea), Japan Transport Engineering Company (Japan), ABB (Sweden), Alstom (France), American Industrial Transport, Inc. (US), Bombardier (Canada), CAF (UK), Construcciones y Auxiliar de Ferrocarriles, S.A. (Spain), Caterpillar (US), Kawasaki Heavy Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), National Steel Car Limited (Canada) and some others. These companies are constantly engaged in developing rolling stocks and adopting numerous strategies such as acquisitions, business expansions, launches, partnerships, joint ventures, collaborations and some others to maintain their dominance in this industry.

• According to the annual report of Bombardier, the revenue of the company in 2023 was around US$ 8046 million that increased to US$ 8665 million in 2024.

Recent Developments

• In July 2025, CRRC launched a hydrogen-powered high-speed train. This train is expected to achieve a speed of around 250 km/hr. (Source: ROLLING STOCK)
• In May 2025, Alstom announced to invest around 115 million euros. This investment is done for expanding the rolling stock capabilities in Poland. (Source: Alstom)
• In May 2025, Cylus joined hands with Duagon. This joint venture is done for launching a cyber security solution for rolling stock. (Source: Metro Rail Today)

Top Rolling Stock Market Players

• Hitachi Ltd
• GE Transportation
• Kawasaki Heavy Industries Rolling Stock Company
• Construcciones Y Auxiliar de Ferrocarriles
• CRRC Corporation Limited
• Alstom
• Transmashholding Stadler Rail AG
• Hyundai Rotem Company
• Bombardier
• Electro-Motive Diesel (EMD)

Rolling Stock Market Segments

By Product

• Locomotive
• Rapid Transit
• Wagon

By Component

• Pantograph
• Axle
• Wheelset
• Traction Motor
• Auxiliary Power System
• Air Conditioning System
• Passenger Information System
• Position Train Control
• Brakes
• Gearboxes
• Train Control Systems

By Application

• Freight Application
• Passenger Application

By Technology

• Conventional Locomotive
• Turbocharge Locomotive
• Maglev
• Diesel Locomotive
• Electric Locomotive
• Electro-diesel Locomotive

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• The Middle East and Africa