Rolling stocks market witnessed sales of nearly 250 thousand units in 2018 and is expected to grow at a steady CAGR of 2.9% in 2019. Overall growth of the rolling stocks market can be attributed to,
- Industry titans acquiring big-ticket projects of rolling stocks
- Promotion of railway transport as a sustainable transportation mode
- Growing focus on increasing the average life of rolling stocks by predictive maintenance and remote monitoring in the services landscape
- Optimistic outlook of autonomous trains and ongoing development of compatible rolling stocks
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The ongoing focus of governments to promote the railway as a sustainable mode of transportation has resulted in a growing number of tenders of new rolling stocks being procured by manufacturers. Further, with the construction of new railway roads to increase connectivity and promotion of autonomous railway, new trains are being introduced across the world’s developing economies. Developments in designs of rolling stocks compatible to autonomous train are also underway.
“Rolling stock landscape has witnessed a steady advancement with the introduction of technological advances in manufacturing as well as repair and maintenance space. While predictive maintenance significantly improved service space, ongoing efforts to develop rolling stocks for autonomous trains is likely to maintain a profitable growth trajectory in the coming years and generation of revenues worth over US$ 59 billion in 2019,” says a senior analyst at Fact.MR.
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Freight Wagons Held Half the Sales in 2018, Passenger Rolling Stocks Growing Rapidly
Fact.MR study finds that among different types of rolling stocks, freight wagons accounted for nearly half the rolling stocks sold in 2018. Freight wagons form an important connection between railway transportation and different logistics services. As railway freight transport is being embraced by national governments, efforts are underway to improve the efficiency of freight wagons.
The global rail market is witnessing larger tender procurements by manufacturers to supply new and efficient fright wagons. For instance, Russia’s RM Rail signed an agreement with Iran’s MSA Company for construction of 1000 freight wagons in June 2018. Indian Railways also set out a tender for 22,000 freight wagons in June 2018. Ukrainian Railways passed a US$ 260 million tender for purchase of gondola wagons, freight wagons and self-discharging cars in January 2018.
The study reveals that sales of passenger rolling stocks are increasing at a rapid rate and expected to grow at 4.3% in 2019 over 2018. Passenger rolling stock designs have evolved significantly in a bid to accommodate evolving consumer demand for comfort and safety. In addition, introduction of new trains in the wake of promoting railway transport in emerging economies has led to a number of tenders of passenger rolling stocks.
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Over 5 in 10 Rolling Stocks Found Utilization in Freight Application
Based on application, rolling stock utilization in freight application remains higher as compared to passenger application. Fact.MR shows that over 5 in 10 rolling stocks were used in freight application in 2018. As freight application of rolling stocks significantly contributes to the enhancement of economic performance and meet logistic demands, the future status quo of freight application is expected to remain steady in the coming years.
Fact.MR study finds that APEJ continues to spearhead the global rolling stock sales and registered over 36% of the global demand in 2018 and the status-quo is expected to continue in 2018 at the growth rate of 3.3%. Emerging economies in the region are actively engaged in the development of railway infrastructure, thereby presenting lucrative opportunities for manufacturers in the coming years.
Owing to favorable price points of raw materials and lower manufacturing costs, in terms of revenue generation in APEJ follows Europe. Europe is actively engaged in promoting railway decarbonization and projected to sell over 75 thousand units of rolling stocks in 2019.
The Fact.MR report tracks the rolling stocks market for the period 2019-2027. According to the report, the rolling stocks market is projected to grow at 3.3% CAGR through 2027.