Rolling Stock Market worth $41.79 billion by 2032
The rolling stock market size is projected to grow from USD 30.94 billion in 2025 to USD 41.79 billion by 2032, at a CAGR of 4.4%.
Trains using hydrogen or battery technologies are gradually entering the market, offering more sustainable and flexible alternatives to traditional diesel-powered trains. These technologies allow trains to operate on non-electrified rail sections, reducing dependence on fossil fuels and lowering carbon emissions. Hydrogen-powered trains, such as Alstom’s Coradia iLint, produce electricity from hydrogen fuel cells, emitting only water vapor, while battery trains can be charged via overhead wires or at stops to enable cleaner operations. The market for hybrid trains is expanding due to growing environmental awareness and increasing demand for efficient, versatile transport solutions across various rail networks.
"Wagons to lead the freight transport rolling stock market during the forecast period."
Wagons are expected to dominate the freight transport rolling stock market due to their adaptability in transporting a wide range of cargo, including bulk materials, containers, and specialized goods. The growing emphasis on sustainable transportation solutions has propelled the demand for rail freight, as it offers a more environmentally friendly alternative to road and air transport. Additionally, advancements in wagon design, such as increased load capacities and enhanced safety features, contribute to their competitiveness in the market. The integration of digital technologies, including GPS tracking and predictive maintenance, has improved the reliability and efficiency of wagon operations. Further, the expansion of intermodal transport networks and the development of dedicated freight corridors have increased the utilization of wagons, solidifying their central role in global supply chains. For instance, in August 2025, East Central Railways (ECR) successfully conducted a trial run of a 4.5 km-long freight train, comprising 354 box wagons, from Uttar Pradesh to a railway siding at a coal mine in Jharkhand, aimed at improving coal transportation efficiency.
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"Rapid transit trains are expected to lead the rolling stock market."
The rapid transit trains are expected to lead the rolling stock market during the forecast period. Rising urbanization and the need for fast, reliable public transport across sprawling metropolitan areas are driving this growth. Increasing city populations are creating demand for mass transit solutions that reduce traffic congestion, lower environmental pollution, and provide cost- and time-efficient travel. Government support, infrastructure investments, technological advancements in rail systems, and a focus on green, environmentally friendly transportation are further boosting the rapid transit market. Expansion of existing urban transport networks has also increased the need for more rapid transit systems in major cities. Demand is expected to be particularly strong in emerging economies such as China, Brazil, and India compared with developed countries in Western Europe. The integration of smart technologies, including real-time tracking, automation, and advanced safety features, is enhancing the appeal and adoption of rapid transit solutions. For instance, in July 2025, Barcelona Metro announced plans to add 39 new trains by 2029 with a USD 386 million (€331 million) investment. This will expand the fleet to 224 trains, increase rush-hour capacity by over 20,000 passengers, and allow train frequencies of less than three minutes.
“Asia Oceania is expected to hold the largest share of the rolling stock market during the forecast period.”
Asia Oceania is expected to hold the largest share of the rolling stock market during the forecast period. Globalization is transforming the industry, particularly in high-speed and connected rail systems. Rapid urbanization, growing volumes of goods transported by rail, rising demand for metro networks, and the development of dedicated freight corridors are key market drivers. For instance, the 508 km Mumbai–Ahmedabad high-speed rail corridor is under construction, with over 300 km of viaducts completed, and partial operations expected by 2027–2028, with full completion in the early 2030s. Governments across the region have also launched smart transportation initiatives, leveraging cloud computing, IoT, 5G, and AI technologies to modernize railways. Key factors driving the adoption of smart railways include upgrading rail infrastructure, investing in urban and intercity networks, and implementing regulations to improve safety. For instance, in September 2025, CRRC developed new-generation intercity EMUs for service in Malaysia. Each train can carry 312 passengers, including 36 in business class, and features modern interiors with bistro areas. The EMUs are designed to handle curves with a radius of 100 m, equipped with an intelligent driver assistance system, and comply with current impact resistance and fire safety standards.
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