Rolling Stock Market: September

2021
SEPTEMBER
ROLLING STOCK MARKET

Global Opportunity Analysis and Industry Forecast, 2021-2030
AUTHOR(S):
Akshay Jadhav,
Akshay Jawarkar &
Sonia Mutreja
PAGES:
316
REPORT CODE:
A05367
INDUSTRY:
Automotive and Transportation
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Opportunity Analysis
and Industry Forecast,
2021-2030
2
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known as self-driving vehicles uses artificial intelligence (AI) software, light detection & ranging (LiDAR), and
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a CAGR of 24.0%.
Global Rolling
Stock Market
2021-2030
4
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION....................................................................................... 38
1.1. Report description .................................................................................................... 38
1.2. Key benefits for stakeholders .................................................................................. 39
1.3. Key market segments ............................................................................................... 40
1.4. Research methodology ............................................................................................ 43
1.4.1. Primary research ..................................................................................................................... 45
1.4.2. Secondary research................................................................................................................ 46
1.4.3. Analyst tools and models .................................................................................................... 46
CHAPTER 2: EXECUTIVE SUMMARY............................................................................ 47

2.1. CXO perspective ........................................................................................................ 49
CHAPTER 3: MARKET OVERVIEW ................................................................................ 50

3.1. Market definition and scope ................................................................................... 50
Global Rolling
Stock Market 3.2. Key findings............................................................................................................... 51
Opportunity Analysis 3.2.1. Top impacting factors........................................................................................................... 51

2021-2030 3.2.2. Top investment pockets ...................................................................................................... 52
3.2.3. Top winning strategies ......................................................................................................... 54
5
3.3. Porter’s five forces analysis ..................................................................................... 58
3.4. Market share analysis, 2020..................................................................................... 63
3.5. Market dynamics ...................................................................................................... 64
3.5.1. Drivers ......................................................................................................................................... 64
3.5.1.1. Increase in allocation of budget for development of railways .......................64

3.5.1.2. Rise in demand for secure, safer, and efficient transport system ..................64
3.5.1.3. Rise in use of public transport services as a solution to minimize
traffic congestion ................................................................................................................65
3.5.2. Restraints ................................................................................................................................... 66
3.5.2.1. High capital requirement ................................................................................................66

3.5.2.2. Refurbishment of existing rolling stock ....................................................................67
3.5.3. Opportunities ........................................................................................................................... 67
3.5.3.1. Increase in development & testing of autonomous train .................................67

3.5.3.2. Improvement in railway infrastructure in developing countries ....................68
Global Rolling 3.5.3.3. Increase in industrial & mining activities .................................................................68
Stock Market 3.6. Impact of COVID-19 on global automotive LiDAR market................................... 69

Opportunity Analysis 3.6.1. Evolution of outbreaks ......................................................................................................... 69
2021-2030 3.6.1.1. COVID-19 ...............................................................................................................................69
3.6.2. Microeconomic impact analysis ....................................................................................... 69
6
3.6.2.1. Consumer trends ................................................................................................................69
3.6.2.2. Technology trends .............................................................................................................70
3.6.2.3. Regulatory trends ...............................................................................................................70
3.6.3. Macroeconomic impact analysis ...................................................................................... 71
3.6.3.1. GDP ...........................................................................................................................................71

3.6.3.2. Import/export analysis .....................................................................................................71
3.6.3.3. Employment index .............................................................................................................71
3.6.4. Impact on automotive rolling stock industry analysis ............................................ 72
CHAPTER 4: ROLLING STOCK MARKET, TYPE ........................................................... 74

4.1. Overview .................................................................................................................... 74
4.2. Locomotives .............................................................................................................. 76
4.2.1. Key market trends, growth factors, and opportunities ........................................... 76
4.2.2. Market size and forecast, by region ............................................................................... 77
4.2.3. Market analysis, by country ................................................................................................ 78

Global Rolling
4.2.4. Market analysis for diesel locomotives ......................................................................... 79
Stock Market
Opportunity Analysis 4.2.4.1. Key market trends, growth factors, and opportunities ......................................79
and Industry Forecast, 4.2.5. Market analysis for electric locomotives ....................................................................... 81
2021-2030
4.2.5.1. Key market trends, growth factors, and opportunities ......................................81
7
4.2.6. Market analysis for electro-diesel locomotives ......................................................... 82
4.2.7. Market analysis for other locomotives .......................................................................... 84
4.3. Metros ........................................................................................................................ 86

4.4. Monorails................................................................................................................... 89
4.5. Trams ......................................................................................................................... 92
Global Rolling 4.5.1. Key market trends, growth factors, and opportunities ........................................... 92
Stock Market 4.5.2. Market size and forecast, by region ............................................................................... 93

Opportunity Analysis 4.5.3. Market analysis, by country ................................................................................................ 94
2021-2030 4.6. Freight wagons ......................................................................................................... 95
8
4.7. Passenger coaches .................................................................................................... 98

4.7.3. Market analysis, by country.............................................................................................. 100
4.8. Others (Hyperloop and bullet trains) ................................................................... 101

4.8.1. Key market trends, growth factors, and opportunities ......................................... 101
4.8.2. Market size and forecast, by region ............................................................................. 102
4.8.3. Market analysis, by country .............................................................................................. 103
CHAPTER 5: ROLLING STOCK MARKET, BY END USE ............................................. 104

5.1. Overview .................................................................................................................. 104
Global Rolling 5.2. Passenger transit .................................................................................................... 105
Stock Market 5.2.1. Key market trends, growth factors, and opportunities ......................................... 105
and Industry Forecast, 5.2.2. Market size and forecast, by region ............................................................................. 106
2021-2030
9
5.3. Cargo train............................................................................................................... 109
5.3.2. Market size and forecast, by region ............................................................................. 110
CHAPTER 6: ROLLING STOCK MARKET, BY REGION ............................................... 112

6.1. Overview .................................................................................................................. 112
6.2. North America......................................................................................................... 114
6.2.2. Market size and forecast, by type .................................................................................. 115
6.2.3. Market size and forecast, by end use........................................................................... 116
6.2.4. Market size and forecast, by country ........................................................................... 117
6.2.4.1. U.S. ......................................................................................................................................... 118

6.2.4.1.1. Market size and forecast, by type ...................................................... 119
Global Rolling 6.2.4.1.2. Market size and forecast, by end use............................................... 121
Stock Market 6.2.4.2. Canada ................................................................................................................................. 122

Opportunity Analysis 6.2.4.2.1. Market size and forecast, by type ...................................................... 123
2021-2030 6.2.4.2.2. Market size and forecast, by end use............................................... 125
6.2.4.3. Mexico .................................................................................................................................. 126
10
6.2.4.3.2. Market size and forecast, by end use............................................... 129
6.3. Europe ...................................................................................................................... 130

6.3.4.1. Germany .............................................................................................................................. 134

6.3.4.2. France ................................................................................................................................... 138

6.3.4.3. UK ........................................................................................................................................... 141

Global Rolling
Stock Market
and Industry Forecast, 6.3.4.4. Russia .................................................................................................................................... 144
2021-2030
11
6.3.4.5. Rest of Europe................................................................................................................... 147

6.4. Asia-Pacific .............................................................................................................. 151

6.4.4.1. Japan ..................................................................................................................................... 155

6.4.4.2. China ..................................................................................................................................... 159

Global Rolling
Stock Market
6.4.4.3. India ....................................................................................................................................... 162
and Industry Forecast, 6.4.4.3.1. Market size and forecast, by type ...................................................... 163
2021-2030
12
6.4.4.4. Australia ............................................................................................................................... 166
6.4.4.5. Rest of Asia-Pacific.......................................................................................................... 169

6.5. LAMEA ..................................................................................................................... 173

6.5.4.1. Latin America ..................................................................................................................... 177


Global Rolling
6.5.4.2. Middle East ......................................................................................................................... 181
Stock Market
and Industry Forecast, 6.5.4.2.2. Market size and forecast, by end use............................................... 184
2021-2030
6.5.4.3. Africa ..................................................................................................................................... 185
13
CHAPTER 7: COMPANY PROFILES............................................................................. 189

7.1. ALSTOM ................................................................................................................... 189
7.1.1. Company overview .............................................................................................................. 189
7.1.2. Key executives........................................................................................................................ 190
7.1.3. Company snapshot .............................................................................................................. 190
7.1.4. Operating business segments ......................................................................................... 191
7.1.5. Product portfolio .................................................................................................................. 191
7.1.6. R&D expenditure .................................................................................................................. 192
7.1.7. Business performance......................................................................................................... 193
7.1.8. Key strategic moves and developments ..................................................................... 195
7.2. BOMBARDIER TRANSPORTATION ........................................................................ 198

Global Rolling 7.2.1. Company overview .............................................................................................................. 198
Stock Market 7.2.2. Key executives........................................................................................................................ 199
and Industry Forecast, 7.2.3. Company snapshot .............................................................................................................. 199
2021-2030
14
7.2.6. R&D expenditure .................................................................................................................. 201
7.3. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.......................... 206

7.3.2. Key executives........................................................................................................................ 207
7.3.6. R&D expenditure .................................................................................................................. 209

Global Rolling 7.4. CRRC CORPORATION LIMITED .............................................................................. 214
Stock Market 7.4.1. Company overview .............................................................................................................. 214
and Industry Forecast, 7.4.2. Key executives........................................................................................................................ 215
2021-2030
15
7.4.5. R&D expenditure .................................................................................................................. 217
7.5. HITACHI, LTD. ......................................................................................................... 221

7.5.2. Key executives........................................................................................................................ 222
7.5.6. R&D expenditure .................................................................................................................. 225

Global Rolling 7.6. HYUNDAI CORPORATION...................................................................................... 229
Stock Market 7.6.1. Company overview .............................................................................................................. 229
and Industry Forecast, 7.6.2. Key executives........................................................................................................................ 230
2021-2030
16
7.7. IHI CORPORATION ................................................................................................. 236

7.7.5. R&D expenditure .................................................................................................................. 239
7.8. KAWASAKI HEAVY INDUSTRIES, LTD. .................................................................. 243

2021-2030
17
7.8.6. R&D expenditure .................................................................................................................. 247
7.9. NIPPON SHARYO, LTD. .......................................................................................... 251

7.9.2. Key executives........................................................................................................................ 251
7.9.6. R&D expenditure .................................................................................................................. 254
7.10. PESA BYDGOSZCZ SA ............................................................................................. 257

2021-2030
18
7.11. PPF GROUP N.V....................................................................................................... 260

7.11.2. Key executives........................................................................................................................ 261
7.12. SIEMENS AG ............................................................................................................ 267

7.12.2. Key executives........................................................................................................................ 268

Global Rolling 7.12.3. Company snapshot .............................................................................................................. 268
Stock Market 7.12.4. Operating business segments ......................................................................................... 269
and Industry Forecast, 7.12.5. Product portfolio .................................................................................................................. 269
2021-2030
7.12.6. R&D expenditure .................................................................................................................. 270
19
7.13. STADLER RAIL AG ................................................................................................... 274

7.13.2. Key executives........................................................................................................................ 275
7.14. TALGO ...................................................................................................................... 281

7.14.2. Key executives........................................................................................................................ 281

Global Rolling 7.14.3. Company snapshot .............................................................................................................. 282
Stock Market 7.14.4. Product portfolio .................................................................................................................. 282
and Industry Forecast, 7.14.5. Business performance......................................................................................................... 283
2021-2030
20
7.15. TATRAVAGONKA A.S. POPRAD ............................................................................ 285
7.15.2. Key executives........................................................................................................................ 285
7.16. THE GREENBRIER COMPANIES, INC. .................................................................... 287

7.16.2. Key executives........................................................................................................................ 288
7.16.6. R&D expenditure .................................................................................................................. 290

Global Rolling 7.16.8. Key strategic moves and developments ..................................................................... 293
Stock Market 7.17. THE KINKI SHARYO CO., LTD................................................................................. 294
and Industry Forecast, 7.17.1. Company overview .............................................................................................................. 294
2021-2030
7.17.2. Key executives........................................................................................................................ 295
21
7.18. TRANSMASHHOLDING .......................................................................................... 299

7.18.2. Key executives........................................................................................................................ 300
7.19. TRINITY INDUSTRIES, INC. .................................................................................... 305

Global Rolling 7.19.2. Key executives........................................................................................................................ 306
Stock Market 7.19.3. Company snapshot .............................................................................................................. 306
and Industry Forecast, 7.19.4. Operating business segments ......................................................................................... 307
2021-2030
22
7.20. WABTEC CORPORATION........................................................................................ 310

7.20.2. Key executives........................................................................................................................ 311
Global Rolling
Stock Market
2021-2030
23
LIST OF TABLES
TABLE 01. ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .................................................................................75
TABLE 02. ROLLING STOCK MARKET REVENUE FOR LOCOMOTIVES, BY REGION, REGION, 2020–2030
($MILLION).........................................................................................................................................................................77
TABLE 03. ROLLING STOCK MARKET REVENUE FOR METROS, BY REGION, 2020–2030 ($MILLION) .................................87
TABLE 04. ROLLING STOCK MARKET REVENUE FOR MONORAILS, BY REGION, 2020–2030 ($MILLION) ..........................90
TABLE 05. ROLLING STOCK MARKET REVENUE FOR TRAMS, BY REGION, 2020–2030 ($MILLION) ....................................93
TABLE 06. ROLLING STOCK MARKET REVENUE FOR FREIGHT WAGONS, BY REGION, 2020–2030 ($MILLION) ...............96
TABLE 07. ROLLING STOCK MARKET REVENUE FOR PASSENGER COACHES, BY REGION, 2020–2030
($MILLION).........................................................................................................................................................................99
TABLE 08. ROLLING STOCK MARKET REVENUE FOR OTHERS, BY REGION, 2020–2030 ($MILLION) ............................... 102
TABLE 09. ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ....................................................................... 105
TABLE 10. ROLLING STOCK MARKET REVENUE FOR PASSENGER TRANSIT, BY REGION, REGION, 2020–2030
($MILLION)...................................................................................................................................................................... 107
TABLE 11. ROLLING STOCK MARKET REVENUE FOR CARGO TRAIN, BY REGION, REGION, 2020–2030
($MILLION)...................................................................................................................................................................... 110
Global Rolling TABLE 12. ROLLING STOCK MARKET, BY REGION, 2020–2030 ($MILLION) ......................................................................... 113
Stock Market TABLE 13. NORH AMERICA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................ 115
Opportunity Analysis TABLE 14. NORTH AMERICA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ........................................ 116
2021-2030 TABLE 15. U.S. ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ...................................................................... 120
TABLE 16. U.S. ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ............................................................... 121
24
TABLE 17. CANADA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .............................................................. 124
TABLE 18. CANADA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ....................................................... 125
TABLE 19. MEXICO ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ............................................................... 128
TABLE 20. MEXICO ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ........................................................ 129
TABLE 21. EUROPE ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .............................................................. 131
TABLE 22. EUROPE ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION)........................................................ 132
TABLE 23. GERMANY ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ........................................................... 136
TABLE 24. GERMANY ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .................................................... 137
TABLE 25. FRANCE ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .............................................................. 139
TABLE 26. FRANCE ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ........................................................ 140
TABLE 27. U.K. ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ...................................................................... 142
TABLE 28. U.K. ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ............................................................... 143
TABLE 29. RUSSIA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION)................................................................ 145
TABLE 30. RUSSIA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ......................................................... 146
TABLE 31. REST OF EUROPE ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .............................................. 149
TABLE 32. REST OF EUROPE ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ....................................... 150
Global Rolling
TABLE 33. ASIA-PACIFIC ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ..................................................... 152
Stock Market
TABLE 34. ASIA-PACIFIC ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION)............................................... 153
and Industry Forecast, TABLE 35. JAPAN ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................................. 157
2021-2030
TABLE 36. JAPAN ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION)........................................................... 158
TABLE 37. CHINA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) .................................................................. 160
25
TABLE 38. CHINA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ........................................................... 161
TABLE 39. INDIA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................................... 164
TABLE 40. INDIA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ............................................................ 165
TABLE 41. AUSTRALIA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ......................................................... 167
TABLE 42. AUSTRALIA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .................................................. 168
TABLE 43. REST OF ASIA-PACIFIC ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ..................................... 171
TABLE 44. REST OF ASIA-PACIFIC ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .............................. 172
TABLE 45. LAMEA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................................ 174
TABLE 46. LAMEA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .......................................................... 175
TABLE 47. LATIN AMERICA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................. 179
TABLE 48. LATIN AMERICA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .......................................... 180
TABLE 49. MIDDLE EAST ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ..................................................... 183
TABLE 50. MIDDLE EAST ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) .............................................. 184
TABLE 51. AFRICA ROLLING STOCK MARKET, BY TYPE, 2020–2030 ($MILLION) ................................................................ 187
TABLE 52. AFRICA ROLLING STOCK MARKET, BY END USE, 2020–2030 ($MILLION) ......................................................... 188
TABLE 53. ALSTOM: KEY EXECUTIVES ........................................................................................................................................... 190

Global Rolling
TABLE 54. ALSTOM: COMPANY SNAPSHOT ................................................................................................................................. 190
Stock Market
TABLE 55. ALSTOM: OPERATING SEGMENTS .............................................................................................................................. 191
and Industry Forecast, TABLE 56. ALSTOM: PRODUCT PORTFOLIO ................................................................................................................................. 191
2021-2030
TABLE 57. ALSTOM: R&D EXPENDITURE, 2018–2020 ($MILLION) ......................................................................................... 192
TABLE 58. ALSTOM: NET SALES, 2018–2020 ($MILLION) ........................................................................................................ 193
26
TABLE 59. BOMBARDIER TRANSPORTATION: KEY EXECUTIVES .............................................................................................. 199
TABLE 60. BOMBARDIER TRANSPORTATION: COMPANY SNAPSHOT ..................................................................................... 199
TABLE 61. BOMBARDIER TRANSPORTATION: OPERATING SEGMENTS .................................................................................. 200
TABLE 62. BOMBARDIER TRANSPORTATION: PRODUCT PORTFOLIO ..................................................................................... 200
TABLE 63. BOMBARDIER TRANSPORTATION: R&D EXPENDITURE, 2018–2020 ($MILLION) ............................................ 201
TABLE 64. BOMBARDIER TRANSPORTATION: NET SALES, 2018–2020 ($MILLION)............................................................ 202
TABLE 65. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: KEY EXECUTIVES ............................................ 207
TABLE 66. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: COMPANY SNAPSHOT .................................. 207
TABLE 67. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: OPERATING SEGMENTS ............................... 208
TABLE 68. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: PRODUCT PORTFOLIO .................................. 208
TABLE 69. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: R&D EXPENDITURE, 2018–2020
($MILLION)...................................................................................................................................................................... 209
TABLE 70. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: NET SALES, 2018–2020 ($MILLION) ......... 210
TABLE 71. CRRC CORPORATION LIMITED: KEY EXECUTIVES .................................................................................................... 215
TABLE 72. CRRC CORPORATION LIMITED: COMPANY SNAPSHOT ........................................................................................... 215
TABLE 73. CRRC CORPORATION LIMITED: PRODUCT PORTFOLIO ........................................................................................... 216

Global Rolling TABLE 74. CRRC CORPORATION LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION) .................................................. 217
Stock Market TABLE 75. CRRC CORPORATION LIMITED: NET SALES, 2018–2020 ($MILLION) ................................................................. 218
Opportunity Analysis TABLE 76. HITACHI LTD.: KEY EXECUTIVES .................................................................................................................................. 222
2021-2030 TABLE 77. HITACHI LTD.: COMPANY SNAPSHOT ......................................................................................................................... 222
TABLE 78. HITACHI LTD: OPERATING SEGMENTS ....................................................................................................................... 223
27
TABLE 79. HITACHI LTD.: PRODUCT PORTFOLIO ......................................................................................................................... 224
TABLE 80. HITACHI LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ................................................................................ 225
TABLE 81. HITACHI LTD.: NET SALES, 2018–2020 ($MILLION) ............................................................................................... 226
TABLE 82. HYUNDAI CORPORATION: KEY EXECUTIVES.............................................................................................................. 230
TABLE 83. HYUNDAI CORPORATION: COMPANY SNAPSHOT .................................................................................................... 230
TABLE 84. HYUNDAI CORPORATION: OPERATING SEGMENTS ................................................................................................. 231
TABLE 85. HYUNDAI CORPORATION: PRODUCT PORTFOLIO .................................................................................................... 232
TABLE 86. HYUNDAI CORPORATION: NET SALES, 2018–2020 ($MILLION) ........................................................................... 233
TABLE 87. HYUNDAI CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS .......................................................... 235
TABLE 88. IHI CORPORATION: KEY EXECUTIVES ......................................................................................................................... 237
TABLE 89. IHI CORPORATION: COMPANY SNAPSHOT ................................................................................................................ 237
TABLE 90. IHI CORPORATION: OPERATING SEGMENTS ............................................................................................................. 238
TABLE 91. IHI CORPORATION: PRODUCT PORTFOLIO ................................................................................................................ 238
TABLE 92. IHI CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION) ....................................................................... 239
TABLE 93. IHI CORPORATION: NET SALES, 2018–2020 ($MILLION) ...................................................................................... 240
TABLE 94. KAWASAKI HEAVY INDUSTRIES, LTD.: KEY EXECUTIVES ........................................................................................ 244
Global Rolling
TABLE 95. KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT ............................................................................... 244
Stock Market
TABLE 96. KAWASAKI HEAVY INDUSTRIES, LTD.: OPERATING SEGMENTS ............................................................................ 245
and Industry Forecast, TABLE 97. KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT PORTFOLIO ............................................................................... 246
2021-2030
TABLE 98. KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ...................................... 247
TABLE 99. KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION) ..................................................... 248
28
TABLE 100. NIPPON SHARYO, LTD.: KEY EXECUTIVES ................................................................................................................. 251
TABLE 101. NIPPON SHARYO, LTD.: COMPANY SNAPSHOT ........................................................................................................ 252
TABLE 102. NIPPON SHARYO, LTD.: OPERATING SEGMENTS ..................................................................................................... 252
TABLE 103. NIPPON SHARYO, LTD.: PRODUCT PORTFOLIO ........................................................................................................ 253
TABLE 104. NIPPON SHARYO, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ............................................................... 254
TABLE 105. NIPPON SHARYO, LTD.: NET SALES, 2018–2020 ($MILLION)............................................................................... 255
TABLE 106. PESA BYDGOSZCZ SA: KEY EXECUTIVES ................................................................................................................... 257
TABLE 107. PESA BYDGOSZCZ SA: COMPANY SNAPSHOT.......................................................................................................... 258
TABLE 108. PESA BYDGOSZCZ SA: OPERATING SEGMENTS ....................................................................................................... 258
TABLE 109. PESA BYDGOSZCZ SA: PRODUCT PORTFOLIO .......................................................................................................... 259
TABLE 110. PPF GROUP N.V.: KEY EXECUTIVES............................................................................................................................. 261
TABLE 111. PPF GROUP N.V.: COMPANY SNAPSHOT ................................................................................................................... 261
TABLE 112. PPF GROUP N.V.: OPERATING SEGMENTS ................................................................................................................ 262
TABLE 113. PPF GROUP N.V.: PRODUCT PORTFOLIO ................................................................................................................... 263
TABLE 114. PPF GROUP N.V.: NET SALES, 2018–2020 ($MILLION) .......................................................................................... 264
TABLE 115. SIEMENS AG: KEY EXECUTIVES ................................................................................................................................... 268

Global Rolling
TABLE 116. SIEMENS AG: COMPANY SNAPSHOT.......................................................................................................................... 268
Stock Market
TABLE 117. SIEMENS AG: OPERATING SEGMENTS ....................................................................................................................... 269
and Industry Forecast, TABLE 118. SIEMENS AG: PRODUCT PORTFOLIO .......................................................................................................................... 269
2021-2030
TABLE 119. SIEMENS AG: R&D EXPENDITURE, 2018–2020 ($MILLION) ................................................................................. 270
TABLE 120. SIEMENS AG: NET SALES, 2018–2020 ($MILLION) ................................................................................................ 271
29
TABLE 121. STADLER RAIL AG: KEY EXECUTIVES ......................................................................................................................... 275
TABLE 122. STADLER RAIL AG: COMPANY SNAPSHOT ................................................................................................................ 275
TABLE 123. STADLER RAIL AG: OPERATING SEGMENTS ............................................................................................................. 276
TABLE 124. STADLER RAIL AG: PRODUCT PORTFOLIO ................................................................................................................ 276
TABLE 125. STADLER RAIL AG: NET SALES, 2018–2020 ($MILLION)....................................................................................... 277
TABLE 126. TALGO: KEY EXECUTIVES .............................................................................................................................................. 281
TABLE 127. TALGO: COMPANY SNAPSHOT .................................................................................................................................... 282
TABLE 128. TALGO: PRODUCT PORTFOLIO .................................................................................................................................... 282
TABLE 129. TALGO: NET SALES, 2018–2020 ($MILLION) ........................................................................................................... 283
TABLE 130. TALGO: KEY STRATEGIC MOVES AND DEVELOPMENTS .......................................................................................... 284
TABLE 131. TATRAVAGONKA A.S. POPRAD: KEY EXECUTIVES ................................................................................................... 285
TABLE 132. TATRAVAGONKA A.S. POPRAD: COMPANY SNAPSHOT .......................................................................................... 286
TABLE 133. TATRAVAGONKA A.S. POPRAD: PRODUCT PORTFOLIO .......................................................................................... 286
TABLE 134. THE GREENBRIER COMPANIES, INC.: KEY EXECUTIVES .......................................................................................... 288
TABLE 135. THE GREENBRIER COMPANIES, INC.: COMPANY SNAPSHOT ................................................................................ 288
TABLE 136. THE GREENBRIER COMPANIES, INC.: BUSINESS SEGMENT ................................................................................... 289
Global Rolling
TABLE 137. THE GREENBRIER COMPANIES, INC.: PRODUCT PORTFOLIO................................................................................. 289
Stock Market
TABLE 138. THE GREENBRIER COMPANIES, INC.: R&D EXPENDITURE, 2018–2020 ($MILLION) ........................................ 290
and Industry Forecast, TABLE 139. THE GREENBRIER COMPANIES, INC.: NET SALES, 2018–2020 ($MILLION) ....................................................... 291
2021-2030
TABLE 140. THE KINKI SHARYO CO., LTD.: KEY EXECUTIVES ...................................................................................................... 295
TABLE 141. THE KINKI SHARYO CO., LTD.: COMPANY SNAPSHOT ............................................................................................. 295
30
TABLE 142. THE KINKI SHARYO CO., LTD.: OPERATING SEGMENTS .......................................................................................... 296
TABLE 143. THE KINKI SHARYO CO., LTD.: PRODUCT PORTFOLIO ............................................................................................. 296
TABLE 144. THE KINKI SHARYO CO., LTD.: R&D EXPENDITURE, 2017–2019 ($MILLION)..................................................... 297
TABLE 145. TRANSMASHHOLDING: KEY EXECUTIVES .................................................................................................................. 300
TABLE 146. TRANSMASHHOLDING: COMPANY SNAPSHOT ........................................................................................................ 300
TABLE 147. TRANSMASHHOLDING: BUSINESS SEGMENT ........................................................................................................... 301
TABLE 148. TRANSMASHHOLDING: NET SALES, 2018–2020 ($MILLION) ............................................................................... 302
TABLE 149. TRINITY INDUSTRIES, INC.: KEY EXECUTIVES ............................................................................................................ 306
TABLE 150. TRINITY INDUSTRIES, INC.: COMPANY SNAPSHOT .................................................................................................. 306
TABLE 151. TRINITY INDUSTRIES, INC.: BUSINESS SEGMENT..................................................................................................... 307
TABLE 152. TRINITY INDUSTRIES, INC.: BUSINESS SEGMENT..................................................................................................... 307
TABLE 153. TRINITY INDUSTRIES, INC.: NET SALES, 2018–2020 ($MILLION) ......................................................................... 308
TABLE 154. WEBTEC CORPORATION: KEY EXECUTIVES ............................................................................................................... 311
TABLE 155. WEBTEC CORPORATION: COMPANY SNAPSHOT ..................................................................................................... 311
TABLE 156. WEBTEC CORPORATION: OPERATING SEGMENTS ................................................................................................... 312
TABLE 157. WEBTEC CORPORATION: PRODUCT PORTFOLIO ...................................................................................................... 312

Global Rolling
TABLE 158. WEBTEC CORPORATION: NET SALES, 2018–2020 ($MILLION) ............................................................................ 313
Stock Market
2021-2030
31
LIST OF FIGURES
FIGURE 01. KEY MARKET SEGMENTS ................................................................................................................................................42
FIGURE 02. EXECUTIVE SUMMARY .....................................................................................................................................................47
FIGURE 03. EXECUTIVE SUMMARY .....................................................................................................................................................48
FIGURE 04. TOP IMPACTING FACTORS ..............................................................................................................................................52
FIGURE 05. TOP INVESTMENT POCKETS............................................................................................................................................53
FIGURE 06. TOP WINNING STRATEGIES, BY YEAR, 2018–2021* ................................................................................................55
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2018–2021* ................................................................................................56
FIGURE 08. TOP WINNING STRATEGIES, BY COMPANY, 2018–2021*........................................................................................57
FIGURE 09. MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS ......................................................................................58
FIGURE 10. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS .....................................................................................................59
FIGURE 11. MODERATE THREAT OF SUBSTITUTES ..........................................................................................................................60
FIGURE 12. MODERATE-TO-HIGH INTENSITY OF RIVALRY ..............................................................................................................61
FIGURE 13. MODERATE BARGAINING POWER OF BUYERS ............................................................................................................62
FIGURE 14. MARKET SHARE ANALYSIS, 2020 .................................................................................................................................63

Global Rolling FIGURE 15. ROLLING STOCK MARKET SHARE, BY TYPE, 2020–2030 (%) ..................................................................................75
Stock Market FIGURE 16. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR LOCOMOTIVES, BY COUNTRY,
Opportunity Analysis 2020 & 2030 (%) .............................................................................................................................................................78
2021-2030 FIGURE 17. ROLLING STOCK MARKET FOR DIESEL LOCOMOTIVES, 2020–2030 ($MILLION) .................................................80
FIGURE 18. ROLLING STOCK MARKET FOR ELETRIC LOCOMOTIVES, 2020–2030 ($MILLION) ...............................................82
32
FIGURE 19. ROLLING STOCK MARKET FOR ELECTRO-DIESEL LOCOMOTIVES, 2020–2030 ($MILLION) ...............................83
FIGURE 20. ROLLING STOCK MARKET FOR OTHER LOCOMOTIVES, 2020–2030 ($MILLION) .................................................85
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR METROS, BY COUNTRY,
2020 & 2030 (%) .............................................................................................................................................................88
FIGURE 22. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR MONORAILS, BY COUNTRY,
2020 & 2030 (%) .............................................................................................................................................................91
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR TRAMS, BY COUNTRY,
2020 & 2030 (%) .............................................................................................................................................................94
FIGURE 24. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR FREIGHT WAGONS,
BY COUNTRY, 2020 & 2030 (%) ...................................................................................................................................97
FIGURE 25. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR PASSENGER COACHES,
BY COUNTRY, 2020 & 2030 (%) ................................................................................................................................ 100
FIGURE 26. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR OTHERS, BY COUNTRY,
2020 & 2030 (%) .......................................................................................................................................................... 103
FIGURE 27. ROLLING STOCK MARKET SHARE, BY END USE, 2020–2030 (%) ........................................................................ 104
FIGURE 28. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR PASSENGER TRANSIT,
BY COUNTRY, 2020 & 2030 (%) ................................................................................................................................ 108
FIGURE 29. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR CARGO TRAIN, BY COUNTRY,
Global Rolling 2020 & 2030 (%) .......................................................................................................................................................... 111
Stock Market FIGURE 30. ROLLING STOCK MARKET, BY REGION, 2020–2030 (%) ....................................................................................... 113
Opportunity Analysis FIGURE 31. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET, BY COUNTRY, 2020–2030 (%)................... 117
FIGURE 32. U.S. ROLLING STOCK MARKET, 2020–2030 ($MILLION) ....................................................................................... 119
2021-2030
FIGURE 33. CANADA ROLLING STOCK MARKET, 2020–2030 ($MILLION)............................................................................... 123
33
FIGURE 34. MEXICO ROLLING STOCK MARKET, 2020–2030 ($MILLION) ................................................................................ 127
FIGURE 35. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET, BY COUNTRY, 2020–2030 (%)................... 133
FIGURE 36. GERMANY ROLLING STOCK MARKET, 2020–2030 ($MILLION)............................................................................ 135
FIGURE 37. FRANCE ROLLING STOCK MARKET, 2020–2030 ($MILLION) ............................................................................... 138
FIGURE 38. U.K. ROLLING STOCK MARKET, 2020–2030 ($MILLION) ....................................................................................... 141
FIGURE 39. RUSSIA ROLLING STOCK MARKET, 2020–2030 ($MILLION) ................................................................................ 144
FIGURE 40. REST OF EUROPE ROLLING STOCK MARKET, 2020–2030 ($MILLION) ............................................................... 148
FIGURE 42. JAPAN ROLLING STOCK MARKET, 2020–2030 ($MILLION) .................................................................................. 156
FIGURE 43. CHINA ROLLING STOCK MARKET, 2020–2030 ($MILLION)................................................................................... 159
FIGURE 44. INDIA ROLLING STOCK MARKET, 2020–2030 ($MILLION) .................................................................................... 163
FIGURE 45. AUSTRALIA ROLLING STOCK MARKET, 2020–2030 ($MILLION) .......................................................................... 166
FIGURE 46. REST OF ASIA-PACIFIC ROLLING STOCK MARKET, 2020–2030 ($MILLION) ...................................................... 170
FIGURE 48. LATIN AMERICA ROLLING STOCK MARKET, 2020–2030 ($MILLION) .................................................................. 178
FIGURE 49. MIDDLE EAST ROLLING STOCK MARKET, 2020–2030 ($MILLION)...................................................................... 182
Global Rolling
FIGURE 50. AFRICA ROLLING STOCK MARKET, 2020–2030 ($MILLION)................................................................................. 186
Stock Market
FIGURE 51. ALSTOM: R&D EXPENDITURE, 2018–2020 ($MILLION) ......................................................................................... 192
and Industry Forecast, FIGURE 52. ALSTOM: NET SALES, 2018–2020 ($MILLION) ........................................................................................................ 193
2021-2030
FIGURE 53. ALSTOM: REVENUE SHARE BY SEGMENT, 2020 (%) ............................................................................................... 194
FIGURE 54. ALSTOM: REVENUE SHARE BY REGION, 2020 (%) ................................................................................................... 194
34
FIGURE 55. BOMBARDIER TRANSPORTATION: R&D EXPENDITURE, 2018–2020 ($MILLION) ............................................ 201
FIGURE 56. BOMBARDIER TRANSPORTATION: NET SALES, 2018–2020 ($MILLION)............................................................ 202
FIGURE 57. BOMBARDIER TRANSPORTATION: REVENUE SHARE BY SEGMENT, 2020 (%) ................................................... 203
FIGURE 58. BOMBARDIER TRANSPORTATION: REVENUE SHARE BY REGION, 2020 (%) ...................................................... 203
FIGURE 59. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: R&D EXPENDITURE, 2018–2020
($MILLION)...................................................................................................................................................................... 209
FIGURE 60. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: NET SALES, 2018–2020 ($MILLION) ......... 210
FIGURE 61. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: REVENUE SHARE BY SEGMENT,
2020 (%) ......................................................................................................................................................................... 211
FIGURE 62. CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.: REVENUE SHARE BY REGION,
2020 (%) ......................................................................................................................................................................... 211
FIGURE 63. CRRC CORPORATION LIMITED: R&D EXPENDITURE, 2018–2020 ($MILLION) .................................................. 217
FIGURE 64. CRRC CORPORATION LIMITED: NET SALES, 2018–2020 ($MILLION) ................................................................. 218
FIGURE 65. CRRC CORPORATION LIMITED: REVENUE SHARE BY REGION, 2020 (%) ............................................................ 219
FIGURE 66. HITACHI LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ................................................................................ 225
FIGURE 67. HITACHI LTD.: NET SALES, 2018–2020 ($MILLION) ............................................................................................... 226
FIGURE 68. HITACHI LTD.: REVENUE SHARE BY SEGMENT, 2020 (%) ....................................................................................... 227
Global Rolling
FIGURE 69. HITACHI LTD.: REVENUE SHARE BY REGION, 2020 (%) .......................................................................................... 227
Stock Market
FIGURE 70. HYUNDAI CORPORATION: NET SALES, 2018–2020 ($MILLION) ........................................................................... 233
and Industry Forecast, FIGURE 71. HYUNDAI CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%) .................................................................. 234
2021-2030
FIGURE 72. HYUNDAI CORPORATION: REVENUE SHARE BY REGION, 2020 (%)...................................................................... 234
FIGURE 73. IHI CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION) ....................................................................... 239
35
FIGURE 74. IHI CORPORATION: NET SALES, 2018–2020 ($MILLION) ...................................................................................... 240
FIGURE 75. IHI CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%).............................................................................. 241
FIGURE 76. IHI CORPORATION: REVENUE SHARE BY REGION, 2020 (%) ................................................................................. 241
FIGURE 77. KAWASAKI HEAVY INDUSTRIES, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ...................................... 247
FIGURE 78. KAWASAKI HEAVY INDUSTRIES, LTD.: NET SALES, 2018–2020 ($MILLION) ..................................................... 248
FIGURE 79. KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY SEGMENT, 2020 (%) ............................................. 249
FIGURE 80. KAWASAKI HEAVY INDUSTRIES, LTD.: REVENUE SHARE BY REGION, 2020 (%) ................................................ 249
FIGURE 81. NIPPON SHARYO, LTD.: R&D EXPENDITURE, 2018–2020 ($MILLION) ............................................................... 254
FIGURE 82. NIPPON SHARYO, LTD.: NET SALES, 2018–2020 ($MILLION)............................................................................... 255
FIGURE 83. NIPPON SHARYO, LTD.: REVENUE SHARE BY SEGMENT, 2020 (%) ...................................................................... 256
FIGURE 84. NIPPON SHARYO, LTD.: REVENUE SHARE BY REGION, 2020 (%) ......................................................................... 256
FIGURE 85. PPF GROUP N.V.: NET SALES, 2018–2020 ($MILLION) .......................................................................................... 264
FIGURE 86. PPF GROUP N.V.: REVENUE SHARE BY SEGMENT, 2020 (%) ................................................................................. 265
FIGURE 87. SIEMENS AG: R&D EXPENDITURE, 2018–2020 ($MILLION) ................................................................................. 270
FIGURE 88. SIEMENS AG: NET SALES, 2018–2020 ($MILLION) ................................................................................................ 271
FIGURE 89. SIEMENS AG: REVENUE SHARE BY SEGMENT, 2020 (%)........................................................................................ 272
Global Rolling
FIGURE 90. SIEMENS AG: REVENUE SHARE BY REGION, 2020 (%) ........................................................................................... 272
Stock Market
FIGURE 91. STADLER RAIL AG: NET SALES, 2018–2020 ($MILLION)....................................................................................... 277
and Industry Forecast, FIGURE 92. STADLER RAIL AG: REVENUE SHARE BY SEGMENT, 2020 (%) .............................................................................. 278
2021-2030
FIGURE 93. STADLER RAIL AG: REVENUE SHARE BY REGION, 2020 (%) ................................................................................. 278
FIGURE 94. TALGO: NET SALES, 2018–2020 ($MILLION) ........................................................................................................... 283
36
FIGURE 95. THE GREENBRIER COMPANIES, INC.: R&D EXPENDITURE, 2018–2020 ($MILLION) ........................................ 290
FIGURE 96. THE GREENBRIER COMPANIES, INC.: NET SALES, 2018–2020 ($MILLION) ....................................................... 291
FIGURE 97. THE GREENBRIER COMPANIES, INC.: REVENUE SHARE BY SEGMENT, 2020 (%) .............................................. 292
FIGURE 98. THE GREENBRIER COMPANIES, INC.: REVENUE SHARE BY REGION, 2020 (%) .................................................. 292
FIGURE 99. THE KINKI SHARYO CO., LTD.: NET SALES, 2017–2019 ($MILLION).................................................................... 297
FIGURE 100. THE KINKI SHARYO CO., LTD.: REVENUE SHARE BY SEGMENT, 2019 (%) ........................................................... 298
FIGURE 101. THE KINKI SHARYO CO., LTD.: REVENUE SHARE BY REGION, 2019 (%) .............................................................. 298
FIGURE 102. TRANSMASHHOLDING: NET SALES, 2018–2020 ($MILLION) ............................................................................... 302
FIGURE 103. TRANSMASHHOLDING: REVENUE SHARE BY SEGMENT, 2020 (%) ...................................................................... 303
FIGURE 104. TRINITY INDUSTRIES, INC.: NET SALES, 2018–2020 ($MILLION) ......................................................................... 308
FIGURE 105. TRINITY INDUSTRIES, INC.: REVENUE SHARE BY SEGMENT, 2020 (%) ................................................................ 309
FIGURE 106. WEBTEC CORPORATION: NET SALES, 2018–2020 ($MILLION) ............................................................................ 313
FIGURE 107. WEBTEC CORPORATION: REVENUE SHARE BY SEGMENT, 2020 (%) ................................................................... 314
FIGURE 108. WEBTEC CORPORATION: REVENUE SHARE BY REGION, 2020 (%) ....................................................................... 314
Global Rolling
Stock Market
2021-2030
37
CHAPTER 1: INTRODUCTION
1.1. Report description
Rolling stock term is used in railway transportation industry, which refers to any vehicle that can move on rail-
road. It includes powered vehicles such as locomotives and unpowered vehicles such as freight wagons,
passenger coaches, and more. Presently, there is rise in trend of the autonomous rolling stocks. For example,
automated trains or the driverless trains, which do not involve a driver to carry out its operations or working.
They operate automatically and are monitored or controlled from the control station. Further, in case of any
obstacle incurred in the route, a message is sent to operational control center and to the attendant on the train,
to stop the train.
It is considered to be one of the most cost-effective modes of conveyance for commuters as well as for
transporting heavy or bulky goods over long distances. It can also be easily customized as per the exact
requirements of the end user and provides a larger carrying capacity in comparison to other forms of
transportation.
Factors such as increase in allocation of the budget for development of railways, rise in demand for secure,
safer, & efficient transport, and increase in use of public transport services as a solution to minimize traffic
Global Rolling
congestions drive the growth of the rolling stock market. However, high capital requirement and refurbishment
Stock Market
of existing rolling stock are anticipated to hamper the growth of the rolling stock market. Further, increase in
and Industry Forecast, development & testing of autonomous train, improvement in railway infrastructure, particularly in developing
2021-2030 countries, and rise in industrial & mining activity are expected to create numerous opportunities for rolling stock
market expansion.
38
The rolling stock market is segmented on the basis of type, end use, and region. By type, it is divided into
locomotive, metro, monorail, tram, freight wagons, passenger coaches, and others. By end use, it is classified
into passenger transit and cargo train. By region, it is analyzed across North America, Europe, Asia-Pacific, and
LAMEA.
The major companies profiled in the rolling stock market share include Alstom, Bombardier Transportation,
Construcciones Y Auxiliar De Ferrocarriles, S.A (CAF), CRRC Corporation Limited, Hitachi, Ltd., Hyundai
Corporation, IHI Corporation, Kawasaki Heavy Industries, Ltd., Nippon Sharyo, Ltd., Pesa Bydgoszcz SA, PPF
Group N.V., Siemens AG, Stadler Rail AG, Talgo, Tatravagonka A.S. Poprad, The Greenbrier Companies, Inc., The
Kinki Sharyo Co., Ltd., Transmashholding, Trinity Industries, Inc., and Wabtec Corporation
1.2. Key benefits for stakeholders

• This study includes the analytical depiction of the rolling stock market along with current trends and
future estimations to determine the imminent investment pockets.
• The report presents information regarding key drivers, restraints, and opportunities.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the financial competency
of the industry.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Global Rolling
Stock Market
2021-2030
39
1.3. Key market segments
By Type
• Locomotive
o Diesel
o Electric
o Electro-Diesel
o Others
• Metro
• Monorail
• Tram
• Freight Wagons
• Passenger Coaches
• Others
By End Use
• Passenger Transit
Global Rolling • Cargo Train
Stock Market
2021-2030
40
By Region
• North America • Asia-Pacific
o U.S. o Japan
o Canada o China
o Mexico o India
• Europe o Australia
o Germany o Rest of Asia-Pacific
o France • LAMEA
o UK o Latin America
o Russia o Middle East
o Rest of Europe o Africa
Global Rolling
Stock Market
2021-2030
41
FIGURE 01. KEY MARKET SEGMENTS
• Locomotives
• Metros
• Monorails
• Trams
• Freight Wagons
• Passenger Coaches
• Others
BY
TYPE
• North America
• Passenger • Europe
Global Rolling Transit • Asia-Pacific
Stock Market • Cargo Train • LAMEA
and Industry Forecast, Source: AMR Analysis
2021-2030
42
1.4. Research methodology
With collective industry experience of about 100 years of its analysts and experts, Allied Market Research (AMR)
encompasses the most infallible research methodology for its market intelligence and industry analysis. Not
only does the company dig deep into the innermost levels of the market, but also examines the minutest details
for its market estimates and forecasts.
This approach helps build a greater market-specific view for size, shape, and industry trends within each industry
segment. Various industry trends and real-time developments are factored into identify key growth factors and
the future course of the market. The research proceeds are the results of high quality data, expert views &
analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the
global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
AMR offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely
include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry
experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a
particular industry segment. These analytical tools and models distill the data & statistics and enhance the
accuracy of our recommendations and advice. With AMR’s calibrated research process and 360° data-evaluation
methodology, the clients receive:
Global Rolling
Stock Market
2021-2030
43
• Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic
business planning
• Technologically sophisticated and reliable insights through a well-audited and veracious research
methodology
• Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, AMR ensures that its research and analysis is most reliable and guarantees sound
business planning.
The research methodology of the rolling stock market involves extensive primary and secondary research.
Primary research includes about 12 hours of interviews and discussions with a wide range of stakeholders that
include upstream and downstream participants. Primary research typically is a bulk of our research efforts,
coherently supported by extensive secondary research. Over 2,765 product literatures, industry releases, annual
reports, and other such documents of key industry participants have been reviewed to obtain a better market
understanding and gain an enhanced competitive intelligence. In addition, authentic industry journals, trade
associations’ releases, and government websites have also been reviewed to generate high value industry
insights.
Global Rolling
Stock Market
2021-2030
44
1.4.1. Primary research
Primary research efforts include reaching out to participants through emails, telephonic-conversations, referrals,
professional networks, and formal interactions. AMR also maintains professional corporate relations with various
companies that make way for greater flexibility in reaching out to industry participants and commentators for
interviews and discussions. The aforementioned helps to:
• Validate and improve data quality and strengthen the research proceeds
• Develop a market understanding and expertise
• Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel. These
participants include, but are not limited to:
• Chief executives and VPs of leading corporations specific to an industry

• Product and sales managers or country heads; channel partners & top-level distributors; banking,
investments, and valuation experts
• Key opinion leaders (KOLs)
Global Rolling
Stock Market
2021-2030
45
1.4.2. Secondary research
A broad array of industry sources for the secondary research typically includes, but is not limited to:
• Company SEC filings, annual reports, company websites, broker & financial reports, and investor
presentations for a competitive scenario and shape of the industry
• Patent and regulatory databases to understand technical & legal developments
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles, web-casts, and other related releases to evaluate the market
• Internal and external proprietary databases, key market indicators, and relevant press releases for
market estimates and forecasts
1.4.3. Analyst tools and models

AMR has developed a set of analyst tools and data models to supplement and expedite the analysis process
corresponding to markets where there is a significant lack of information and estimates. These models help
interpret qualitative and quantitative industry indicators to obtain industry estimates. These models examine
the prospects and opportunities that are predominant in the market.
Global Rolling
Stock Market
2021-2030
46
CHAPTER 2: EXECUTIVE SUMMARY
The global rolling stock market was valued at $XX million in 2020, and is projected to reach $XX million by 2030,
registering a CAGR of XX% from 2021 to 2030. The rolling stock market is driven by factors such as increase in
allocation of the budget for development of railways, rise in demand for secure, safer, & efficient transport, and
surge in use of public transport services as a solution to minimize traffic congestions. However, high capital
requirement and refurbishment of existing rolling stock restrict the market growth. Moreover, improvement in
railway infrastructure, particularly in developing countries, and increase in industrial & mining activity create
lucrative growth opportunities for the market.
FIGURE 02. EXECUTIVE SUMMARY
REVENUE-2020 FORECAST-2030 CAGR

SEGMENT SUBSEGMENT
($Million) ($Million) (2021-2030)
Locomotives XX XX XX%
Metros XX XX XX%
Monorails XX XX XX%
By Type Trams XX XX XX%
Freight Wagons XX XX XX%

Global Rolling Passenger Coaches XX XX XX%
Stock Market Others XX XX XX%
Opportunity Analysis Passenger Transit XX XX XX%
and Industry Forecast, By End Use
2021-2030 Cargo Train XX XX XX%
Source: AMR Analysis
47
FIGURE 03. EXECUTIVE SUMMARY
REVENUE-2020 FORECAST-2030 CAGR

REGION COUNTRY
($Million) ($Million) (2021-2030)
U.S. XX XX XX%
North America Canada XX XX XX%
Mexico XX XX XX%
Germany XX XX XX%
France XX XX XX%
Europe UK XX XX XX%
Russia XX XX XX%
Rest of Europe XX XX XX%
Japan XX XX XX%
China XX XX XX%
Asia-Pacific India XX XX XX%
Australia XX XX XX%
Rest of Asia-Pacific XX XX XX%
Latin America XX XX XX%
LAMEA Middle East XX XX XX%

Global Rolling
Africa XX XX XX%
Stock Market Source: AMR Analysis
2021-2030
48
2.1. CXO perspective
In accordance with the insights by the CXOs of leading companies, the rolling stock market is projected to
witness low-to-moderate growth rate, owing to growth in population along with increase in globalization and
rise in purchasing power. Companies in this industry are adopting various innovative techniques to provide
customers with advanced and innovative feature offerings.
The rolling stock market is driven by increase in allocation of the budget for the development of railways, rise
in demand for secure, safer, & efficient transport, and surge in use of public transport services as a solution to
minimize traffic congestions. For instance, Indian Railways (IR) announced the target to manufacture XX
locomotives, coaches and wagons in 2022, up from XX in 2021 at a cost of around $XX billion (INR XX crore).
However, high capital requirement, and refurbishment of existing rolling stock restrict the market growth.
Moreover, improvement in railway infrastructure, particularly in developing countries, and increase in industrial
& mining activity are expected to create lucrative opportunities in near future for the rolling stock market.
Among the analyzed regions, Europe is expected to account for the highest revenue in the global market in
2020. However, Asia-Pacific is expected to grow at a higher rate, predicting lucrative opportunities for the key
players operating in the rolling stock market.
Global Rolling
Stock Market
2021-2030
49
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
Rolling stock refers to all wheeled vehicles that run on railway tracks and includes both powered & unpowered
coaches, locomotive, carriages, passenger cars, freight wagons, and any car or railway equipment designed for
movement on its wheels on the rails of a railway. Passenger transit includes trains that are used to transport
passengers from one place to another. However, cargo train is a freight train, which is used to transport goods
or products from one place to another. Cargo train offers extensive applicability in various industries such as oil
& gas, automotive, and mining where tank wagons are used to transport multiple deliverables, industrial
chemicals, petrol, and diesel. Rolling stock such as locomotives are powered with various propulsion types such
as diesel, electric, electro-diesel, and others.
The rolling stock market is driven by factors such as increase in allocation of the budget for development of
railways, rise in demand for secure, safer, and efficient transport, and surge in use of public transport as a
solution to minimize traffic congestions. However, high capital requirement and refurbishment of existing rolling
stock are anticipated to hamper the growth of the rolling stock market. Further, increase in development &
testing of autonomous train, improvement in railway infrastructure, particularly in developing countries, and
Global Rolling rise in industrial & mining activity are expected to create numerous opportunities for rolling stock market
Stock Market expansion.
2021-2030
50
The rolling stock market is segmented on the basis of type, end use, and region. By type, it is divided into
locomotive, metro, monorail, tram, freight wagons, passenger coaches, and others. By end use, it is classified
into passenger transit and cargo train. By region, the market is analyzed across North America, Europe, Asia-
Pacific, and LAMEA.
Alstom, Bombardier Transportation, Construcciones Y Auxiliar De Ferrocarriles, S.A (CAF), CRRC Corporation
Limited, Hitachi, Ltd., Hyundai Corporation, IHI Corporation, Kawasaki Heavy Industries, Ltd., Nippon Sharyo,
Ltd., Pesa Bydgoszcz SA, PPF Group N.V., Siemens AG, Stadler Rail AG, Talgo, Tatravagonka A.S. Poprad, The
Greenbrier Companies, Inc., The Kinki Sharyo Co., Ltd., Transmashholding, Trinity Industries, Inc. and Wabtec
Corporation are the major key players profiled in the rolling stock market report.
3.2. Key findings

3.2.1. Top investment pockets
The following graph represents the growth potential of the market through different rolling stock types such as
locomotives, metros, monorails, trams, freight wagons, passenger coaches, and others. The freight wagons
segment accounts for the highest revenue, owing to surge in demand for rail freight transportation from
developing countries, as rail transport serves as the most reliable, cheap, and efficient mode of transportation.
Global Rolling The others (hyperloop & bullet trains), metros, and locomotives segment act as the top investment pockets of
Stock Market the rolling stock market due to increase in allocation of the budget for development of railways and upsurge in
Opportunity Analysis demand for secure, safer, and efficient transport

2021-2030
51
The graph below depicts the top investment pockets with respect to the growth rate and market attractiveness.
FIGURE 04. TOP INVESTMENT POCKETS
Market Attractiveness
Market Growth
Source: Source: Primary & Secondary Research and AMR Analysis
Global Rolling
Stock Market
2021-2030
52
CHAPTER 4: ROLLING STOCK MARKET, TYPE
4.1. Overview
On the basis of type, the rolling stock market is segmented into locomotives, metros, monorails, trams, freight
wagons, passenger coaches, and others. The freight wagons segment was the highest revenue contributor to
the market in 2020, owing to rise in freight rail transportation, as it is cheap and reliable.
registering a CAGR of XX% from 2021 to 2030. The freight wagons segment was the highest contributor to the
market, with $XX million in 2020, and is estimated to reach $XX million by 2030, at a CAGR of XX% during the
forecast period.
The metros segment is estimated to reach $XX million by 2030, at a CAGR of XX%. The freight wagons and
passenger coaches segments collectively accounted for around XX% market share in 2020, with the former
constituting around XX% share. The metros and locomotives segments are expected to witness significant
CAGRs of XX% and XX%, respectively, during the forecast period. The cumulative share of these two segments
was XX% in 2020, and is anticipated to reach XX% by 2030.
Global Rolling
Stock Market
2021-2030
53
FIGURE 05. ROLLING STOCK MARKET SHARE, BY TYPE, 2020 2030 (%)
XX% XX% XX% XX% XX% XX% XX% XX% XX% XX% XX%
XX% XX% XX% XX% XX% XX% XX% XX% XX% XX%
XX%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Locomotives Metros Monorails Trams Freight Wagons Passenger Coaches Others
TABLE 01. ROLLING STOCK MARKET, BY TYPE, 2020 2030 ($MILLION)

CAGR%
TYPE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Locomotives XX XX XX XX XX XX XX XX XX XX XX XX%
Metros XX XX XX XX XX XX XX XX XX XX XX XX%
Monorails XX XX XX XX XX XX XX XX XX XX XX XX%
Global Rolling
Trams XX XX XX XX XX XX XX XX XX XX XX XX%
Freight Wagons
Stock Market
XX XX XX XX XX XX XX XX XX XX XX XX%
Passenger Coaches XX XX XX XX XX XX XX XX XX XX XX XX%

Others XX XX XX XX XX XX XX XX XX XX XX XX%
2021-2030 Total XX XX XX XX XX XX XX XX XX XX XX XX%
54
4.2. Locomotives
Locomotive is the primary part of the train, which is called as the rail engine. Based on various modes of
propulsion type, locomotives are available in the form of diesel propulsion engine, electric propulsion engine,
electro-diesel propulsion engine, or it can be of fuel cell engine or others. Such locomotives are self-propelled.
However, metros, monorails, and trams are not equipped with locomotives.
4.2.1. Key market trends, growth factors, and opportunities

The factors such as expansion of rail networks in developed and developing nations, significant investment in
the development of railway infrastructure for freight and high-speed trains, and innovative up gradation in
trains are some primary factors propelling the demand for locomotive. In addition, increase in investment on
R&D coupled with significant technological advancements in the field of locomotive also propel the segmental
growth. For instance, in March 2020, Czech locomotive manufacturer CZ Loko introduced three new hybrid
locomotives called DualShunter XX, EffiLiner XX and DualLiner XX. The new range of locomotives is based CZ
Loko’s HybridShunter XX, which uses battery power but has a CAT C4.4 backup diesel engine with an output of
about XX kW. Furthermore, increase in adoption of autonomous locomotives, and rise in demand for reduced
weight of locomotive to enhance fuel efficiency are opportunistic for the key players operating in the global
rolling stock market.
Global Rolling
Stock Market U.S. and China collectively accounted for around XX% market share in 2020, with the former constituting around
Opportunity Analysis XX% share. Japan and Mexico are expected to witness significant CAGRs of XX% and XX%, respectively, during
and Industry Forecast, the forecast period. The cumulative share of these two countries was XX% in 2020, and is anticipated to reach
2021-2030
XX% by 2030.
55
4.2.2. Market size and forecast, by region
The rolling stock market for locomotives was valued at $XX million in 2020, and is projected to reach $XX million
by 2030, growing at a CAGR of XX% from 2021 to 2030. Europe was the highest contributor with $XX million in
2020, and is anticipated to reach $XX million by 2030, registering a CAGR of XX%. Asia-Pacific is anticipated to
reach $XX million by 2030 at a CAGR of XX%. Europe and Asia-Pacific collectively accounted for around XX%
share of the rolling stock market for locomotives in 2020, with the former constituting around XX% share. Asia-
Pacific and LAMEA are expected to witness significant CAGRs of XX% and XX% respectively, during the forecast
period. The cumulative share of these two regions was XX% in 2020, and is anticipated to reach XX% by 2030.
TABLE 02. ROLLING STOCK MARKET REVENUE FOR LOCOMOTIVES, BY REGION, REGION, 2020 2030 ($MILLION)
CAGR%
REGION 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
North America XX XX XX XX XX XX XX XX XX XX XX XX%
Europe XX XX XX XX XX XX XX XX XX XX XX XX%
Asia-Pacific XX XX XX XX XX XX XX XX XX XX XX XX%
LAMEA XX XX XX XX XX XX XX XX XX XX XX XX%
Total XX XX XX XX XX XX XX XX XX XX XX XX%
Global Rolling Source: AMR Analysis
Stock Market
2021-2030
56
4.2.3. Market analysis, by country
FIGURE 06. COMPARATIVE SHARE ANALYSIS OF ROLLING STOCK MARKET FOR LOCOMOTIVES, BY COUNTRY, 2020 & 2030
(%)
2020 2030
XX XX XX
XX XX XX XX XX XX
XX XX XX XX
XX XX
XX XX XX
XX XX XX XX XX
XX XX XX XX XX XX XX XX
XX
Middle East
UK
U.S.
Africa
Australia
Rest of Asia-Pacific
France
Russia
Latin America
India
Rest of Europe
Mexico
Germany
China
Canada
Japan
Global Rolling
Stock Market
2021-2030
57
CHAPTER 5: ROLLING STOCK MARKET, BY END USE
5.1. Overview
Depending on end use, the rolling stock market is bifurcated into passenger transit and cargo train.
registering a CAGR of XX% from 2021 to 2030. The cargo train segment was the highest contributor to the
market, with $XX million in 2020, and is estimated to reach $XX million by 2030, at a CAGR of XX% during the
forecast period. The passenger transit segment is estimated to reach $XX million by 2030 at a CAGR of XX%.
TABLE 03. ROLLING STOCK MARKET, BY END USE, 2020 2030 ($MILLION)
CAGR%
END-USE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Passenger Transit XX XX XX XX XX XX XX XX XX XX XX XX%
Cargo Train XX XX XX XX XX XX XX XX XX XX XX XX%
Global Rolling
Stock Market
2021-2030
58
5.1.1. Market size and forecast, by region
The rolling stock market for passenger transit was valued at $XX million in 2020, and is projected to reach $XX
million by 2030, growing at a CAGR of XX% from 2021 to 2030. Europe was the highest contributor with $XX million
in 2020, and is anticipated to reach $XX million by 2030, registering a CAGR of XX%. Asia-Pacific is anticipated to
reach $XX million by 2030 at a CAGR of XX%. Europe and Asia-Pacific collectively accounted for around XX% share
of the rolling stock market for passenger transit in 2020, with the former constituting around XX% share.
Asia-Pacific and LAMEA are expected to witness significant CAGRs of XX% and XX% respectively, during the forecast
period. The cumulative share of these two regions was XX% in 2020, and is anticipated to reach XX% by 2030.
TABLE 04. ROLLING STOCK MARKET REVENUE FOR PASSENGER TRANSIT, BY REGION, REGION, 2020 2030 ($MILLION)
CAGR%
REGION 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Europe XX XX XX XX XX XX XX XX XX XX XX XX%
LAMEA XX XX XX XX XX XX XX XX XX XX XX XX%
Global Rolling Source: AMR Analysis
Stock Market
2021-2030
59
CHAPTER 6: ROLLING STOCK MARKET, BY REGION
6.1. Overview
The rolling stock market is geographically analyzed across North America, Europe, Asia-Pacific, and LAMEA.
registering a CAGR of XX%. Europe was the highest revenue contributor, accounting for $XX million in 2020,
and is estimated to reach $XX million by 2030, with a CAGR of XX%. Asia-Pacific is estimated to reach $XX
million by 2030, at a significant CAGR of XX%.
Europe and Asia-Pacific collectively accounted for around XX% share in 2020, with the former constituting
around XX% share. Asia-Pacific and LAMEA are expected to witness considerable CAGRs of XX% and XX%,
respectively, during the forecast period. The cumulative share of these two regions was XX% in 2020, and is
anticipated to reach XX% by 2030.
TABLE 05. ROLLING STOCK MARKET, BY REGION, 2020 2030 ($MILLION)

CAGR%
REGION 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)

Global Rolling Europe XX XX XX XX XX XX XX XX XX XX XX XX%
Stock Market
and Industry Forecast, LAMEA XX XX XX XX XX XX XX XX XX XX XX XX%
2021-2030
60
6.2. North America
North America is studied across the U.S., Canada, and Mexico. U.S. accounts for the highest market share, owing
to considerable freight shipments and complex rail network infrastructure coupled with rail automation. Canada
and Mexico are major markets in this region.
6.2.1. Key market trends, growth factors, and opportunities

Presence of leading rolling stock manufacturers including General Electric, Bombardier, and others and rise in
number of industries opting for use of rolling stock over other modes of transport are the key factors driving
the growth of the rolling stock market in North America. In addition, expansion of leading market players in the
region is also expected to propel the market growth in North America. For instance, in June 2019, mobility
solution provider Bombardier Transportation announced opening a rail car assembly site in Pittsburg, California.
The first rail equipment off the Pittsburg assembly line will be the “Fleet of the Future” rail cars from
Bombardier’s XX-car contract with San Francisco Bay Area Rapid Transit District (BART). Through this new facility
company aims to increase its production capabilities and sale in the American countries.
U.S. and Canada collectively accounted for around XX% share in 2020, with the former constituting around XX%
share. Mexico and Canada are expected to witness considerable CAGRs of XX% and XX%, respectively, during
Global Rolling the forecast period. The cumulative share of these two countries was XX% in 2020, and is anticipated to reach
Stock Market XX% by 2030.
2021-2030
61
6.2.2. Market size and forecast, by type
The North America rolling stock market was valued at $XX million in 2020, and is projected to reach $XX million
by 2030, growing at a CAGR of XX% from 2021 to 2030. The freight wagons segment was the highest contributor
with $XX million in 2020, and is estimated to reach $XX million by 2030, registering a CAGR of XX%. The metros
segment is estimated to reach $XX million by 2030 at a CAGR of XX%. The freight wagons and passenger
coaches segments collectively accounted for around XX% share in 2020, with the former constituting around
XX% share. The metros and locomotives segments are expected to witness significant CAGRs of XX% and XX%
respectively, during the forecast period. The cumulative share of these two segments was XX% in 2020, and is
TABLE 06. NORH AMERICA ROLLING STOCK MARKET, BY TYPE, 2020 2030 ($MILLION)
CAGR%
TYPE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Global Rolling Freight Wagons XX XX XX XX XX XX XX XX XX XX XX XX%
Stock Market Passenger Coaches XX XX XX XX XX XX XX XX XX XX XX XX%
Opportunity Analysis Others XX XX XX XX XX XX XX XX XX XX XX XX%

62
6.2.3. Market size and forecast, by end use
The North America rolling stock market was valued at $XX million in 2020, and is projected to reach $XX million
by 2030, growing at a CAGR of XX% from 2021 to 2030. The cargo train segment was the highest contributor
with $XX million in 2020, and is estimated to reach $XX million by 2030, registering a CAGR of XX%. The
passenger transit segment is estimated to reach $XX million by 2030 at a CAGR of XX%.
TABLE 07. NORTH AMERICA ROLLING STOCK MARKET, BY END USE, 2020 2030 ($MILLION)
CAGR%
END-USE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Global Rolling
Stock Market
2021-2030
63
6.2.3.1. U.S.
Increase in investments by service providers for advancement and upgradation of existing fleet is one of the
key factors fueling the market growth in the region. For instance, July 2021, U.S. national passenger railroad
service provider Amtrak, awarded a $XX billion contract to Siemens Mobility to manufacture a new fleet of up
to XX multi-powered modern trains, including dual power & hybrid battery trains that will be leveraged for state
and northeast services, with further options for up to XX additional trains to support Amtrak growth plans.
These new trains will reshape the future of rail travel by replacing ageing XX-to-XX-year-old fleet with state-of-
the-art, American-made equipment. In addition, rise in investment in modern technology to benefit commuters
further offers future opportunities for market expansion in the U.S. For instance, in April 2021, New York-based
commuter rail system Long Island Rail Road (LIRR) has signed an agreement with Alstom to test electric
commuter trains on the Oyster Bay Branch route. In future, these railcars will replace the diesel commuter trains,
which are being operated on the LIRR or Metro-North Railroad.
Global Rolling
Stock Market
2021-2030
64
FIGURE 07. U.S. ROLLING STOCK MARKET, 2020 2030 ($MILLION)
CAGR XX%
XX XX XX XX
XX XX XX
XX XX XX
XX
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
6.2.3.1.1. Market size and forecast, by type
The U.S. rolling stock market was valued at $XX million in 2020, and is projected to reach $XX million by 2030,
registering a CAGR of XX%. The freight wagons segment was the highest revenue contributor with $XX million
in 2020, and is estimated to reach $XX million by 2030, registering a CAGR of XX%. The metros segment is
estimated to reach $XX million by 2030, at a significant CAGR of XX%. The freight wagons and passenger
Global Rolling coaches segments collectively accounted for around XX% share in 2020, with the former constituting around
Stock Market XX% share.
2021-2030
65
The metros and locomotives segments are expected to witness considerable CAGRs of XX% and XX%,
respectively, during the forecast period. The cumulative share of these two segments was XX% in 2020, and is
TABLE 08. U.S. ROLLING STOCK MARKET, BY TYPE, 2020 2030 ($MILLION)
CAGR%
TYPE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Freight Wagons XX XX XX XX XX XX XX XX XX XX XX XX%
6.2.3.1.2. Market size and forecast, by end use

Global Rolling
The U.S. rolling stock market was valued at $XX million in 2020, and is projected to reach $XX million by 2030,
Stock Market
registering a CAGR of XX%. The cargo train segment was the highest revenue contributor with $XX million in
and Industry Forecast, 2020, and is estimated to reach $XX million by 2030, registering a CAGR of XX%. The passenger transit segment
2021-2030 is estimated to reach $XX million by 2030, at a significant CAGR of XX%.
66
TABLE 09. U.S. ROLLING STOCK MARKET, BY END USE, 2020 2030 ($MILLION)
CAGR%
END-USE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)
Global Rolling
Stock Market
2021-2030
67
6.2.3.2. Canada
TABLE 10. CANADA ROLLING STOCK MARKET, BY TYPE, 2020 2030 ($MILLION)
CAGR%
TYPE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)

TABLE 11. CANADA ROLLING STOCK MARKET, BY END USE, 2020 2030 ($MILLION)
Global Rolling END-USE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
CAGR%
(2021-2030)
Stock Market Passenger Transit XX XX XX XX XX XX XX XX XX XX XX XX%
Cargo Train
and Industry Forecast, XX XX XX XX XX XX XX XX XX XX XX XX%
68
6.2.3.3. Mexico
TABLE 12. MEXICO ROLLING STOCK MARKET, BY TYPE, 2020 2030 ($MILLION)
CAGR%
TYPE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(2021-2030)

TABLE 13. MEXICO ROLLING STOCK MARKET, BY END USE, 2020 2030 ($MILLION)
Global Rolling END-USE 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
CAGR%
(2021-2030)
Stock Market Passenger Transit XX XX XX XX XX XX XX XX XX XX XX XX%
Cargo Train
and Industry Forecast, XX XX XX XX XX XX XX XX XX XX XX XX%
69
CHAPTER 7: COMPANY PROFILES
7.1. ALSTOM
Address 1
Address 2
Country
Tel.: XX-XXX-XXXX
Website: www.XXXXXX.com
7.1.1. Company overview
SAMPLE TEXT
Global Rolling
Stock Market
2021-2030
70
7.1.2. Key executives
TABLE 14. ALSTOM: KEY EXECUTIVES
Designation Name
Chairman of the Board of Directors and Chief

Executive Officer
Executive Vice President & Chief Operating

Officer
President, DACH Region (Germany,

Switzerland, Austria)
Chief Financial Officer
Chief Strategy & Integration Officer
Chief Commercial Officer
Source: Corporate Publications and AMR Analysis
7.1.3. Company snapshot

TABLE 15. ALSTOM: COMPANY SNAPSHOT
Information Description
Year of Incorporation
Global Rolling Primary Business

Stock Market Geographical Presence
and Industry Forecast, Key Strategic Move(s)
2021-2030
Workforce
71
7.1.4. Operating business segments
Alstom operates its business through the following reportable segments:
TABLE 16. ALSTOM: OPERATING SEGMENTS
Segment Description
Rolling stock
Services
Systems
Signaling
7.1.5. Product portfolio

Alstom offers its products through the following product category:
TABLE 17. ALSTOM: PRODUCT PORTFOLIO
Product Category Brands/Products
Rolling Stock
Global Rolling Source: Corporate Publications and AMR Analysis
Stock Market
2021-2030
72
7.1.6. R&D expenditure
FIGURE 08. ALSTOM: R&D EXPENDITURE, 2018 2020 ($MILLION)
R&D EXPENDITURE, ($Million)

XX
XX XX
2018 2019 2020

TABLE 18. ALSTOM: R&D EXPENDITURE, 2018 2020 ($MILLION)
YEAR 2018 2019 2020

Global Rolling
R&D expenditure
Stock Market XX XX XX

2021-2030
73
7.1.7. Business performance
Alstom registered an increase in net sales by XX% from 2019 to 2020 due to rise in sales rolling stock, services,
and signaling segments in 2020.
FIGURE 09. ALSTOM: NET SALES, 2018 2020 ($MILLION)
Net sales ($Million)
XX
XX XX
2018 2019 2020

Global Rolling
Stock Market TABLE 19. ALSTOM: NET SALES, 2018 2020 ($MILLION)
Opportunity Analysis YEAR 2018 2019 2020

Net Sales XX XX XX
2021-2030
74
FIGURE 10. ALSTOM: REVENUE SHARE BY SEGMENT, 2020 (%)
XX% Rolling Stock
XX% Services
XX%
Signaling
XX%
Systems
FIGURE 11. ALSTOM: REVENUE SHARE BY REGION, 2020 (%)
Europe
XX%
XX%
Americas
XX%
Global Rolling XX% Asia-Pacific
Stock Market
Africa/Middle-East/Central Asia
2021-2030 Source: Corporate Publications and AMR Analysis
75
7.1.8. Key strategic moves and developments
Alstom adopted agreement, product development, acquisition, and product launch as its key developmental
strategies to sustain the intense competition and improve its product portfolio.
Date Strategy Description
August 2021
August 2021
June 2021
June 2021
June 2021
June 2021
May 2021
April 2021
April-2021
April 2021
Global Rolling March 2021
Stock Market January 2021
Opportunity Analysis December 2020

November 2020
2021-2030
November 2020
76
Date Strategy Description
March 2020
July 2019
July 2019
June 2019
June 2019
May 2019
April 2019
March 2019
January 2019
December 2018
December 2018
September 2018
September 2018
July 2018
Global Rolling July 2018
Stock Market Source: Corporate Publications and AMR Analysis
2021-2030
77
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Global Rolling
Stock Market
Opportunity Analysis FOR INFORMATION REGARDING PERMISSIONS, CONTACT:
2021-2030 Tel: U.S.:+1 (503 894-6022) | UK: +44-845-528-1300
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2021

ROLLING STOCK MARKET

1.4.2. Secondary research................................................................................................................ 46

1.4.3. Analyst tools and models .................................................................................................... 46

CHAPTER 2: EXECUTIVE SUMMARY............................................................................ 47

CHAPTER 3: MARKET OVERVIEW ................................................................................ 50

Opportunity Analysis 3.2.1. Top impacting factors........................................................................................................... 51

3.2.3. Top winning strategies ......................................................................................................... 54

3.5.1.1. Increase in allocation of budget for development of railways .......................64

3.5.2. Restraints ................................................................................................................................... 66

3.5.2.1. High capital requirement ................................................................................................66

3.5.3. Opportunities ........................................................................................................................... 67

3.5.3.1. Increase in development & testing of autonomous train .................................67

Global Rolling 3.5.3.3. Increase in industrial & mining activities .................................................................68

Stock Market 3.6. Impact of COVID-19 on global automotive LiDAR market................................... 69

3.6.2. Microeconomic impact analysis ....................................................................................... 69

3.6.3. Macroeconomic impact analysis ...................................................................................... 71

3.6.3.1. GDP ...........................................................................................................................................71

3.6.4. Impact on automotive rolling stock industry analysis ............................................ 72

CHAPTER 4: ROLLING STOCK MARKET, TYPE ........................................................... 74

4.2.2. Market size and forecast, by region ............................................................................... 77

4.2.3. Market analysis, by country ................................................................................................ 78

4.2.6.1. Key market trends, growth factors, and opportunities ......................................82

4.2.7. Market analysis for other locomotives .......................................................................... 84

4.2.7.1. Key market trends, growth factors, and opportunities ......................................84

4.3. Metros ........................................................................................................................ 86

4.3.2. Market size and forecast, by region ............................................................................... 87

4.3.3. Market analysis, by country ................................................................................................ 88

4.4.2. Market size and forecast, by region ............................................................................... 90

4.4.3. Market analysis, by country ................................................................................................ 91

4.5. Trams ......................................................................................................................... 92

Stock Market 4.5.2. Market size and forecast, by region ............................................................................... 93

4.6.2. Market size and forecast, by region ............................................................................... 96

4.6.3. Market analysis, by country ................................................................................................ 97

4.7. Passenger coaches .................................................................................................... 98

4.7.2. Market size and forecast, by region ............................................................................... 99

4.7.3. Market analysis, by country.............................................................................................. 100

4.8. Others (Hyperloop and bullet trains) ................................................................... 101

4.8.2. Market size and forecast, by region ............................................................................. 102

4.8.3. Market analysis, by country .............................................................................................. 103

CHAPTER 5: ROLLING STOCK MARKET, BY END USE ............................................. 104

5.3.2. Market size and forecast, by region ............................................................................. 110

5.3.3. Market analysis, by country .............................................................................................. 111

CHAPTER 6: ROLLING STOCK MARKET, BY REGION ............................................... 112

6.2.2. Market size and forecast, by type .................................................................................. 115

6.2.3. Market size and forecast, by end use........................................................................... 116

6.2.4. Market size and forecast, by country ........................................................................... 117

6.2.4.1. U.S. ......................................................................................................................................... 118

Stock Market 6.2.4.2. Canada ................................................................................................................................. 122

6.2.4.3. Mexico .................................................................................................................................. 126

6.2.4.3.2. Market size and forecast, by end use............................................... 129

6.3. Europe ...................................................................................................................... 130

6.3.2. Market size and forecast, by type .................................................................................. 131

6.3.3. Market size and forecast, by end use........................................................................... 132

6.3.4. Market size and forecast, by country ........................................................................... 133

6.3.4.1. Germany .............................................................................................................................. 134

6.3.4.1.2. Market size and forecast, by end use............................................... 137

6.3.4.2. France ................................................................................................................................... 138

6.3.4.2.2. Market size and forecast, by end use............................................... 140

6.3.4.3. UK ........................................................................................................................................... 141

6.3.4.5. Rest of Europe................................................................................................................... 147

6.3.4.5.2. Market size and forecast, by end use............................................... 150

6.4. Asia-Pacific .............................................................................................................. 151