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Rolling Stock Market by Component, Product Type (Locomotive, Rapid Transit, Coach), Locomotive Technology (Conventional, Turbocharged, Maglev), Application (Passenger Transportation, Freight Transportation) and Region - Global Forecast to 2032

出版商 MarketsandMarkets產業別 Automotive & Transportation出版日期 2025-10-13頁數 387報告編號 AT3235

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報告摘要

The rolling stock market is projected to grow from USD 30.94 billion in 2025 to USD 41.79 billion by 2032, at a CAGR of 4.4%. The demand for rolling stock is largely driven by new railway projects, rail line expansions, and the need to replace aging trains. Governments and companies aim to make trains more autonomous while reducing human involvement and travel time. Increased investment in electrifying, expanding, and modernizing rail networks is boosting the need for new rolling stock. Additionally, the development of autonomous, battery-powered, and hydrogen fuel cell locomotives is creating new opportunities for industry players. Metro/Subways are expected to hold a significant market share of the rapid transit rolling stock market during the forecast period. China, with the largest metro network in the world, is the biggest market for metro systems in terms of track length, supported by a substantial number of trains operating across its extensive rail network. Rapid urbanization and rising traffic congestion are driving the demand for efficient, high-capacity transit solutions such as metros and subways. Governments and private stakeholders are investing in expanding existing networks, developing new lines, and upgrading infrastructure to enhance passenger capacity and service reliability. These systems are increasingly recognized for their role in reducing urban traffic, lowering carbon emissions, and supporting economic growth, which sustains ongoing funding and development in the metro sector. Similarly, in India, expanding urban transit networks are driving metro growth. For instance, in June 2025, Alstom was awarded a USD 158 million (EUR 135 million) contract by Chennai Metro Rail Limited (CMRL) to design, manufacture, supply, test, and commission 96 Metropolis metro cars for Chennai Metro Phase II. Coaches are expected to lead the passenger transportation rolling stock market during the forecast period. Coaches are expected to lead the passenger transportation rolling stock market due to their versatility in meeting diverse travel needs, from short-distance commutes to long-distance journeys. The global focus on sustainable and cost-effective transportation further drives coach demand, as they are more energy-efficient than many alternative modes of travel. For instance, Indian Railways produced 4,601 coaches in 2024–2025. Advances in coach design now include enhanced safety features such as anti-collision technology, reinforced structures, fire detection and suppression systems, and improved emergency exits, while passenger comfort is elevated with ergonomically designed seating, climate control, noise reduction, Wi-Fi connectivity, and modern infotainment systems, ensuring a safer and more pleasant travel experience. The scalability of coach operations allows rail operators to adjust capacity according to demand, optimizing efficiency. Furthermore, the ongoing modernization of rail networks worldwide supports the expansion and upgrading of coach fleets to meet contemporary standards and passenger expectations. Aligned with this growth, in August 2024, the Massachusetts Bay Transportation Authority (MBTA) signed an option with Hyundai Rotem for an additional 41 double-deck commuter rail coaches. “Europe is expected to hold a significant share of the rolling stock market during the forecast period.” Europe is expected to hold a significant share of the rolling stock market due to its extensive, modernized, and highly electrified rail infrastructure. The European Union’s focus on sustainability and decarbonization has driven substantial investments in green rail technologies, including battery-electric and hydrogen-powered trains, supporting the EU’s goals to reduce carbon emissions and promote clean transportation. Countries such as Germany, France, and the UK are leading in the adoption of high-speed and regional trains, driven by passenger demand and environmental policies. Initiatives such as the European Green Deal and the Digital Rail Agenda have accelerated the modernization of rolling stock, emphasizing automation, digitalization, and cross-border interoperability. Europe’s strong manufacturing base, with key players such as Siemens Mobility, Alstom, and Stadler Rail, supports both domestic and export markets, reinforcing the region’s leadership in rolling stock production. The ongoing trends of urbanization and sustainable mobility further boost demand for efficient, eco-friendly rail transport. Reflecting this momentum, in June 2024, Alstom signed a USD 377.5 million (€323 million) contract with Polo Logistica FS to supply 70 Traxx Universal locomotives with maintenance services. The locomotives will be manufactured in Italy at Alstom’s Vado Ligure site, and maintenance services will be provided across the country. Similarly, in June 2025, Siemens Mobility received a major order from France’s Akiem for 50 Vectron Dual Mode locomotives, with the first units scheduled for delivery in the fourth quarter of 2026. In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: OEMs – 40%, Tier I – 41%, and Tier II – 19% • By Designation: CXOs – 23%, Directors – 42%, and Others – 35% • By Region: North America – 20%, Europe – 24%, Asia Oceania – 36%, MEA – 15%, and RoW – 5% The rolling stock market is dominated by major players, including CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US). These companies offer a wide range of products, including locomotives, passenger coaches, metro and light rail vehicles, freight wagons, and high-speed trains. They also provide comprehensive services such as maintenance, signaling and control systems, digital solutions, spare parts supply, and long-term service contracts, enabling operators to optimize fleet performance and operational efficiency. Research Coverage: The report covers the rolling stock market in terms of components, product type (locomotive, rapid transit, coach), locomotive technology (conventional, turbocharged, maglev), application (passenger transportation, freight transportation), and region. It also covers the competitive landscape and company profiles of the major players in the rolling stock market ecosystem. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Key Benefits of Buying the Report: • The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the overall rolling stock market and its subsegments. • This report will help stakeholders understand the competitive landscape and gain more insights, enabling them to better position their businesses and plan suitable go-to-market strategies. • The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. The report provides insights into the following pointers: • Analysis of key drivers (energy-efficient and sustainable transportation shift, traffic decongestion and network optimization, expansion of freight transport capacity, and expansion of railroad network and freight corridors) restraints (optimization of the existing fleet through refurbishment, and high capital intensity and investment barriers), opportunities (adoption of hydrogen fuel cell locomotives, rising rail demand from industrial and mining expansion, growing market for battery-operated trains, and leveraging big data and smart analytics in rail infrastructure), and challenges (rising overhaul and maintenance cost burden, and intensive R&D investment requirements). • Product Development/Innovation: Detailed insights on upcoming technologies and research & development activities in the rolling stock market. • Market Development: Comprehensive information about lucrative markets - the report analyzes the rolling stock market across varied regions. • Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the rolling stock market. • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players, such as CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US), in the rolling stock market.
目錄 Table of Contents
1 INTRODUCTION 29 1.1 STUDY OBJECTIVES 29 1.2 MARKET DEFINITION 30 1.3 STUDY SCOPE 32 1.3.1 MARKETS COVERED AND REGIONAL SCOPE 32 1.3.2 INCLUSIONS AND EXCLUSIONS 33 1.3.3 YEARS CONSIDERED 34 1.4 CURRENCY CONSIDERED 34 1.5 UNIT CONSIDERED 35 1.6 STAKEHOLDERS 35 1.7 SUMMARY OF CHANGES 36 2 RESEARCH METHODOLOGY 37 2.1 RESEARCH DATA 37 2.1.1 SECONDARY DATA 38 2.1.1.1 Secondary sources 39 2.1.1.2 Key data from secondary sources 40 2.1.2 PRIMARY DATA 40 2.1.2.1 Primary interviews: demand and supply sides 41 2.1.2.2 Primary participants 41 2.1.2.3 Breakdown of primary interviews 42 2.1.2.4 Insights from industry experts 42 2.2 MARKET SIZE ESTIMATION 43 2.2.1 BOTTOM-UP APPROACH 44 2.2.2 TOP-DOWN APPROACH 45 2.3 DATA TRIANGULATION 46 2.4 FACTOR ANALYSIS 48 2.5 RESEARCH ASSUMPTIONS 48 2.6 RESEARCH LIMITATIONS 49 2.7 RISK ASSESSMENT 50 3 EXECUTIVE SUMMARY 51 4 PREMIUM INSIGHTS 54 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ROLLING STOCK MARKET 54 4.2 ROLLING STOCK MARKET, BY PRODUCT TYPE 54 4.3 ROLLING STOCK MARKET, BY APPLICATION 55   4.4 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY 55 4.5 ROLLING STOCK MARKET, BY REGION 56 5 MARKET OVERVIEW 57 5.1 INTRODUCTION 57 5.2 MARKET DYNAMICS 58 5.2.1 DRIVERS 58 5.2.1.1 Traffic decongestion and network optimization 58 5.2.1.2 Shift toward energy-efficient and sustainable transportation 59 5.2.1.3 Development of advanced rolling stock technologies to enhance passenger comfort 60 5.2.1.4 Advancements in rail network electrification 60 5.2.1.5 Expansion of freight transport capacity 61 5.2.2 RESTRAINTS 62 5.2.2.1 Optimization of existing fleet through refurbishment 62 5.2.2.2 High capital intensity and investment barriers 62 5.2.3 OPPORTUNITIES 63 5.2.3.1 Leveraging big data and smart analytics in rail infrastructure 63 5.2.3.2 Rising rail demand from industrial and mining sectors 63 5.2.3.3 Adoption of hydrogen fuel cell locomotives 64 5.2.3.4 Growing market for battery-operated trains 65 5.2.4 CHALLENGES 66 5.2.4.1 Rising overhaul and maintenance cost burden 66 5.2.4.2 Intensive R&D investment requirements 66 6 INDUSTRY TRENDS 68 6.1 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 68 6.2 PRICING ANALYSIS 69 6.2.1 INDICATIVE PRICING OF ROLLING STOCK OFFERED BY KEY PLAYERS 69 6.2.2 AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE 70 6.2.3 AVERAGE SELLING PRICE TREND, BY REGION 71 6.3 ECOSYSTEM ANALYSIS 72 6.4 SUPPLY CHAIN ANALYSIS 74 6.4.1 RAW MATERIAL PROVIDERS AND COMPONENT SUPPLIERS 74 6.4.2 OEMS 74 6.4.3 OPERATORS AND END USERS 75 6.5 CASE STUDY ANALYSIS 75 6.5.1 MODERNIZATION OF ROLLING STOCK WITH STADLER RAIL’S FLIRT EMUS 75 6.5.2 CRRC SETS BENCHMARK FOR EXCAVATION OF BIG ANALOG DATA VALUE 75 6.5.3 GOLINC-M MODULES ENABLE RETROFITTING OF REMOTE CONDITION MONITORING 76   6.5.4 MONORAIL SYSTEMS REDUCE TRAFFIC CONGESTION IN KOREAN METROPOLIS 76 6.5.5 HYDROGEN TRAIN PROJECT HELPS SCOTTISH GOVERNMENT ACHIEVE NET ZERO TARGETS 77 6.5.6 FREIGHTLINER SHIFTS TOWARD NET ZERO WITH LOW-CARBON FUEL 77 6.6 PATENT ANALYSIS 78 6.7 TECHNOLOGY ANALYSIS 83 6.7.1 KEY TECHNOLOGIES 83 6.7.1.1 Regenerative braking 83 6.7.1.2 Autonomous trains 84 6.7.1.3 Tri-mode trains 85 6.7.1.4 Tilting trains 86 6.7.1.5 Digitalization 86 6.7.1.6 Internet of Trains 87 6.7.2 COMPLEMENTARY TECHNOLOGIES 88 6.7.2.1 Train control and management systems 88 6.7.2.2 Collision avoidance systems 89 6.7.2.3 Intelligent rail transit 89 6.7.3 ADJACENT TECHNOLOGIES 89 6.7.3.1 Big data analytics 89 6.7.3.2 Rail traffic management systems 90 6.7.3.3 Renewable energy systems 91 6.8 INVESTMENT AND FUNDING SCENARIO 92 6.9 FUNDING, BY APPLICATION 94 6.10 IMPACT OF AI/GEN AI 95 6.11 TRADE ANALYSIS 96 6.12 TARIFF AND REGULATORY LANDSCAPE 100 6.12.1 TARIFF ANALYSIS 101 6.12.1.1 US 101 6.12.1.2 Europe 101 6.12.1.3 India 103 6.12.1.4 South Korea 103 6.12.1.5 China 103 6.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 104 6.13 KEY CONFERENCES AND EVENTS 107 6.14 KEY STAKEHOLDERS AND BUYING CRITERIA 108 6.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 108 6.14.2 BUYING CRITERIA 109 6.15 STRATEGIC PATHWAYS FOR ALTERNATIVE PROPULSION SYSTEMS 110 6.15.1 TECHNOLOGY READINESS 110 6.15.1.1 Hydrogen fuel cells 110 6.15.1.2 Battery-electric 110 6.15.1.3 Hybrid/Alternative engines 110 6.15.1.4 Emerging options 110 6.15.2 POLICY AND INCENTIVE ALIGNMENT 111 6.15.2.1 Government strategies and targets 111 6.15.2.2 Funding and grants 111 6.15.2.3 Regulations and mandates 112 6.15.2.4 Regional Initiatives 112 6.15.3 SUPPLY CHAIN AND INFRASTRUCTURE 112 6.15.3.1 Manufacturing ecosystems 112 6.15.3.2 Fueling and charging infrastructure 113 6.15.3.3 Supplier networks 113 6.16 RAILWAY INFRASTRUCTURE MODERNIZATION STRATEGY 113 6.16.1 DIGITALIZATION AND IOT INTEGRATION 113 6.16.1.1 DB/Digital train control 113 6.16.1.2 Onboard diagnostics and telematics 114 6.16.2 ENERGY EFFICIENCY UPGRADES 114 6.16.3 CYBERSECURITY AND DATA STRATEGIES 115 6.16.4 EU CYBERSECURITY REGULATIONS 115 6.16.5 US CYBERSECURITY DIRECTIVES 115 6.16.6 DATA-CENTRIC INITIATIVES 115 6.17 IMPLEMENTATION FRAMEWORK FOR AUTONOMOUS TRAIN TECHNOLOGY 116 6.17.1 SAFETY AND REGULATORY COMPLIANCE 116 6.17.2 OPERATIONAL TRANSFORMATION STRATEGY 117 7 ROLLING STOCK MARKET, BY PRODUCT TYPE 118 7.1 INTRODUCTION 119 7.2 LOCOMOTIVES 121 7.2.1 DIESEL LOCOMOTIVES 123 7.2.1.1 Electrification of railway networks in Europe and Asia to impede market 123 7.2.2 ELECTRIC LOCOMOTIVES 125 7.2.2.1 Rapid electrification of rail networks to drive market 125 7.2.3 ELECTRO-DIESEL LOCOMOTIVES 127 7.2.3.1 Public and private sectors’ emphasis on sustainable practices to drive market 127 7.3 RAPID TRANSIT 129 7.3.1 DIESEL MULTIPLE UNITS 131 7.3.1.1 Electrification constraints in select regions to drive market 131 7.3.2 ELECTRIC MULTIPLE UNITS 133 7.3.2.1 Performance and efficiency advantages over diesel fueling to drive market 133   7.3.3 LIGHT RAILS/TRAMS 135 7.3.3.1 Push for alternatives to traditional buses and cars to drive market 135 7.3.4 SUBWAYS/METROS 136 7.3.4.1 Investments in urban transportation networks to drive market 136 7.3.5 MONORAILS 138 7.4 COACHES 139 7.4.1 DEMAND FOR ENHANCED RAIL TRAVEL EXPERIENCES TO DRIVE MARKET 139 7.5 WAGONS 140 7.5.1 NEED FOR HIGH-CAPACITY FREIGHT IN LOGISTICS AND MANUFACTURING TO DRIVE MARKET 140 7.6 OTHER PRODUCT TYPES 142 7.7 PRIMARY INSIGHTS 143 8 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY 144 8.1 INTRODUCTION 145 8.2 CONVENTIONAL LOCOMOTIVES 147 8.2.1 IMPROVED PERFORMANCE WITH TECHNOLOGICAL INNOVATIONS TO DRIVE MARKET 147 8.3 TURBOCHARGED LOCOMOTIVES 149 8.3.1 COMPLIANCE WITH STRICT EMISSION REGULATIONS TO DRIVE MARKET 149 8.4 MAGLEV 151 8.4.1 ELECTROMAGNETIC SUSPENSION 152 8.4.2 ELECTRODYNAMIC SUSPENSION 153 8.4.3 INDUCTRACK 153 8.5 PRIMARY INSIGHTS 153 9 ROLLING STOCK MARKET, BY APPLICATION 154 9.1 INTRODUCTION 155 9.2 PASSENGER TRANSPORTATION 157 9.2.1 LOCOMOTIVES 159 9.2.1.1 Rising adoption of electric rail systems to drive market 159 9.2.2 COACHES 161 9.2.2.1 Integration of enhanced safety systems to drive market 161 9.3 FREIGHT TRANSPORTATION 162 9.3.1 LOCOMOTIVES 164 9.3.1.1 Efforts to lower operational expenses to drive market 164 9.3.2 WAGONS 166 9.3.2.1 Growing application in freight and logistics to drive market 166 9.4 PRIMARY INSIGHTS 167   10 ROLLING STOCK MARKET, BY COMPONENT 168 10.1 INTRODUCTION 168 10.2 TRAIN CONTROL SYSTEMS 168 10.3 PANTOGRAPHS 168 10.4 AXLES 169 10.5 WHEELSETS 170 10.6 TRACTION MOTORS 170 10.7 PASSENGER INFORMATION SYSTEMS 170 10.8 BRAKES 171 10.9 AIR CONDITIONING SYSTEMS 171 10.10 AUXILIARY POWER SYSTEMS 171 10.11 GEARBOXES 171 10.12 BAFFLE GEARS 172 10.13 COUPLERS 172 11 ROLLING STOCK MARKET, BY REGION 173 11.1 INTRODUCTION 174 11.2 ASIA OCEANIA 176 11.2.1 MACROECONOMIC OUTLOOK 177 11.2.2 RAPID TRANSIT PROJECTS 179 11.2.3 LIGHT RAIL PROJECTS 180 11.2.4 HIGH-SPEED RAIL/BULLET TRAIN PROJECTS 181 11.2.5 CHINA 183 11.2.5.1 Expansion of high-speed rail infrastructure to drive market 183 11.2.6 INDIA 187 11.2.6.1 Growth of electrified rail infrastructure to drive market 187 11.2.7 JAPAN 190 11.2.7.1 Strong presence of rail service providers to drive market 190 11.2.8 SOUTH KOREA 192 11.2.8.1 Government initiatives supporting public transportation to drive market 192 11.2.9 AUSTRALIA 195 11.2.10 MALAYSIA 195 11.3 EUROPE 195 11.3.1 MACROECONOMIC OUTLOOK 195 11.3.2 METRO/HIGH-SPEED RAILWAY PROJECTS 199 11.3.3 RAPID TRANSIT PROJECTS 199 11.3.4 GERMANY 202 11.3.4.1 Rising investments in railway infrastructure modernization to drive market 202   11.3.5 FRANCE 204 11.3.5.1 Government subsidies and incentives for sustainable transportation to drive market 204 11.3.6 UK 206 11.3.6.1 Ongoing upgrades of domestic rail networks to drive market 206 11.3.7 ITALY 208 11.3.7.1 Expanding railway networks to drive market 208 11.3.8 SPAIN 211 11.3.8.1 Modernization of mass rapid transit to drive market 211 11.3.9 SWITZERLAND 213 11.3.10 AUSTRIA 213 11.3.11 SWEDEN 213 11.4 NORTH AMERICA 213 11.4.1 MACROECONOMIC OUTLOOK 214 11.4.2 HIGH-SPEED RAIL/BULLET TRAIN PROJECTS 216 11.4.3 RAPID TRANSIT PROJECTS 216 11.4.4 US 218 11.4.4.1 Modernization of existing transportation modalities to drive market 218 11.4.5 MEXICO 221 11.4.5.1 Rail network expansion and modernization to drive market 221 11.4.6 CANADA 222 11.4.6.1 Elevated demand for passenger and freight transportation to drive market 222 11.5 MIDDLE EAST & AFRICA 225 11.5.1 MACROECONOMIC OUTLOOK 225 11.5.2 METRO/MONORAIL PROJECTS 227 11.5.3 RAPID TRANSIT PROJECTS 228 11.5.4 SOUTH AFRICA 230 11.5.4.1 Government investments in railway sector to drive market 230 11.5.5 UAE 233 11.5.5.1 Advances in rail infrastructure to drive market 233 11.5.6 EGYPT 235 11.5.6.1 Booming tourism industry to drive market 235 11.5.7 IRAN 237 11.6 REST OF THE WORLD 237 11.6.1 MACROECONOMIC OUTLOOK 237 11.6.2 METRO/MONORAIL PROJECTS 240 11.6.3 BRAZIL 242 11.6.3.1 Growing rail investments and modernization to drive market 242 11.6.4 RUSSIA 244 11.6.4.1 Expansion of metro and subway networks to drive market 244 11.6.5 ARGENTINA 247 12 COMPETITIVE LANDSCAPE 248 12.1 INTRODUCTION 248 12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2025 248 12.3 MARKET SHARE ANALYSIS, 2024 250 12.4 REVENUE ANALYSIS, 2020–2024 253 12.5 COMPANY VALUATION AND FINANCIAL METRICS 254 12.6 BRAND/PRODUCT COMPARISON 255 12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 256 12.7.1 STARS 256 12.7.2 EMERGING LEADERS 256 12.7.3 PERVASIVE PLAYERS 256 12.7.4 PARTICIPANTS 256 12.7.5 COMPANY FOOTPRINT 258 12.7.5.1 Company footprint 258 12.7.5.2 Region footprint 259 12.7.5.3 Application footprint 259 12.7.5.4 Product type footprint 260 12.7.5.5 Locomotive technology footprint 260 12.8 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2024 261 12.8.1 PROGRESSIVE COMPANIES 261 12.8.2 RESPONSIVE COMPANIES 261 12.8.3 DYNAMIC COMPANIES 261 12.8.4 STARTING BLOCKS 261 12.8.5 COMPETITIVE BENCHMARKING 263 12.8.5.1 List of start-ups/SMEs 263 12.8.5.2 Competitive benchmarking of start-ups/SMEs 264 12.9 COMPETITIVE SCENARIO 265 12.9.1 PRODUCT LAUNCHES/DEVELOPMENTS 265 12.9.2 DEALS 266 12.9.3 EXPANSIONS 267 12.9.4 CONTRACTS 268 13 COMPANY PROFILES 271 13.1 KEY PLAYERS 271 13.1.1 CRRC CORPORATION LIMITED 271 13.1.1.1 Business overview 271 13.1.1.2 Products offered 272 13.1.1.3 Recent developments 274 13.1.1.3.1 Product launches/developments 274 13.1.1.3.2 Deals 278 13.1.1.3.3 Contracts 279   13.1.1.4 MnM view 281 13.1.1.4.1 Key strengths 281 13.1.1.4.2 Strategic choices 281 13.1.1.4.3 Weaknesses and competitive threats 281 13.1.2 SIEMENS AG 282 13.1.2.1 Business overview 282 13.1.2.2 Products offered 283 13.1.2.3 Recent developments 285 13.1.2.3.1 Product launches/developments 285 13.1.2.3.2 Deals 287 13.1.2.3.3 Expansions 288 13.1.2.3.4 Contracts 290 13.1.2.3.5 Other developments 295 13.1.2.4 MnM view 295 13.1.2.4.1 Key strengths 295 13.1.2.4.2 Strategic choices 295 13.1.2.4.3 Weaknesses and competitive threats 295 13.1.3 ALSTOM SA 296 13.1.3.1 Business overview 296 13.1.3.2 Products offered 298 13.1.3.3 Recent developments 299 13.1.3.3.1 Product launches/developments 299 13.1.3.3.2 Deals 300 13.1.3.3.3 Expansions 304 13.1.3.3.4 Contracts 305 13.1.3.4 MnM view 310 13.1.3.4.1 Key strengths 310 13.1.3.4.2 Strategic choices 310 13.1.3.4.3 Weaknesses and competitive threats 310 13.1.4 STADLER RAIL AG 311 13.1.4.1 Business overview 311 13.1.4.2 Products offered 313 13.1.4.3 Recent developments 315 13.1.4.3.1 Product launches/developments 315 13.1.4.3.2 Deals 316 13.1.4.3.3 Expansions 317 13.1.4.3.4 Contracts 317 13.1.4.3.5 Other developments 321 13.1.4.4 MnM view 322 13.1.4.4.1 Key strengths 322 13.1.4.4.2 Strategic choices 322 13.1.4.4.3 Weaknesses and competitive threats 322 13.1.5 WABTEC CORPORATION 323 13.1.5.1 Business overview 323 13.1.5.2 Products offered 324 13.1.5.3 Recent developments 326 13.1.5.3.1 Product launches/developments 326 13.1.5.3.2 Deals 327 13.1.5.3.3 Expansions 329 13.1.5.3.4 Contracts 330 13.1.5.4 MnM view 332 13.1.5.4.1 Key strengths 332 13.1.5.4.2 Strategic choices 332 13.1.5.4.3 Weaknesses and competitive threats 332 13.1.6 KAWASAKI HEAVY INDUSTRIES, LTD. 333 13.1.6.1 Business overview 333 13.1.6.2 Products offered 334 13.1.6.3 Recent developments 335 13.1.6.3.1 Product launches/developments 335 13.1.6.3.2 Contracts 336 13.1.7 CAF GROUP 337 13.1.7.1 Business overview 337 13.1.7.2 Products offered 338 13.1.7.3 Recent developments 339 13.1.7.3.1 Deals 339 13.1.7.3.2 Expansions 339 13.1.7.3.3 Contracts 340 13.1.8 HYUNDAI ROTEM COMPANY 343 13.1.8.1 Business overview 343 13.1.8.2 Products offered 344 13.1.8.3 Recent developments 344 13.1.8.3.1 Product launches/developments 344 13.1.8.3.2 Deals 345 13.1.8.3.3 Contracts 345 13.1.8.3.4 Other developments 347 13.1.9 MITSUBISHI HEAVY INDUSTRIES, LTD. 348 13.1.9.1 Business overview 348 13.1.9.2 Products offered 349 13.1.9.3 Recent developments 349 13.1.9.3.1 Deals 349 13.1.9.3.2 Expansions 349 13.1.9.3.3 Contracts 350   13.1.10 TALGO 351 13.1.10.1 Business overview 351 13.1.10.2 Products offered 352 13.1.10.3 Recent developments 353 13.1.10.3.1 Product launches/developments 353 13.1.10.3.2 Deals 353 13.1.10.3.3 Contracts 354 13.1.11 TRANSMASHHOLDING 355 13.1.11.1 Business overview 355 13.1.11.2 Products offered 355 13.1.11.3 Recent developments 357 13.1.11.3.1 Product launches/developments 357 13.1.11.3.2 Deals 357 13.1.11.3.3 Expansions 357 13.1.11.3.4 Contracts 358 13.1.12 TITAGARH RAIL SYSTEMS LIMITED 359 13.1.12.1 Business overview 359 13.1.12.2 Products offered 360 13.1.12.3 Recent developments 361 13.1.12.3.1 Product launches/developments 361 13.1.12.3.2 Deals 361 13.1.12.3.3 Contracts 362 13.2 OTHER PLAYERS 363 13.2.1 TOSHIBA CORPORATION 363 13.2.2 HITACHI RAIL LIMITED 364 13.2.3 STRUKTON 365 13.2.4 DEUTSCHE BAHN AG 366 13.2.5 BEML LIMITED 367 13.2.6 RAIL VIKAS NIGAM LIMITED 368 13.2.7 BRAITHWAITE & CO. (INDIA) LTD. 369 13.2.8 CHITTARANJAN LOCOMOTIVE WORKS 370 13.2.9 WJIS 371 13.2.10 RHOMBERG SERSA RAIL HOLDING GMBH 372 13.2.11 SINARA TRANSPORT MACHINES 373 13.2.12 TRINITY INDUSTRIES, INC. 374 13.2.13 THE GREENBRIER COMPANIES 375 13.2.14 DAWONSYS CO., LTD. 376   14 RECOMMENDATIONS BY MARKETSANDMARKETS 377 14.1 ASIA OCEANIA TO BE LEADING MARKET FOR ROLLING STOCK 377 14.2 ELEVATED DEMAND FOR WAGONS DUE TO RISE IN FREIGHT TRANSPORTATION 377 14.3 NEED FOR FAST URBAN TRANSPORTATION TO BOOST MARKET FOR SUBWAYS/METROS 378 14.4 CONCLUSION 378 15 APPENDIX 379 15.1 KEY INDUSTRY INSIGHTS 379 15.2 DISCUSSION GUIDE 379 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 383 15.4 CUSTOMIZATION OPTIONS 385 15.4.1 ADDITIONAL COMPANY PROFILES (UP TO FIVE) 385 15.4.2 ROLLING STOCK MARKET, BY TECHNOLOGY, AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN REPORT) 385 15.4.3 ROLLING STOCK MARKET, BY PRODUCT TYPE, AT COUNTRY LEVEL (FOR COUNTRIES COVERED IN REPORT) 385 15.5 RELATED REPORTS 385 15.6 AUTHOR DETAILS 386
圖表清單 List of Tables & Figures
TABLE 1 MARKET DEFINITION, BY PRODUCT TYPE 30 TABLE 2 MARKET DEFINITION, BY LOCOMOTIVE TECHNOLOGY 31 TABLE 3 MARKET DEFINITION, BY APPLICATION 31 TABLE 4 CURRENCY EXCHANGE RATES 35 TABLE 5 MOST CONGESTED CITIES, 2024 59 TABLE 6 ROLLING STOCK MODERNIZATION INTERVALS, BY COMPONENT 62 TABLE 7 MINING PRODUCTION, BY COUNTRY, 2024 64 TABLE 8 IMPACT OF MARKET DYNAMICS 67 TABLE 9 INDICATIVE PRICING OF ROLLING STOCK OFFERED BY KEY PLAYERS, 2024 (USD THOUSAND) 69 TABLE 10 AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE, 2022–2024 (USD THOUSAND) 70 TABLE 11 AVERAGE SELLING PRICE TREND, BY REGION, 2022–2024 (USD THOUSAND) 71 TABLE 12 ROLE OF COMPANIES IN ECOSYSTEM 73 TABLE 13 PATENT ANALYSIS 79 TABLE 14 AUTONOMOUS TRAIN TECHNOLOGIES AND ASSOCIATED BENEFITS 84 TABLE 15 LEVEL OF AUTONOMY FOR ROLLING STOCK 85 TABLE 16 LIST OF FUNDING, 2023–2024 93 TABLE 17 FUNDING, BY APPLICATION 94 TABLE 18 IMPORT DATA FOR HS CODE 8604-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 96 TABLE 19 EXPORT DATA FOR HS CODE 8604-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 97 TABLE 20 IMPORT DATA FOR HS CODE 8603-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 98 TABLE 21 EXPORT DATA FOR HS CODE 8603-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 99 TABLE 22 RAIL TRACTION ENGINE (STAGE III A) STANDARDS 102 TABLE 23 RAIL TRACTION ENGINE (STAGE III B) STANDARDS 102 TABLE 24 STANDARDS FOR DESIGN OF EQUIPMENT, SYSTEMS, AND SUBSYSTEMS 103 TABLE 25 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 104 TABLE 26 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 105 TABLE 27 ASIA OCEANIA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 106 TABLE 28 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 107 TABLE 29 KEY CONFERENCES AND EVENTS, 2025–2026 107 TABLE 30 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE PRODUCT TYPES (%) 108 TABLE 31 KEY BUYING CRITERIA FOR TOP THREE PRODUCT TYPES 109 TABLE 32 GLOBAL DEMONSTRATION AND DEPLOYMENT OF CLEAN RAIL TECHNOLOGIES 111 TABLE 33 IMPLEMENTATION OF AUTONOMOUS TRAIN PROJECTS BY AUTOMATION LEVEL (GOA) 117 TABLE 34 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 119 TABLE 35 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 120 TABLE 36 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 120 TABLE 37 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 120 TABLE 38 ROLLING STOCK MODELS, BY COMPANY 121 TABLE 39 LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (UNITS) 122 TABLE 40 LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (UNITS) 122 TABLE 41 LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (USD MILLION) 122 TABLE 42 LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (USD MILLION) 123 TABLE 43 DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 123 TABLE 44 DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 124 TABLE 45 DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 124 TABLE 46 DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 124 TABLE 47 ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 125 TABLE 48 ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 125 TABLE 49 ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 126 TABLE 50 ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 126 TABLE 51 ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 127 TABLE 52 ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 127 TABLE 53 ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 128 TABLE 54 ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 128 TABLE 55 RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (UNITS) 129 TABLE 56 RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (UNITS) 130 TABLE 57 RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (USD MILLION) 130 TABLE 58 RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (USD MILLION) 130 TABLE 59 DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 131 TABLE 60 DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 131 TABLE 61 DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 132 TABLE 62 DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 132 TABLE 63 ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 133 TABLE 64 ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 133 TABLE 65 ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 134 TABLE 66 ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 134 TABLE 67 LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 135 TABLE 68 LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 135 TABLE 69 LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 136 TABLE 70 LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 136 TABLE 71 SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 137 TABLE 72 SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 137 TABLE 73 SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 137 TABLE 74 SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 138 TABLE 75 COACHES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 139 TABLE 76 COACHES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 139 TABLE 77 COACHES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 140 TABLE 78 COACHES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 140 TABLE 79 WAGONS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 141 TABLE 80 WAGONS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 141 TABLE 81 WAGONS: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 141 TABLE 82 WAGONS: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 142 TABLE 83 HIGH-SPEED ELECTRIC LOCOMOTIVE MODELS 145 TABLE 84 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2021–2024 (UNITS) 146 TABLE 85 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2025–2032 (UNITS) 146 TABLE 86 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2021–2024 (USD MILLION) 147 TABLE 87 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2025–2032 (USD MILLION) 147 TABLE 88 CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 148 TABLE 89 CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 148 TABLE 90 CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 148 TABLE 91 CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 149 TABLE 92 TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 150 TABLE 93 TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 150 TABLE 94 TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 150 TABLE 95 TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 151 TABLE 96 COMPARISON BETWEEN CONVENTIONAL HIGH-SPEED RAIL, MAGLEV, AND HYPERLOOP 152 TABLE 97 EXISTING/UPCOMING HIGH-SPEED TRAIN MODELS 155 TABLE 98 ROLLING STOCK MARKET, BY APPLICATION, 2021–2024 (UNITS) 156 TABLE 99 ROLLING STOCK MARKET, BY APPLICATION, 2025–2032 (UNITS) 156 TABLE 100 ROLLING STOCK MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 156 TABLE 101 ROLLING STOCK MARKET, BY APPLICATION, 2025–2032 (USD MILLION) 157 TABLE 102 PASSENGER TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (UNITS) 158 TABLE 103 PASSENGER TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (UNITS) 158 TABLE 104 PASSENGER TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (USD MILLION) 158 TABLE 105 PASSENGER TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (USD MILLION) 159 TABLE 106 PASSENGER LOCOMOTIVE MARKET, BY REGION, 2021–2024 (UNITS) 159 TABLE 107 PASSENGER LOCOMOTIVE MARKET, BY REGION, 2025–2032 (UNITS) 160 TABLE 108 PASSENGER LOCOMOTIVE MARKET, BY REGION, 2021–2024 (USD MILLION) 160 TABLE 109 PASSENGER LOCOMOTIVE MARKET, BY REGION, 2025–2032 (USD MILLION) 160 TABLE 110 PASSENGER COACH MARKET, BY REGION, 2021–2024 (UNITS) 161 TABLE 111 PASSENGER COACH MARKET, BY REGION, 2025–2032 (UNITS) 161 TABLE 112 PASSENGER COACH MARKET, BY REGION, 2021–2024 (USD MILLION) 162 TABLE 113 PASSENGER COACH MARKET, BY REGION, 2025–2032 (USD MILLION) 162 TABLE 114 FREIGHT TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (UNITS) 163 TABLE 115 FREIGHT TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (UNITS) 163 TABLE 116 FREIGHT TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2021–2024 (USD MILLION) 163 TABLE 117 FREIGHT TRANSPORTATION: ROLLING STOCK MARKET, BY TYPE, 2025–2032 (USD MILLION) 164 TABLE 118 FREIGHT LOCOMOTIVE MARKET, BY REGION, 2021–2024 (UNITS) 164 TABLE 119 FREIGHT LOCOMOTIVE MARKET, BY REGION, 2025–2032 (UNITS) 165 TABLE 120 FREIGHT LOCOMOTIVE MARKET, BY REGION, 2021–2024 (USD MILLION) 165 TABLE 121 FREIGHT LOCOMOTIVE MARKET, BY REGION, 2025–2032 (USD MILLION) 165 TABLE 122 FREIGHT WAGON MARKET, BY REGION, 2021–2024 (UNITS) 166 TABLE 123 FREIGHT WAGON MARKET, BY REGION, 2025–2032 (UNITS) 166 TABLE 124 FREIGHT WAGON MARKET, BY REGION, 2021–2024 (USD MILLION) 167 TABLE 125 FREIGHT WAGON MARKET, BY REGION, 2025–2032 (USD MILLION) 167 TABLE 126 ROLLING STOCK MARKET, BY REGION, 2021–2024 (UNITS) 175 TABLE 127 ROLLING STOCK MARKET, BY REGION, 2025–2032 (UNITS) 175 TABLE 128 ROLLING STOCK MARKET, BY REGION, 2021–2024 (USD MILLION) 175 TABLE 129 ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 176 TABLE 130 ASIA OCEANIA: PROPOSED RAPID TRANSIT PROJECTS 179 TABLE 131 ASIA OCEANIA: PROPOSED LIGHT RAIL PROJECTS 180 TABLE 132 ASIA OCEANIA: PROPOSED HIGH-SPEED RAIL/BULLET TRAIN PROJECTS 181 TABLE 133 ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (UNITS) 182 TABLE 134 ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (UNITS) 182 TABLE 135 ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 183 TABLE 136 ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 183 TABLE 137 RAILWAY PROJECTS UNDER CHINA BELT 184 TABLE 138 CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 185 TABLE 139 CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 186 TABLE 140 CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 186 TABLE 141 CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 187 TABLE 142 INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 188 TABLE 143 INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 188 TABLE 144 INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 189 TABLE 145 INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 189 TABLE 146 JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 190 TABLE 147 JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 191 TABLE 148 JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 191 TABLE 149 JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 192 TABLE 150 SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 193 TABLE 151 SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 193 TABLE 152 SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 194 TABLE 153 SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 194 TABLE 154 EUROPE: PROPOSED METRO/HIGH-SPEED RAILWAY PROJECTS 199 TABLE 155 EUROPE: PROPOSED RAPID TRANSIT PROJECTS 199 TABLE 156 EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (UNITS) 200 TABLE 157 EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (UNITS) 201 TABLE 158 EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 201 TABLE 159 EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 201 TABLE 160 GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 202 TABLE 161 GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 202 TABLE 162 GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 203 TABLE 163 GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 203 TABLE 164 FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 204 TABLE 165 FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 205 TABLE 166 FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 205 TABLE 167 FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 206 TABLE 168 UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 206 TABLE 169 UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 207 TABLE 170 UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 207 TABLE 171 UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 208 TABLE 172 ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 209 TABLE 173 ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 209 TABLE 174 ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 210 TABLE 175 ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 210 TABLE 176 SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 211 TABLE 177 SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 211 TABLE 178 SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 212 TABLE 179 SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 212 TABLE 180 NORTH AMERICA: PROPOSED HIGH-SPEED RAIL/BULLET TRAIN PROJECTS 216 TABLE 181 NORTH AMERICA: PROPOSED RAPID TRANSIT PROJECTS 216 TABLE 182 NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (UNITS) 217 TABLE 183 NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (UNITS) 217 TABLE 184 NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 218 TABLE 185 NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 218 TABLE 186 US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 219 TABLE 187 US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 219 TABLE 188 US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 220 TABLE 189 US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 220 TABLE 190 MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 221 TABLE 191 MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 221 TABLE 192 MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 222 TABLE 193 MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 222 TABLE 194 CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 223 TABLE 195 CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 223 TABLE 196 CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 224 TABLE 197 CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 224 TABLE 198 MIDDLE EAST & AFRICA: PROPOSED METRO/MONORAIL PROJECTS 227 TABLE 199 MIDDLE EAST & AFRICA: PROPOSED RAPID TRANSIT PROJECTS 228 TABLE 200 MIDDLE EAST & AFRICA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (UNITS) 229 TABLE 201 MIDDLE EAST & AFRICA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (UNITS) 229 TABLE 202 MIDDLE EAST & AFRICA: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 230 TABLE 203 MIDDLE EAST & AFRICA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 230 TABLE 204 SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 231 TABLE 205 SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 231 TABLE 206 SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 232 TABLE 207 SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 232 TABLE 208 UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 233 TABLE 209 UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 233 TABLE 210 UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 234 TABLE 211 UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 234 TABLE 212 EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 235 TABLE 213 EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 235 TABLE 214 EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 236 TABLE 215 EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 236 TABLE 216 REST OF THE WORLD: PROPOSED METRO/MONORAIL PROJECTS 240 TABLE 217 REST OF THE WORLD: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (UNITS) 240 TABLE 218 REST OF THE WORLD: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (UNITS) 241 TABLE 219 REST OF THE WORLD: ROLLING STOCK MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 241 TABLE 220 REST OF THE WORLD: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 241 TABLE 221 BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 242 TABLE 222 BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 243 TABLE 223 BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 243 TABLE 224 BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 244 TABLE 225 RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (UNITS) 245 TABLE 226 RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (UNITS) 245 TABLE 227 RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2021–2024 (USD MILLION) 246 TABLE 228 RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 246 TABLE 229 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2025 248 TABLE 230 ROLLING STOCK MARKET: DEGREE OF COMPETITION 250 TABLE 231 REGION FOOTPRINT 259 TABLE 232 APPLICATION FOOTPRINT 259 TABLE 233 PRODUCT TYPE FOOTPRINT 260 TABLE 234 LOCOMOTIVE TECHNOLOGY FOOTPRINT 260 TABLE 235 LIST OF START-UPS/SMES 263 TABLE 236 COMPETITIVE BENCHMARKING OF START-UPS/SMES 264 TABLE 237 ROLLING STOCK MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, 2022–2025 265 TABLE 238 ROLLING STOCK MARKET: DEALS, 2022–2025 266 TABLE 239 ROLLING STOCK MARKET: EXPANSIONS, 2022–2025 267 TABLE 240 ROLLING STOCK MARKET: CONTRACTS, 2022–2025 268 TABLE 241 CRRC CORPORATION LIMITED: COMPANY OVERVIEW 271 TABLE 242 CRRC CORPORATION LIMITED: PRODUCTS OFFERED 272 TABLE 243 CRRC CORPORATION LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS 274 TABLE 244 CRRC CORPORATION LIMITED: DEALS 278 TABLE 245 CRRC CORPORATION LIMITED: CONTRACTS 279 TABLE 246 SIEMENS AG: COMPANY OVERVIEW 282 TABLE 247 SIEMENS AG: PRODUCTS OFFERED 283 TABLE 248 SIEMENS AG: PRODUCT LAUNCHES/DEVELOPMENTS 285 TABLE 249 SIEMENS AG: DEALS 287 TABLE 250 SIEMENS AG: EXPANSIONS 288 TABLE 251 SIEMENS AG: CONTRACTS 290 TABLE 252 SIEMENS AG: OTHER DEVELOPMENTS 295 TABLE 253 ALSTOM SA: COMPANY OVERVIEW 296 TABLE 254 ALSTOM SA: PRODUCTS OFFERED 298 TABLE 255 ALSTOM SA: PRODUCT LAUNCHES/DEVELOPMENTS 299 TABLE 256 ALSTOM SA: DEALS 300 TABLE 257 ALSTOM SA: EXPANSIONS 304 TABLE 258 ALSTOM SA: CONTRACTS 305 TABLE 259 STADLER RAIL AG: COMPANY OVERVIEW 311 TABLE 260 STADLER RAIL AG: PRODUCTS OFFERED 313 TABLE 261 STADLER RAIL AG: PRODUCT LAUNCHES/DEVELOPMENTS 315 TABLE 262 STADLER RAIL AG: DEALS 316 TABLE 263 STADLER RAIL AG: EXPANSIONS 317 TABLE 264 STADLER RAIL AG: CONTRACTS 317 TABLE 265 STADLER RAIL AG: OTHER DEVELOPMENTS 321 TABLE 266 WABTEC CORPORATION: COMPANY OVERVIEW 323 TABLE 267 WABTEC CORPORATION: PRODUCTS OFFERED 324 TABLE 268 WABTEC CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS 326 TABLE 269 WABTEC CORPORATION: DEALS 327 TABLE 270 WABTEC CORPORATION: EXPANSIONS 329 TABLE 271 WABTEC CORPORATION: CONTRACTS 330 TABLE 272 KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW 333 TABLE 273 KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCTS OFFERED 334 TABLE 274 KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT LAUNCHES/DEVELOPMENTS 335 TABLE 275 KAWASAKI HEAVY INDUSTRIES, LTD.: CONTRACTS 336 TABLE 276 CAF GROUP: COMPANY OVERVIEW 337 TABLE 277 CAF GROUP: PRODUCTS OFFERED 338 TABLE 278 CAF GROUP: DEALS 339 TABLE 279 CAF GROUP: EXPANSIONS 339 TABLE 280 CAF GROUP: CONTRACTS 340 TABLE 281 HYUNDAI ROTEM COMPANY: COMPANY OVERVIEW 343 TABLE 282 HYUNDAI ROTEM COMPANY: PRODUCTS OFFERED 344 TABLE 283 HYUNDAI ROTEM COMPANY: PRODUCT LAUNCHES/DEVELOPMENTS 344 TABLE 284 HYUNDAI ROTEM COMPANY: DEALS 345 TABLE 285 HYUNDAI ROTEM COMPANY: CONTRACTS 345 TABLE 286 HYUNDAI ROTEM COMPANY: OTHER DEVELOPMENTS 347 TABLE 287 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW 348 TABLE 288 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS OFFERED 349 TABLE 289 MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS 349 TABLE 290 MITSUBISHI HEAVY INDUSTRIES, LTD.: EXPANSIONS 349 TABLE 291 MITSUBISHI HEAVY INDUSTRIES, LTD.: CONTRACTS 350 TABLE 292 TALGO: COMPANY OVERVIEW 351 TABLE 293 TALGO: PRODUCTS OFFERED 352 TABLE 294 TALGO: PRODUCT LAUNCHES/DEVELOPMENTS 353 TABLE 295 TALGO: DEALS 353 TABLE 296 TALGO: CONTRACTS 354 TABLE 297 TRANSMASHHOLDING: COMPANY OVERVIEW 355 TABLE 298 TRANSMASHHOLDING: PRODUCTS OFFERED 355 TABLE 299 TRANSMASHHOLDING: PRODUCT LAUNCHES/DEVELOPMENTS 357 TABLE 300 TRANSMASHHOLDING: DEALS 357 TABLE 301 TRANSMASHHOLDING: EXPANSIONS 357 TABLE 302 TRANSMASHHOLDING: CONTRACTS 358 TABLE 303 TITAGARH RAIL SYSTEMS LIMITED: COMPANY OVERVIEW 359 TABLE 304 TITAGARH RAIL SYSTEMS LIMITED: PRODUCTS OFFERED 360 TABLE 305 TITAGARH RAIL SYSTEMS LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS 361 TABLE 306 TITAGARH RAIL SYSTEMS LIMITED: DEALS 361 TABLE 307 TITAGARH RAIL SYSTEMS LIMITED: CONTRACTS 362 TABLE 308 TOSHIBA CORPORATION: COMPANY OVERVIEW 363 TABLE 309 HITACHI RAIL LIMITED: COMPANY OVERVIEW 364 TABLE 310 STRUKTON: COMPANY OVERVIEW 365 TABLE 311 DEUTSCHE BAHN AG: COMPANY OVERVIEW 366 TABLE 312 BEML LIMITED: COMPANY OVERVIEW 367 TABLE 313 RAIL VIKAS NIGAM LIMITED: COMPANY OVERVIEW 368 TABLE 314 BRAITHWAITE & CO. (INDIA) LTD.: COMPANY OVERVIEW 369 TABLE 315 CHITTARANJAN LOCOMOTIVE WORKS: COMPANY OVERVIEW 370 TABLE 316 WJIS: COMPANY OVERVIEW 371 TABLE 317 RHOMBERG SERSA RAIL HOLDING GMBH: COMPANY OVERVIEW 372 TABLE 318 SINARA TRANSPORT MACHINES: COMPANY OVERVIEW 373 TABLE 319 TRINITY INDUSTRIES, INC.: COMPANY OVERVIEW 374 TABLE 320 THE GREENBRIER COMPANIES: COMPANY OVERVIEW 375 TABLE 321 DAWONSYS CO., LTD.: COMPANY OVERVIEW 376 FIGURE 1 ROLLING STOCK MARKET SEGMENTATION 32 FIGURE 2 RESEARCH DESIGN 37 FIGURE 3 RESEARCH DESIGN MODEL 38 FIGURE 4 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 43 FIGURE 5 BOTTOM-UP APPROACH 44 FIGURE 6 TOP-DOWN APPROACH 45 FIGURE 7 MARKET SIZE ESTIMATION NOTES 45 FIGURE 8 DATA TRIANGULATION 46 FIGURE 9 GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS 47 FIGURE 10 DEMAND- AND SUPPLY-SIDE FACTOR ANALYSIS 48 FIGURE 11 ROLLING STOCK MARKET OVERVIEW 51 FIGURE 12 ROLLING STOCK MARKET, BY REGION, 2025–2032 52 FIGURE 13 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 53 FIGURE 14 RISING INVESTMENTS IN RAPID TRANSIT PROJECTS TO DRIVE MARKET 54 FIGURE 15 RAPID TRANSIT TO BE LARGEST SEGMENT DURING FORECAST PERIOD 54 FIGURE 16 FREIGHT TRANSPORTATION TO HOLD HIGHER SHARE THAN PASSENGER TRANSPORTATION DURING FORECAST PERIOD 55 FIGURE 17 CONVENTIONAL LOCOMOTIVES TO BE LARGER THAN TURBOCHARGED LOCOMOTIVES DURING FORECAST PERIOD 55 FIGURE 18 ASIA OCEANIA TO BE LEADING REGIONAL MARKET DURING FORECAST PERIOD 56 FIGURE 19 ROLLING STOCK MARKET DYNAMICS 58 FIGURE 20 GLOBAL CO2 EMISSIONS FROM DIFFERENT TRANSPORT SEGMENTS, 2019–2030 59 FIGURE 21 ENERGY DEMAND FROM RAILWAYS, BY COUNTRY, 2017–2050 61 FIGURE 22 FREIGHT LOADING IN INDIA, 2020–2024 61 FIGURE 23 PROTOTYPE OF HYDROGEN TRAIN 65 FIGURE 24 BENEFITS OF USING BATTERIES IN RAIL FOR MAXIMUM OPERATIONAL FLEXIBILITY 66 FIGURE 25 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 68 FIGURE 26 AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE, 2022–2024 (USD THOUSAND) 70 FIGURE 27 AVERAGE SELLING PRICE TREND, BY REGION, 2022–2024 (USD THOUSAND) 71 FIGURE 28 ECOSYSTEM ANALYSIS 72 FIGURE 29 SUPPLY CHAIN ANALYSIS 74 FIGURE 30 PATENT ANALYSIS 78 FIGURE 31 LEGAL STATUS OF PATENTS, 2015–2024 79 FIGURE 32 REGENERATIVE BRAKING IN TRAINS 83 FIGURE 33 SPECIFICATIONS OF TRI-MODE BATTERY TRAINS 85 FIGURE 34 THALES RAILWAY DIGITALIZATION 87 FIGURE 35 TRAIN CONTROL AND MANAGEMENT SYSTEM 88 FIGURE 36 BIG DATA IN RAILWAY TRANSPORTATION 90 FIGURE 37 INVESTMENT AND FUNDING SCENARIO, 2022–2025 92 FIGURE 38 ADVANTAGES OF HARNESSING AI IN RAILWAY OPERATIONS 95 FIGURE 39 IMPORT DATA FOR HS CODE 8604-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 97 FIGURE 40 EXPORT DATA FOR HS CODE 8604-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 98 FIGURE 41 IMPORT DATA FOR HS CODE 8603-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 99 FIGURE 42 EXPORT DATA FOR HS CODE 8603-COMPLIANT PRODUCTS, BY COUNTRY, 2021–2024 (USD MILLION) 100 FIGURE 43 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE PRODUCT TYPES 108 FIGURE 44 KEY BUYING CRITERIA FOR TOP THREE PRODUCT TYPES 109 FIGURE 45 ROLLING STOCK MARKET, BY PRODUCT TYPE, 2025–2032 (USD MILLION) 119 FIGURE 46 ELECTRIC LOCOMOTIVES TO BE DOMINANT DURING FORECAST PERIOD 122 FIGURE 47 ELECTRIC MULTIPLE UNITS TO BE DOMINANT DURING FORECAST PERIOD 129 FIGURE 48 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2025–2032 (USD MILLION) 146 FIGURE 49 ROLLING STOCK MARKET, BY APPLICATION, 2025–2032 (USD MILLION) 156 FIGURE 50 COACHES TO BE DOMINANT IN PASSENGER TRANSPORTATION SEGMENT DURING FORECAST PERIOD 158 FIGURE 51 WAGONS TO BE DOMINANT IN FREIGHT TRANSPORTATION SEGMENT DURING FORECAST PERIOD 163 FIGURE 52 ROLLING STOCK MARKET, BY REGION, 2025–2032 (USD MILLION) 174 FIGURE 53 ASIA OCEANIA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026 177 FIGURE 54 ASIA OCEANIA: GDP PER CAPITA, BY COUNTRY, 2024–2026 178 FIGURE 55 ASIA OCEANIA: INFLATION RATE AVERAGE CONSUMER PRICES, BY COUNTRY, 2024–2026 178 FIGURE 56 ASIA OCEANIA: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, BY COUNTRY, 2024 179 FIGURE 57 ASIA OCEANIA: ROLLING STOCK MARKET SNAPSHOT 182 FIGURE 58 EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026 196 FIGURE 59 EUROPE: GDP PER CAPITA, BY COUNTRY, 2024–2026 197 FIGURE 60 EUROPE: INFLATION RATE AVERAGE CONSUMER PRICES, BY COUNTRY, 2024–2026 197 FIGURE 61 EUROPE: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, BY COUNTRY, 2024 197 FIGURE 62 EUROPE: ROLLING STOCK MARKET SNAPSHOT 200 FIGURE 63 NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026 214 FIGURE 64 NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2024–2026 215 FIGURE 65 NORTH AMERICA: CPI INFLATION RATE, BY COUNTRY, 2024–2026 215 FIGURE 66 NORTH AMERICA: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, BY COUNTRY, 2024 215 FIGURE 67 NORTH AMERICA: ROLLING STOCK MARKET SNAPSHOT 217 FIGURE 68 MIDDLE EAST & AFRICA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026 225 FIGURE 69 MIDDLE EAST & AFRICA: GDP PER CAPITA, BY COUNTRY, 2024–2026 226 FIGURE 70 MIDDLE EAST & AFRICA: CPI INFLATION RATE, BY COUNTRY, 2024–2026 226 FIGURE 71 MIDDLE EAST & AFRICA: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, BY COUNTRY, 2024 227   FIGURE 72 MIDDLE EAST & AFRICA: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 229 FIGURE 73 REST OF THE WORLD: REAL GDP GROWTH RATE, 2024–2026 238 FIGURE 74 REST OF THE WORLD: GDP PER CAPITA, 2024–2026 238 FIGURE 75 REST OF THE WORLD: CPI INFLATION RATE, 2024–2026 239 FIGURE 76 REST OF THE WORLD: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, BY COUNTRY, 2024 239 FIGURE 77 REST OF THE WORLD: ROLLING STOCK MARKET, BY COUNTRY, 2025–2032 (USD MILLION) 240 FIGURE 78 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2024 251 FIGURE 79 REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2024 253 FIGURE 80 COMPANY VALUATION (USD BILLION) 254 FIGURE 81 FINANCIAL METRICS (EV/EBITDA) 254 FIGURE 82 BRAND/PRODUCT COMPARISON 255 FIGURE 83 COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 257 FIGURE 84 COMPANY FOOTPRINT 258 FIGURE 85 COMPANY EVALUATION MATRIX (START-UPS/SMES), 2024 262 FIGURE 86 CRRC CORPORATION LIMITED: COMPANY SNAPSHOT 271 FIGURE 87 SIEMENS AG: COMPANY SNAPSHOT 283 FIGURE 88 ALSTOM SA: COMPANY SNAPSHOT 297 FIGURE 89 ALSTOM SA: NEW BUSINESS OPPORTUNITY SPACE 297 FIGURE 90 STADLER RAIL AG: COMPANY SNAPSHOT 312 FIGURE 91 STADLER RAIL AG: FUTURE STRATEGY OVERVIEW 312 FIGURE 92 WABTEC CORPORATION: COMPANY SNAPSHOT 323 FIGURE 93 WABTEC CORPORATION: NORTH AMERICAN LOCOMOTIVES MARKET SNAPSHOT 324 FIGURE 94 KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT 334 FIGURE 95 CAF GROUP: COMPANY SNAPSHOT 338 FIGURE 96 HYUNDAI ROTEM COMPANY: COMPANY SNAPSHOT 343 FIGURE 97 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT 348 FIGURE 98 TALGO: COMPANY SNAPSHOT 351 FIGURE 99 TITAGARH RAIL SYSTEMS LIMITED: COMPANY SNAPSHOT 359

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