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North America - Rolling Stock Market is poised to grow by USD 1.69 billion, exhibiting a compound annual growth rate (CAGR) of 3.71% between 2023 and 2028.
The growth of the market depends on several factors such as the increased demand for freight wagons, the growing urbanization and emerging PPP model, and the increasing investments in rail transportation. The market is segmented into Product, and Type.
Based on Product, the market is classified into rapid transit vehicles, railroad cars, and locomotives segments. The Type segment is categorized into rail freight and rail passenger.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the North America rolling stock market growth is the increased demand for freight wagons. A significant part of the intercity commodity transportation was initiated through railroads in the US. In addition, most manufacturers in the country prefer railroad shipment as it is one of the safest modes of delivery. There is an increasing demand for freight shipments in countries such as the US and Canada.
Moreover, In 2022, about 40%-43% of overall rail traffic was attributed to trade in the US. Therefore, several companies are increasing the share of freight wagons in their transportation modes. Hence, such factors are positively impacting the North America - rolling stock market. Therefore, it is expected to drive the North America rolling stock market growth during the forecast period.
A key factor shaping the North America rolling stock market growth is the innovation in locomotive manufacturing. One of the major research being carried out in the R&D division of all established rolling stock manufacturers is the kinetic energy recovery system. In addition, the locomotive produces a large amount of energy while applying brakes during stopping and starting. Furthermore, it also helps the locomotive to transport heavyweight through hilly areas without the use of high horsepower engines.
Moreover, the new locomotive engines are manufactured with reduced pollution levels. In addition, the new air-to-air heat exchanger helps to reduce engine oil operating temperatures, which, on the other hand, helps reduce emissions. Furthermore, the advanced fuel injection technology helps to lessen fuel consumption, which obviously reduces pollution. Hence, such factors are positively impacting the North America - rolling stock market. Therefore, it is expected to drive the North America rolling stock market growth during the forecast period.
Increasing maintenance and repair costs of rolling stock are one of the key challenges hindering the North America rolling stock market growth. The increase in maintenance cost of rail infrastructure coupled with the non-competitive pricing of rail freight can pose a significant threat to the market growth. In addition, rolling stock, including locomotives, freight cars, and wagons, is one of the most maintenance-intensive parts of the rail freight system.
Moreover, the maintenance cost of railways comprises the cost of maintaining and upkeeping trains, stations, loading docks, and signaling systems. Furthermore, routine maintenance necessitates replacing rail sections that are old or outdated, and the replacement cost is often expensive. Hence, such factors are negatively impacting the North America - rolling stock market. Therefore, it is expected to hinder the North America rolling stock market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
North America Rolling Stock Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALSTOM SA: The company offers rolling stock such as avelia high speed trains, coradia regional trains, and traxx locomotives.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The rapid transit vehicles segment is estimated to witness significant growth during the forecast period. The rapid transit vehicles segment refers to any rolling stock that is used for transporting rail passengers. This segment of rolling stock comprises vehicles including metro trains, light rail transit vehicles, trams, sleeper coaches, double-decker trains, and chair cars. In addition, there is a significant investment by several countries in the development and construction of urban transit systems to increase local and regional connectivity and improve economic activity.
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The rapid transit vehicles segment was the largest segment and was valued at USD 2.74 billion in 2018. Moreover, with the rising concerns of environmental pollution from fossil fuel-driven private vehicles, government agencies in North America have been focusing on improving the public transport networks. In addition, rail transport presents an economically feasible and energy-efficient solution. Furthermore, factors such as the development of long-distance passenger routes and the upgrades of vehicles on the existing routes are expected to fuel the growth of this segment which in turn will drive the North America rolling stock market growth during the forecast period.
Based on type, the segment is classified into rail freight and rail passenger. The demand for rail freight rolling stock is fuelled by the overall economic activity. There is an increase in demand for transporting goods as the economy is growing, leading to an increased demand for freight cars and locomotives. In addition, the types and quantities of commodities being transported by rail have a significant impact on rolling stock demand. Moreover, industries such as agriculture, mining, energy, and manufacturing heavily rely on rail freight for transporting raw materials and finished products. Furthermore, the rapid growth of e-commerce has boosted the need for efficient transportation and distribution networks. Hence, such factors are fuelling the growth of this segment which in turn will drive the North America rolling stock market growth during the forecast period.
The North America rolling stock market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
North America Rolling Stock Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.71% |
Market growth 2024-2028 |
USD 1,690.33 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.85 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALSTOM SA, American Industrial Transport Inc., Bombardier Inc., Brookville Equipment Corp., Caterpillar Inc., COLMAR Technik S.p.a., CRRC Corp. Ltd., FreightCar America Inc., General Electric Co., Hitachi Ltd., Hyundai Motor Co., National Steel Car Ltd., Railserve Inc. , Siemens AG, Stadler Rail Ag, The Greenbrier Companies Inc., Trinity Industries Inc., United Rentals Inc., Western Train Co., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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